High-risk merchant accounts come with a variety of services, and depending on your current situation, some may be more useful than others in the short-term. Nonetheless, it is always advisable to take advantage of all the services for long-term business success. Below are some of the top services rendered by merchant accounts, and how they might be of help to your high-risk business.
- Payment processing
Because of the many payment methods at a customer’s disposal, a merchant should be equipped to accept money in whatever form presentable. Consequently, processing payment is one of the biggest challenges faced by high-risk businesses.
Luckily, signing up for a merchant account gives you an easy way to handle payments made through different ways; including credit and debit cards, a shopping cart on an app or website, mobile payments, or recurring billing.
Some providers, such as eMerchantBrokerwill even offer international high-risk accounts to eligible online merchants. On top of basic card processing, an international account adds multi-currency processing and settlements and foreign entity creation. A merchant account will, therefore, help you boost your sales both locally and overseas, by ensuring that all the popular ways of making payment are available to customers.
- Gateway services
Although the strength and flexibility of the payment gateway vary with the provider, a general high-risk merchant account allows you to customize your payment profile depending on the needs of your business and your customers.Many merchant account providers offer payment processing solutions for physical retail stores, as well as reliable payment gateways for the online trader.
With a payment gateway, online transactions will take place through a secure channel that ensures the protection of all sensitive card information.
- Fraud management services
A good merchant account provider will always throw in fraud mitigation tools to provide a safe way of accepting electronic payments.
These services can include:
- On-Hold functionality – Allows you to set a timeframe, during which a transaction will remain on hold until you manually review it.
- Transaction filter – Prevents malicious persons from testing card numbers on your payment gateway by automatically declining further entry after multiple failed attempts from a specific IP address
- Reputation database – A gateway can come with a comprehensive list of fraudsters, which you can use to qualify transactions. If a buyer is in the database, the gateway gives you the option to reject the purchase
- Chargeback Shield – High-risk business are widely susceptible to chargeback fraud, where a buyer wrongly disputes a purchase to get their money back while keeping the purchase. Merchant accounts have effective chargeback shield services, which allow you to catch chargebacks before they materialize.
Although there are other means of processing payment available for your risky business, a high-risk merchant account is really the best way to go.