Low Risk Vs High Risk Payment Processing

June 5, 2019 | High Risk Merchant Account | PayKings

Are you trying to get a merchant account for your business? Banks and payment suppliers will assess the risks connected with your company and choose whether they can accept your application for payment processing.

In case that they consider you a high risk merchant, you are going to be charged higher prices. Moreover, they are even able to refuse to open a merchant account for you. It all depends on the amount of the dangers you’re company is involved with.

High Risk Vs Low Risk Merchants

Before you will become approved for a merchant account, payment processors will decide whether there is a reasonable risk associated with your business. They’ll consider factors like how long you have been in business, what your reputation is, and much more.

Payment processors will tag your company as a high risk merchant if:

  • The industry you are in has a high chargeback ratio
  • You are handling a substantial rate of fraud
  • Your business is newer and doesn’t have a good reputation
  • Your company lacks financial stability
  • You, as a merchant, have poor credit
  • Most of your customers buy months beforehand, and also the product/service is consumed after the fact

Payment processors will categorize your company as low risk when:

  • Your company brings in less than $20,000 per month
  • Your average ticket size is significantly less than $50
  • You have zero to low chargeback ratio
  • You are in a very low risk industry
  • You are incorporated in a low risk state

Open a High Risk Merchant Account with PayKings

If you’ve been deemed as needing a high risk merchant account, expect to pay higher fees and be slapped with additional charges, and have fewer and less reputable payment processors to choose from.

But with a knowledgeable and respectable payment processor like PayKings, high risk retailers can enjoy the lowest possible rates and the best terms for high risk merchant accounts and credit card processing in the industry.

PayKings talks to each and every business owner and gets to know how to cater to their specific  business needs. Even if you’re considered high risk, you will find steps you can take to Reduce your risk:

  • Reduce your risk of chargebacks with strong fraud prevention tactics
  • Focus on generating stable streams of earnings and Prevent occasional streams of big earnings
  • Demonstrate you’re able to keep up with high trading volumes

As a high risk merchant account provider, PayKings guarantees safe credit card processing for eCommerce companies and brick and mortar retailers globally. If your business is exactly what conventional processors and banks classify as needing a high risk merchant account, turn to PayKings for quick and safe credit card payment processing.

June 5, 2019 | High Risk Merchant Account | PayKings