Business environment is dynamic and contingent. It demands for high risks and investments. A successful businessman is the one who maintains equilibrium between risks and security. To have a good payment processor is not a matter of chance. It requires proper scrutiny and a lot of verification before hiring someone. It becomes even trickier when you are digital nomad.
Having a merchant account is a necessity to unleash powerful position in corporate world. The secrets of success thrive in being up to date in terms of technology and customer relationship management. You need to be smart enough to foresee and perform the anticipations to plan your next move. If you are still not considering the small yet significant losses due to your merchant account, it can cost you much sooner or later. If you are dealing in online international market, your business can get categorized as a high risk business. In this situation, many payment processors might decline your request for a merchant account. The answer to the mystery why a general declination happens is now unlocked. It generally happens because of under mentioned characteristics of high risk business.
Regardless of size, all high risk merchant accounts have the two risks to acquiring banks. These are:
- Statistically greater than average risk of charge backs
- More exposure to fraudulent transactions
You may go through the following list to check whether your current merchant account processor is doing fair enough or it will be a good move to get incorporated with a high quality processor for your high risk business. Business owners who are still looking for payment processor for the first time may also refer to it.
Following are the must have attributes of a quality high risk payment processor:
- Offshore Banking: It should provide you the advantage of fewer tax restrictions lead to more application approvals, beneficial for high risk merchants like online gambling and adult products and services. It should enable you to receive payment in multiple currencies. So you can go international conveniently.
- Hard To Place Merchants: Should be able to provide you vast network of domestic and offshore banking solutions, re-sellers.
- High Or Unlimited Limits: High volumes should be an important criterion, as monthly restrictions on volumes limit you as a business.
- Live Customer Support: It should not leave you to automated answering machines. Human expert will help you at critical times. It should be a fast alternative too.
- High Security Standards: It should be certified and equipped enough, to provide you reliable and secure solutions. It should employ the highest standards for fraud protection.
World is considered one global market now. It opens up new door for small and big entrepreneurs but at the same time you should take a wise decision to determine which payment processing solution is best for you.