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A Merchant account is really a contract from a business as well as a bank or perhaps a loan provider. This contract helps to ensure that the lender accepts payments for that services or products for the business. These Merchant acquiring banks helps to ensure that a merchant or company can accept transaction from international customers for that services or products they deliver. Thus merchant credit card accounts form a crucial a part of any E-commerce business.
There are 2 types of merchant credit card accounts. First will be the normal account, where the merchant can directly access the card and make certain that it must be a real customer, thereby the danger involved is minimal. The second form of merchant card account requires the accounts where it is not possible to visually testify the customer. These sorts of accounts include adult entertainment merchants, online tobacco merchants, replica merchants, internet gambling merchants, pre-paid calling merchants, VOIP merchants, multi-level marketing merchants, or any transaction that can take place with the customer physically not present. Thereby, the potential of fraud activity is much greater with this type of business which results in classifying these sorts of accounts as “high risk” ones. Naturally, these high risk merchant credit card accounts present the risk of the dreaded charge backs for that banks involved. This has been proved by various researches these high risk processing transactions tend to be more vunerable to fraudulent transactions.
These factors considerably reduce the amount of banks prepared to occupy these high risk processing accounts. These adversely impact the applying company in setting up transaction processing accounts. They often come across a situation where the banks generally decline their application, or impose high restrictions around the account transactions which virtually causes it to be impossible to conduct normal business. Even when a merchant has generated a transaction processing account using a bank, he is able to never make certain that the connection with the bank is secure. The lender might revise their underwriting criteria anytime, and suddenly merchants are facing a situation where the transaction processes adversely affect their business.
Today, many top-notch banks will be ready to establish high risk merchant credit card accounts. These accounts are highly personalized accounts. Financial institutions study the program intensively and then draw conclusions around the rates of transaction that needs to be imposed. High risk merchant acquiring banks consider the technique the organization uses to attract customers, the expected turn over and the types of customers which may get involved with them. These banks also encourages merchants to open up multiple accounts thereby ensuring a diversified transaction process, and even if one account encounters a concern, business can proceed from the other active ones.
As they say, you cannot achieve anything in life without taking risks; companies have the design-out for novel grounds that ensures a healthy business. These ventures might be a little unconventional, but what counts in the long run will be the turnover the organization produces. So, banks or finance institutions should study them carefully and then try to help them to carry out the transaction process, as opposed to classifying them as high risk and denying applications. The top risk merchant card account acquiring banks are in fact eye-openers in connection with this.
An organization could be classified as a very high risk account in the event it falls under categories like: unregistered business entity, unstable credit history, blacklisted by other processing companies, generates large volume of transactions and the likes. Businesses like internet gambling and adult websites are the most useful examples for a high risk account.
An excellent account provider helps and assists high risk businesses in setting up a free account. It will help company owners in setting up a free account internationally or all over the world. The account providers are usually given the full authority to facilitate, manage and process transactions. They will likely act in your behalf. Aside from that, they will protect you against any fraudulent transactions.
Your details will be kept confidential. Address verification service also called AVS is a kind of verification scheme that the account provider uses to specifically screen out clients who uses fictitious names or those that simply steal money by making use of other people’s account information. Using multiple bank cards is strictly prohibited by the business merchant provider as this is a sign as well as a strong indication of a stolen credit card.
With the help of advance technology, high risk merchant card account providers can help you create and process transactions safely and securely. Normally, high risk merchant card account pays higher rates or fees since the account is way more complicated when compared to the normal accounts.