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Pros and Cons of Having a High Risk Merchant Account

Indeed, merchant account is a necessity for most online businesses. However, some online businesses are referred to a high risk group. At the same time it would be fair to say that most of what such businesses do has nothing to do with risks. But so is reality. Thus, when applying for a merchant account you need to know what to expect from a merchant account provider. Here in this article we will share a few thoughts in high risk merchant accounts for online businesses.

High fees
You may like it or not, but if your business is referred to a high risk you are likely to pay more. A merchant account provider will charge higher fees as compared to regular merchant accounts. A high risk account enables processing of most credit card types which is a great advantage for an online business, especially the one focused on a global market. Although you are going to pay higher fees you will enjoy one of the greatest benefits of a high risk merchant account – processing of credit cards.

Additional benefits
You do not need to worry about penalties and collapse of your business if sales volumes unexpectedly grow. You customers will also have an opportunity to pay by mail, phone of the Internet. Moreover, in case of refunds you will have an opportunity to smoothly run your business without solving serious problems. Besides, you are free to choose whether to manually approve all transactions or use automatic mode and let a merchant account do all the job for you. Another great benefit of a high risk merchant account is the possibility to accept payments in multiple currencies. In addition, it does not matter where your business is officially registered. You will be able to compete in the global market. Normally, banks and other financial institution do not deal with high risks businesses. Merchant account providers (especially offshore ones) do not ask additional questions and require extra proofs of stability and reliability of your online business. Just a perfect option for starters, isn't it?

What are you going to get from a high risk merchant account?
When running a high risk business one must understand what that actually means. You may like it or not but if you are going to open a merchant account in a bank you will have to go through verification and evaluation procedure during which a bank categorizes your business as high or low risk. Although this procedure is not very pleasant for most business owners, it still has some advantages. Your merchant account provider will actually explain why a particular type of business is referred to high risk group. This information is to be used by business owners in decision making. Sometimes, business owners and online marketers learn that they run a high risk business only when applying for a merchant account.

To sum it up, if it turns out that your online business is considered high risk, you will have to look for merchant account providers that work with high risk businesses. Offshore credit card processing companies are perhaps the best option. Invest some time into a thorough research and make the best possible choice.

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Industry typeRatesIndustry typeRates
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Adultfrom 6%Forexfrom 4%
File sharing systemsfrom 10%Datingfrom 6%
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