If you happen to own an online business with a higher risk of chargebacks and would love to process credit card transactions, then you will need a high-risk merchant account. But what really is a high-risk merchant account? And how can you determine if you need one? If you are yet to find answers to these questions, then you have definitely come to the right place. In this post, we will take you through some of the things you probably did not know regarding a high-risk merchant account.
What is a High-Risk Merchant Account?
First things first, you will have to understand what a high-risk merchant account is. After all, there is no way you can start using something you know nothing about. To give you a tip of the iceberg, a high-risk merchant account is a payment processing account offered to businesses that are viewed to be high risk to banks. In most cases, these businesses tend to be more prone to chargebacks. If your business shows a history of chargebacks and refunds, then the bank may be forced to place a rolling reserve on your account.
How do you apply For a High-Risk Merchant Account?
Applying for a high-risk merchant account does not have to be stressful as some people make it sound. This is because you only have to fill out an online application and you are good to go. Of course, you must look for a reputable high-risk payment processor if you are to accept card payments. We got our high-risk merchant account from Premieronepayments and must commend them for a job well done. Actually, we are now benefitting fully from our high-risk merchant account after trying different companies yet things did not turn out as expected.
The Bottom Line
There you have it, some of the things you probably did not know regarding a high-risk merchant. If you need one for your business, then you can consider checking out Premier One Payments. We are very happy with our high-risk merchant account from Premieronepayments and would strongly recommend them to any other business owner. For those who doubt what they have to offer, then it would be better to check their clients. It is then that you can make up your mind to get a high-risk merchant account from Premieronepayments without encountering any issues whatsoever.