|June 15th, 2022
Are you still living in that era where your business operates only on accepting debit and credit card payments? If yes, it is the right time for you to upgrade the mode of your payment by choosing the flexible and online way of the payment system.
Here we are presenting you with crystal clear facts that highlight the importance of high-risk merchant accounts.
Many merchant account providers help merchants to process faraway payments without any doubt. You need to connect with the right payment processing provider, which will help you to process higher transactions, even if your business gets labeled as a high-risk business.
Do you know what really makes a merchant business a high-risk business?
Some businesses often experience high chargebacks or fraud, which may include online gaming or credit repair.
In case you receive a high number of chargebacks or fraud complaints in the past, then it might be considered a high risk.
Thirdly, if you are a merchant having poor credit, then there is likely a possibility that you will be labeled as a high-risk merchant.
Lastly, if you are a merchant who has surfaced higher volume or ticket, there is the possibility that you will have a greater likelihood of higher chargebacks.
It is usually observed that high-risk merchants require better protection for their payment processing solutions. Moreover, they need more reliable banking and instant monitoring of their transactions. Thus, these type of features gets labeled as high-risk merchant services.
Explore the reason why you need High-Risk Merchant Services for your business?
For Processing The High Volume of Sales:
If you are a merchant who is able to process several transactions, you require a merchant account that will allow you to handle the volume.
High Average Transaction Amount
In case, your average transaction amount remains higher, you would require a merchant account to accommodate the higher tickets and chargebacks.
Involvement In High-Risk Industry
In case, if you are in a high-risk industry such as gaming, weapons sale, or even eCommerce sale. Then also you will be required to have a specific merchant account specializing in the high-risk industry. It will allow the processor to provide merchant account services to you without any hurdle.
Do you know what type of services are provided by high-risk merchant accounts provide?
You will be surprised to know that not one, but there are numerous tools provided by merchant account providers. So, here are a few of the best important services which you should definitely know about.
Access To Underwriting & Risk Reporting
They usually have a dedicated team that helps merchants to receive remote deposits through a secure online channel.
A high-risk merchant account also provides the right set of tools and resources to help merchants avoid the risk of chargebacks.
Access To Customer Support Team
Unlike other merchant account services, a high-risk merchant account provider assists merchants in getting access to their support team.
The team of Paycron helps merchants to get approved for eCheck. The merchant receives login credentials to their dashboard of the eCheck account successfully and even allows them to know the specific amount of funds eligible for transfer.
These teams help merchants prevent fraudulency in transactions and facilitate transferring funds seamlessly and cohesively from one account to another.
When you are connected to a high-risk merchant account, there is a probability that you may witness a decrease in the risk of chargeback losses.
In other words, chargeback mitigation also refers to the set of processes and best practices that help merchants in getting decreased the risk of chargeback losses.
Fraud Risk Scoring
Fraud risk scoring is labeled as the process of quantifying the level of risk involved in the transaction.
This is because machine learning technology examines every transaction based on different indicators in eCommerce. They also assign a simple numeric score representing the transaction’s risk level.
Fraud risk scoring is also called transaction risk scoring, and it works as a more accurate term.
This is why many payment gateways facilitate in-fraud scoring, and third-party options also remain available. You can also analyze things, including customization capability and cost-per-score while considering different service providers.
Fast & Responsive Support
Our team offers fast and responsive support to merchants without any delay. As all these services become essential, thus chargeback mitigation is the most valuable tool for high-risk merchants.
This is also because chargebacks usually work in a high-risk industry. Therefore, security is essential for any high-risk merchant account to label as the leading high-risk merchant account. It allows you to keep your payment details safe and help you to process secure transactions.