The Importance of High-Risk Merchant Account Services
If you are a business owner, you know that accepting debit cards and credit card payments are essential to success. But did you know that not all merchant account services are created equal? There are many merchant service providers out there, but not all of them are designed to handle the needs of businesses in high-risk industries. At Seamless Chex, we have years of experience working with companies in high-risk sectors and their banks to find the right payment processing solution for each client. This blog will describe high-risk merchant services, their features, and why you should choose Seamless Chex.
What makes a Merchant High-Risk?
There are a variety of factors that can make a merchant high-risk, including:
- The type of business: Some businesses are more likely to experience chargebacks or fraud, such as online gaming or credit repair.
- The processing history: If a merchant has had a high number of chargebacks or fraud complaints in the past, they will be considered high-risk.
- The credit history: Merchants with poor credit are more likely to be considered high-risk.
- The volume of sales and transaction amount: If a merchant has a higher volume or ticket, they have a greater likelihood of higher chargebacks.
High-risk merchants need better protection in their payment processing, more reliable banking, and constant monitoring of their transactions. These features are called high-risk merchant services.
Why do you need Merchant Account Services for your High-Risk Company?
There are several reasons why you might need a high-risk merchant services, including:
- You process a high volume of sales: If you process many transactions, you will need a merchant account that can handle the volume.
- You have a high average transaction amount: If your average transaction amount is higher than most, you will need a merchant account to accommodate the higher tickets and chargebacks.
- If you are in an industry considered high-risk, such as adult entertainment, you will need a merchant account specializing in the high-risk industry. This will allow the processor to tailor merchant account services to you.
What Services do High-Risk Merchant Accounts Provide?
There is a myriad of necessary tools offered by merchant account services, but here are a few of the most important:
- Access to underwriting and risk reporting
- A dedicated team to help you navigate the often-complex world of online payments
- Tools and resources to help you prevent chargebacks
- Access to a customer support team
- Chargeback mitigation
- Fraud risk scoring
- Velocity checking
- Fast and responsive support
While these services are essential, chargeback mitigation is one of the most valuable tools for high-risk merchants. This is because chargebacks are inherent in doing business in a high-risk industry. One of the other indispensable features is security. A high-risk merchant account values safety above everything, keeping your payment details and transactions safe.
Where to get your High-Risk Merchant Account Services
Seamless Chex has all of your business’s payment processing needs. We provide our high-risk merchants with valuable resources to prevent business hurdles and experience substantial growth. With our advanced technology and dependable experts, Seamless Chex will care for your high-risk company in ways others do not. Contact a Seamless Chex representative today to see the merchant account services we can provide for you!