Skin and Hair Care Merchant Account
Skin and hair care merchants frequently have trouble finding online debit and credit card processing solutions, which seems absurd since the skin and hair care sector globally as a whole brought in yearly sales nearing $15 billion during 2017.
Still, those in need of a skin and hair care merchant account find it rather difficult to find payment processing options with the potential of high rates in chargebacks in the industry. Most acquiring banks believe skin and hair care merchant accounts to be too much of a danger to supply them with a high risk skin and hair care merchant account.
This doesn’t mean you’re out of luck when it comes to eCommerce and electronic payment processing solutions online (also referred to as card-not-present transactions), it merely means that you have to pick the right company to handle all your electronic payment processing needs.
Here’s a Common Scenario
You build out a pleasant, new website for your skin and hair care business, you’ve got a sizable following on social media (Instaglam, we are looking you) and are making some big-time profits through your site via PayPal, Square, or Stripe. But, a few months later, your merchant account is totally closed down and all revenue comes to a halt because lots of the payment processing companies (such as those listed above) consider a skin and hair care merchant account to occupy a high risk industry, due to the rates of refunds and credit card chargebacks.
You have a lapse in payments coming in and your merchant account is not getting the appropriate funds. You owe your bank money while you have no cash coming in from online sales. Your skin and hair care retailer accounts being completely frozen, you don’t have any access to the funds, and your customers start going to your competition. That right there as they would say in business, is a huge faux pas.
However, this nightmare scenario can be averted when you start with the ideal payment processing company from day one — when you come to PayKings for the high risk skin and hair care merchant account, you avoid any funds being frozen and your flow of income can just keep rolling in.
How Does Being High Risk Affect Your Chances of Getting a Skin and Hair Care Merchant Account?
The main reason skin and hair care companies are regarded as high risk is because of the amount of chargebacks that incur within this business. Why is it that skin and hair care merchant accounts get a great deal of chargebacks?
Excellent question. Skin and hair care companies generally get more chargebacks in comparison with other typical online businesses, and certainly more over retail stores. Mostly, it’s the chargebacks that require the business to utilize a high risk hair and skin care merchant account to accept electronic payments for debit and credit card processing rather than having the ability to qualify for a very low risk account.
Here are a few reasons why…
Most skin and hair care businesses, especially eCommerce or online shops, assume that by providing a good product at competitive prices, and by being upfront with all of their terms, that their clients will be pleased. That is until the chargebacks start pouring in.
Some skin and hair care businesses claim or suggest incredible results for their merchandise, and as soon as it doesn’t wind up working how the product was advertised to work, it leaves the consumer feeling swindled. And because many skin and hair care merchant accounts belong to smaller companies, they generally do not have a large customer service team to deal with disgruntled clients — along with the more dissatisfied the customers — the more they get hit with unnecessary chargebacks.
Experienced skin and hair care businesses know about the number of those chargeback management tools available to them and use them frequently. But, handling chargebacks isn’t something a whole lot of companies do from day one, so they generally learn about these management tools after it’s too late to save their high risk hair and skin care account.
Why Does this Matter and How Can PayKings Help with my Skin and Hair Care Merchant Account?
Whenever your skin and hair care company starts off with the right merchant account, you raise the longevity of this account and improve your payment processing opinions. The acquiring bank’s underwriting or due-diligence doesn’t end after the account has been opened. This usually means that there’s ongoing risk monitoring that’s connected with all high risk merchant accounts.
If an account was opened under false pretenses or the business model is deemed high risk after the fact, which is almost always true for skin and hair care merchant accounts, you can expect the accounts to be frozen or closed. You can avoid the hassle of beginning your payment processing, getting shut down, and seeking an alternate payment processing firm by starting this process with the ideal high risk merchant account — this will also better the odds that the acquiring banks will likely be more lenient when it comes time to approve the line of credit.
PayKings gives free quotes which are fast and painless.Click here to get started.
PayKings understands the unique needs of the different Skin and Hair Care related businesses and has established 24+ acquiring banking relationships to become experts in getting your skin and hair care merchant account set up and accepting online payments.
Skin & Hair Care Merchant Account Experts
- 20+ Proven Bank Relationships
- Medium/High Risk Accounts
- Fast Skin & Hair Care Account Approval
- Large Merchant Case Studies
- E-Commerce and Retail Options
- B2B Vendors Supported
Multiple Payment Solutions
- Multiple E-Commerce Gateway
- Chargeback Prevention
- Credit Cards
- B2B-Level II/III Data Discounts
- 3D Secure Frictionless Checkout
- Mobile Payment
- EMV Readers
Intuitive Compatibility & Support
- Gateway Recurring Billing
- E-Commerce Cart Plugins
- Developer API / Docs
- International Merchant Accounts
- Dedicated Account Managers