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In the era of digitization, the risk of fraud and chargebacks is increasing at a massive rate. Especially, setting up a bank account and accepting card payments is difficult for e-commerce businesses. If your business falls into the high risk category then you must be struggling with the slower process of high risk business credit card processing approvals. Moreover, the processing fee is also not favourable for your high risk business. So what should be done? How do you make things work? Keep on reading to find out the secrets of high risk merchant accounts in the UK and how are they accepting debit and credit card payments from clientele across the globe.
What is a high risk business merchant account?
A merchant account allows a business to accept electronic payments via card. The agreement is between the credit card bank and the merchant to adhere to the regulations of accepting and processing payments. However, not all merchants are considered equal by these credit card processors. The difference lies in the nature of the business which increases the risk of fraud and chargebacks and makes a business falls into the high-risk category.
In simple words, if your business falls into the high risk category, you will need a high risk merchant account. An example can be a furniture brand that sells online. The gap is large between the days when the customer makes the payment and receives the order. Secondly, there are some products that belong to the restricted categories like adult services or CBD that automatically falls into high-risk category.
Why do high risk businesses are turned away?
When the risk of returns or card payment disputes is higher, a high risk merchant account is needed. The application process includes thorough verification of previous card payments and outstanding debts. The likelihood of fraud or chargebacks is higher in such businesses, therefore rejection from multiple card processors is understandable.
Whether you deal in questionable product categories or you have an e-commerce business, you can set up a high risk merchant account despite the abundance of returns and refunds that cause card payment disputes. In the next section, we will discuss how to overcome the hassles and get faster approval from credit card banks
How to get faster approval for high risk merchant accounts in the UK?
The application process for high risk merchant accounts can be time consuming and tedious. If you feel that you are unable to swim against the tide then getting help is the right way to overcome the complexities of your businesses. Travel, gaming, events, furniture or no matter what type of high-risk business you have, there is a service provider who assures you high acceptance for higher risk.
These agencies can help businesses that are being rejected by card processors. No need to lose hope or change your mindset, simply find a compliant third party agent that helps you set up a high risk merchant account. Here is how you select the best merchant account provider in the UK:
- Multiple card processing providers: Rejections are obvious for certain business categories. Therefore, find a merchant account provider that has links to multiple card processing providers. In case you are rejected by one of the providers, you can have a backup plan.
- Custom solutions: There is no one size fits all approach for card processing applications because each business is different. Find an agency that reviews your case individually and offers custom solutions for faster approvals.
- Vast industry experience: It is important to find an agent that already gained experience working with clients similar to your industry niche. This ensures that they have already studied a case similar to yours and can offer you custom solutions.
- Multiple services: When it comes to accepting electronic payments, you will need payment providers as well as handle the requirements for website integration. Find a third party agent that offers a full-spectrum of services so that you can save time and manage the complexities of electronic payments efficiently.
- Customer support: Make sure the service provider you choose offers round the clock assistance. It is essential to reduce the risk of chargebacks and card payment disputes. Moreover, minimal downtime plays a crucial role in deciding future processing rates.
Final words
Find a merchant account provider that can guide you at every step so that you can accept card payments for your high risk business. Follow the steps listed above and you will end up with a third party merchant account provider who can make a world of difference to your business. If interested, you can also get a free estimate from We Tranxact. It is a Visa approved third party agent that offers high risk business credit card processing guidance.
