4 Top Benefits of High Risk Merchant Accounts
Does your business frequently struggle with forgery, poor credit history, refund scams or chargebacks? Does your business involve multi-currency activities? Do banks consider your industry risky and shy away from committing to work with you? Do you struggle to keep your merchant account open? Is securing financing when you need it most a struggle? If this sounds like your business, you would likely benefit from a high risk merchant account.
Why Should You Choose a High Risk Merchant Account?
Securing an account provided by a third party specifically designed for businesses classified as high risk is a smart decision if your business falls within this group of merchants. Businesses like private security contractors, aeroplane charters, automatic brokers and so many others fall within this category. High risk providers have come a long way over recent years, offering fast solutions tailored to meet the needs of each business type and industry.
Here are 4 of the most important benefits of partnering with a high risk provider:
- Chargeback protection. When a business experiences chargebacks regularly, it could end up with a terminated merchant account. Without this account, credit and debit card processing is impossible. The ability to operate smoothly comes to a halt. High chargeback protection means a greater chance of keeping your account in good running condition.
- Global coverage. A high risk merchant account allows your business to operate smoothly on a global scale, accepting various currencies from different countries with ease. You can gain the high exposure your business seeks, while easily managing the challenges that come with growing your business at a broader range.
- Customer satisfaction. Especially in our world today, customers seek both convenience and safety. More and more payment processing is going digital, which means fraud threats are only increasing. When your merchant account offers improved security, your customers will be even more satisfied with your services.
- Lower chance of termination. If a merchant experiences chargebacks, the bank may terminate its account. With a high risk merchant account, on the other hand, both parties are well aware of the risk of chargebacks. So a spike in chargebacks won’t end in a termination of the account, rather help in managing them and preventing them in the future.
If you feel that your business could benefit from a customized merchant account solution, just be sure you choose a high risk provider that understands your business type and industry. With the right provider, high risk merchant accounts can help you grow, build stronger customer relationships and expand across the globe.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.