Get Your High-risk Merchant Account approved with PayCly Instantly.
Are you running an online business with a higher risk of chargeback? If yes! Then, of course, you ought to need a high-risk merchant account to accept credit card transactions. Today, Everyone wants to make the payment digitally, and to receive the digital payment; merchants ought to require a merchant account. But the main point is how an individual can get it because most service providers deny working with high-risk businesses.
Today, most of the high-risk businesses are booming, and somewhere its credit goes to the high-risk payment gateway and merchant account. For example –
Forex is one of the most liquid markets in this world and is booming today. The 2022 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity shows that trading in foreign exchange markets averaged US$7.5 trillion per day in April 2022, according to the preliminary global figures from the Bank for International Settlements. With this figure, you can imagine how big is the forex market. But, to do this business, a forex merchant account and a forex payment gateway is essential.
Not only forex but all high-risk businesses require a high-risk gateway and high-risk account to receive funds from their customers.
To know more about a high-risk merchant account, continue reading this blog. This blog helps you to find the best solution for your high-risk business. So, let’s start.
What is a High-risk Merchant Account?
A merchant account is a type of bank account intended for businesses. These banks are conjoined with credit card processing companies, allowing merchants to accept payments from branded cards. The key benefit of having a merchant account is that you can hassle-free accept credit/debit card payments online. The high-risk merchant account is available for the merchant with a more substantial chance of fraud and chargebacks.
High-risk merchant account service providers offer businesses the same opportunities as traditional service providers. But, High-risk merchant accounts have higher processing costs and penalties, but they can be crucial for companies looking to remain competitive in today’s competitive commercial market.
Why are some businesses Consider High-risk?
A business with a history of many chargebacks and refunds is considered a high-risk business. Apart from this, there are many more reasons based on which the business can be classified as high risk. Some of them are –
- High-risk industry type
- High sales volumes
- High credit card transactions
- Accept multi-currency
- A new merchant who never processed payments
In contrast, no centralized organization in the payments sector determines the risk considerations related to a company. However, each bank and payment processor has its own set of requirements.
If one processor labeled you a high-risk business, it does not mean that any other processor also labeled you as high-risk. It depends on whether you qualify as high-risk according to their guidelines. For a high-risk merchant account, the merchant has to pay higher fees.
What is the difference Between a High-risk Merchant Account And Regular Merchant Account?
The criteria used by different service providers to classify merchants as high or low-risk differs. But there are criteria standards for classifying both types of businesses –
High-risk Merchant Account
Low-risk Merchant Account
|Accept multiple currencies from worldwide||Accept only one currency|
|A brand-new or recently launched company||Selling low-risk things like furniture, books, clothing, etc.|
|Because of the nature of the services or products, a bad reputation (adult industry, forex industry, etc.)||Having a successful company that has been operating for a while|
|The monthly sales volume is often over £15,000.||A monthly income of less than £15,000|
|The typical credit card transaction costs more than £50.||The typical credit card purchase is under £50.|
|A high rate of fraud and chargebacks (chargeback is more than 1%)||A relatively low rate of chargebacks (or none at all)|
|A bad credit rating and unstable finances||A good credit rating and stable finances|
How to get a High-risk Merchant Account?
It is easy to determine whether your business is high-risk or low-risk. But it is not necessary that your payment processor also put you in the same category.
Before applying for a merchant account, an individual should provide business and tax documents. Once you provide the documents and your application has been processed, your selected payment provider will determine whether your business should be categorized as low-risk or high-risk. According to that, the payment provider will explain to you the plan and fees.
But before going with any of the payment providers, it is better to do some research as some processors like PayCly have specialist for high-risk businesses. So, go with the one who meets your business requirements very closely.
Before making a deal with the payment processor, it is essential to read the contract carefully because every payment processors have different terms for the high-risk merchant.
Tricks to get the High-risk Account Instant Approval with PayCly?
Once you confirm that your business is considered high-risk, you must arrange the following documents. These documents help the merchant to get approval from the acquiring bank instantly.
- Incorporation certificate
- Merchant identification proof
- Processing history from last six months.
- Last three months’ bank details
- The license number and the name of the business that issued the license.
- Copy of passport and utility bill
- Full details of business
- Social security number
- A good credit score
How Will PayCly Help You?
You can find limited options for high-risk businesses such as forex, adult, IPTV, etc. Not all payment providers support high-risk businesses. But thanks to PayCly. It supports the majority of high-risk businesses, including adult industries, forex industries, IPTV industries, etc.
With PayCly, merchants can get many benefits that help them to run their businesses successfully. Some of its benefits are –
- It just takes three to seven working days with all the proper documents.
- It has the ability to accept multi-currency from all over the world.
- Offer various payment modes, including credit/debit cards, net banking, mobile payments, e-wallets, and even crypto-currency.
- Have PCI DSS level 1 compliance. Also, have high-technology security tools like anti-fraud and anti-chargeback tools.
- 24*7 customer support services.
- Easy to integrate.
Final Thoughts –
Now, you can know that there are many reasons why your business is considered high-risk. Once your business is labeled as high-risk, it is essential to have a high-risk merchant account to accept credit card payments.
Of course, the definition of high-risk varies from one service provider to another. But, the most important thing is to choose the payment service provider which perfectly fits your high-risk business needs.
By choosing PayCly as your payment service provider, you can set up your business hassle-free without any headaches. With PayCly, merchants can minimize the risk of chargebacks and fraud as it has high-technology security tools. It also helps them to run their high-risk business smoothly and helps them to reach a new level of success.
For more details or to finalize the deal, contact our expert teams.