For businesses like yours that are considered high-risk due to numerous regulations in your industry, the products you are selling, or a poor credit history, finding a conventional payment processor can be impossible.
However, there is another option. A high-risk merchant account will be able to furnish you with the services you need while also bringing unique advantages.
Payment flexibility.
Today’s customers have come to expect to be given a diverse range of choices when it comes to how they pay for their purchases. The good news is that premium high-risk ecommerce payment processing providers allow you to offer a complete selection of options.
Of course, people can shop using their credit and debit card, but you can also configure your checkout system to accept payments from bank transfers, digital wallets, and even alternative international currency types.
Your goal is to make the buying experience as simple and positive as possible to satisfy customers and boost sales, and your high-risk processor can play a pivotal role.
Advanced security.
One of the reasons your business may be deemed as high-risk is that your industry is more prone than normal to fraud and other security breaches.
A high-risk merchant account provider, especially one with experience in your particular industry, can provide you with added security measures to protect your store’s digital perimeter, detect potential criminal activity, and mitigate the damage from any breaches that do occur.
When customers feel safe doing business with you, they will buy more and might even refer their friends and social contacts, further boosting your sales potential.
Your provider will safeguard your business in several ways. Encryption makes transmitted payment data impervious to interception by hackers. Multi-layered authentication protocols require customers to submit extra details before a purchase can go through. Finally, real-time anti-fraud systems analyze each transaction as it is happening using machine learning and other algorithms, enabling you to be proactive against security breaches.
Faster payment processing times.
Delays of several days between the time of a purchase and when funds are deposited in your account can impede cash flow and slow down your operations.
However, a high-risk merchant account provider will give you faster settlements, enabling you to get your hands on your money sooner. Then use the cash to replenish inventory more quickly or otherwise re-invest in your business, leading to better service and higher profit margins.
Access to support.
High-risk merchant account providers understand the unique challenges you face. A hallmark of their services is that they give you ongoing access to dedicated customer support.
Their professional staff are available to assist you with questions about your account, incidences of fraud, or chargebacks. Furthermore, their proactive risk management systems can assist you in protecting yourself against fraud and can help you to monitor your transactions.
Preventing data breaches and identity theft before they happen will enable you to focus your energy on running and enhancing your business and serving your valued customers.
On the surface, it might seem like a disadvantage to be categorized as a high-risk business. However, even though you can expect some added fees and requirements from a high-risk merchant account provider, you will also reap a host of unexpected benefits.
