All business ventures come with a great deal of risk. But some pose a greater risk than others. Businesses that are considered to be of high risk are often denied a merchant account by traditional banks. This denial is because of excessive chargebacks and fraud. However, if you’re a business with satisfied customers and are looking for high-risk payment solutions then sharkprocessing.com is your best shot. It would ensure that your business is enjoying the perks of a high-risk merchant processing account.
For businesses categorized as high-risk, opening a high-risk merchant account is the only option to process successful card payments. In addition, it allows free transactions irrespective of the currency and payment method. On the other hand, traditional banks are hesitant to deal with high-risk businesses and they want to steer clear. Before dealing with a high-risk merchant account and high-risk processor, you should know the benefits they bring for the growth of your business.
Benefits Of High-Risk Merchant Processing Account
Traditional processors and banks are quick to dismiss when it comes to high-risk businesses. However, there are high-risk payment processors available that help merchants obtain high-risk merchant accounts to boost their business. Some of these high-risk merchant benefits are:
One of the greatest benefits of a high-risk merchant processing account is that your business can go global. Traditional merchant processors come with a lot of restrictions for merchants. They are not allowed to do business out of the country of origin. Moreover, low-risk processors put restrictions on conducting card-not-present (CNP) transactions and on various types of payment methods. In addition, there might be a restriction on international currencies and the use of international payments. These restrictions can put your business in a state of stagnation.
However, high-risk merchant accounts prove to be nothing but a blessing for high-risk merchants. High-risk merchant accounts allow merchants to transact freely irrespective of the currency or payment method used. This freedom of transaction irrespective of the location is imperative for business growth as purchases can occur across the world.
Unlimited Earning Potential
With high-risk processing comes unlimited earning potential. Low-risk merchant accounts pose restrictions from high-value transactions, recurring payments, and certain product categories. In addition, volume caps are common in low-risk merchant accounts. Thereby, limiting the growth of your business in the long run. However, that is not the case with high-risk processing accounts.
High-risk merchant accounts allow merchants to transact freely without putting restrictions on specific volumes for the month. High-risk merchant accounts are especially of great value for recurring and subscription merchants. As they are not bound for limited transactions and can enjoy recurring revenue to grow your business by leaps and bounds.
High-risk merchant accounts offer increased flexibility when it comes to chargebacks. A high-risk account is rarely terminated because of excessive chargebacks. The merchant might have to pay high fines but the business would not be in danger due to termination of the account. On the other hand, low-risk accounts are at constant risk of being terminated when imposed with excessive chargebacks. This can put your business’s longevity in danger.
High-Risk credit card processing offers non-threatening chargebacks that ensure the safety of your business in the long run. Therefore, merchants must consider the benefits of high-risk merchant accounts for the stability of their business. Moreover, working with a high-risk payment processor can help align the payments flow and position of your business for sustainable growth.