Do you have an online store or other high-risk business? Are you struggling to increase your sales, profits, and online presence? A high-risk merchant account is what you need to start accepting payments through credit cards, debit cards, gift cards, and other payment options that make their shopping experience convenient and encourage them to come back to your store often. A high-risk merchant account is required for businesses that fall under the “high-risk” category such as e-commerce that is more vulnerable to chargebacks. Through a high-risk merchant account, you can add more customers and enhance your online presence.
Benefits of the high-risk merchant account
There are several benefits of having a high-risk merchant account. Let’s quickly discuss a few of these benefits.
High-risk merchant services are highly sought-after among the merchants who have faced a financial crisis, such as being in huge debt or defaulting on a loan from a bank in the past. High-risk merchant accounts enable the merchants and businesses to gain financial strength once again when other, traditional financial options don’t work or may be unavailable. For several businesses, high-risk merchant services provide a second chance to return on the track and start earning profits once again.
On the other hand, high-risk merchant accounts are immensely beneficial to businesses that may put their customers at risk, purely due to the nature of business. Few examples of this type of business include online pharmacies/medication dispensaries, which most lenders view as high-risk. Such businesses may find it difficult to get a traditional online merchant account. But with high-risk merchant account providers in USA, such as Payment USA, these businesses can also operate risk-free.
Other than that, a high-risk merchant account allows businesses to streamline and better manage their setup process. With the help of their high-risk merchant account, they can typically set up the process online and in most cases, it takes hardly 24 hours to get the application approved, which means the business is ready to operate quickly.
With a high-risk merchant account, merchants can accept payments online through credit card payments, debit card payments, gift card payments, checks, etc. In other words, your customers will have more options to pay for the products and/or services they shop from your online store. As buying from your store becomes easier for your customers, you will be able to close more deals, generate more sales, and in turn earn more profits.
What’s more, your high-risk merchant account protects your company against fraudulent transactions attempted through invalid credit cards, bad checks, etc.
The list of benefits associated with high-risk merchant services doesn’t end here! Another great advantage is safety against chargebacks. Whenever there is a chargeback on a high-risk merchant account, your high-risk merchant account providers in USA (Payment USA) will ensure to prevent it. In most cases, your high-risk merchant account provider will want you to set up a reserve fund that can be used for drawing funds in the event of chargebacks. The amount of this fund is usually set a pre-decided percentage of the average monthly sales the company generates, but it is mitigated by various factors.
If you are a merchant and looking to venture online, you will need a way through which your customers can conveniently and safely pay for the products/services they buy from your store. For merchants with a bad financial past, however, it is not easy to get a traditional online merchant account. but thanks to high-risk merchant account providers in USA (like Payment USA), high-risk businesses can also have their own online (high-risk) merchant account. So, start accepting payments online and boost your sales & profitability with high-risk merchant services.