Tag Archives: high risk merchant account in uk

Business services, Credit Card Processing, digital payment system, Merchant Account, Online Banking Payment, Online Credit Card Payment Solutions, Online Payments

Factors To Consider While Choosing A Payment Gateway Provider

October 12, 2022 admin

The innovative integration of cutting-edge solutions, dynamic technology at its best, and comprehensive customization are what really drive the expansion of the digital commerce sector. The eCommerce sector is anticipated to continue expanding exponentially.

You need a safe system in place to manage sensitive client information before you can begin accepting online payments. A payment gateway essentially serves this purpose by securely authorizing online transactions and charging your customers’ credit cards.

eCommerce enterprises face a wide range of difficulties; wise choices must be made because each poor choice has the potential to be disastrous. An eCommerce website’s preferred payment method, such as a bank account, credit card, debit card, gift card, or other online wallets, is securely interfaced with through software known as a payment gateway.

When merchants are aware of their company’s needs, choosing and integrating the best payment gateway provider is neither difficult nor expensive. The profitability of their brand and the consumer experience can both be immediately and favorably impacted by doing it well. Three items are required before you can begin accepting credit card payments: a merchant account, a business bank account, and a payment processor.

It’s important to choose the best payment gateway for your company. You could wind up losing a lot of money and clients if you select a gateway that doesn’t fit your business model. The Radiant Pay team is a group of smart minds who work together to provide comprehensive solutions uniquely created for your business! The payment gateway solutions from Radiant Pay in the UK make it simple for businesses to accept payments.

The following are the most vital factors:

Cost

The entire cost that you will spend should be your top priority when selecting a payment gateway. The three sorts of charges associated with using a payment gateway are the setup fee, the monthly fee, and the transaction fee.

Acceptable Card Types

Visa, MasterCard, and American Express are the three most widely used credit cards. A large percentage of payment gateways accept all of these card kinds. Nevertheless, you must confirm that your payment gateways handle any additional card kinds that your customers regularly use to pay you, such as debit cards or Diners Club cards.

Retention/Holding period

Despite the fact that payments are typically authorized practically instantly, it takes a few days before the funds are transferred to your account. This enables the processing of chargebacks and refunds. Depending on the payment service provider, these holding times can range from 1 to 7 days.

Multi-currency support

Make sure your payment gateway can process payments from numerous countries and in different currencies if you conduct business worldwide. Allowing your clients to pay in their own currency is crucial. Check the costs associated with foreign currency transfers as well.

Hosted vs. Non-hosted Payment Gateway

There are two types of payment gateways: off-site hosted (the customer is directed to the payment processor’s website to enter their information) and non-hosted (the customer will be able to enter the details without leaving your website). Each of these several hosting options for payment gateways has advantages and disadvantages of its own. Utilizing hosted gateways has the advantage of lowering the danger associated with holding sensitive data on your own website.

Security

The security of your payment gateway should be a top issue when it comes to accepting payments online because you’ll be keeping sensitive financial information. Remember that various payment gateways follow various security requirements. Make sure the gateway you select complies with PCI DSS level 1 requirements. To safeguard your company from unauthorized transactions, several gateways include fraud detection and other types of screening capabilities.

Mobile Payment Support

Nowadays, the majority of consumers shop online using their smartphones and tablets, thus it’s critical to choose a gateway that accepts payments from these devices as well. Customers will be able to pay you regardless of the device they use thanks to this.

Limitations

Some payment gateways have a cap on the number of transactions you can handle in a given month. Small firms might not experience any issues with this. However, if your company handles a lot of transactions or sells high-value goods, you need to be aware of any such restrictions or you risk losing clients.

Interaction with other systems

If your payment gateway can communicate with your accounting or invoicing software, it’s important to take this into account so that if an online payment is made, the associated invoice will update automatically in your bookkeeping system. You won’t have to keep track of payments and manually update that payment information in your accounting system as it comes in, which will save you a tonne of time and effort.

Our service providers at Radiant Pay include understanding the client’s company needs, discovering suitable payment options, and actively taking part in the selection of a payment processing service in London that is perfect for the merchant’s requirements.

Gaming Merchant Account, High Risk Merchant Account, high risk payment processing, Online Gaming, Online Gaming

Why Your Gaming Company Is High-Risk and What You Can Do About It

October 1, 2022 admin

Online gaming has seen a sharp increase in popularity since the COVID-19 lockdown. The number of gamers has suddenly increased, which has resulted in a large increase in revenue. The market is undoubtedly ready for further expansion, and gaming companies are starting to recognise the many benefits of joining this trend.

The security of client data is the largest problem facing the sector. Many customers are still wary of giving their personal account information when they are purchasing because payment fraud is still on the rise.

You may have heard that the online gambling market is a “high-risk” one if you are considering beginning a firm in this sector. However, it merely means that you have to collaborate with the appropriate parties. This needn’t be bad news. But before we do that, let’s talk about why the gaming industry poses a significant risk to payment providers and how to mitigate those risks.

Online Presence

There are fewer protections in place because everything is done digitally and remotely. This implies that financial crimes like fraud and identity theft are now simpler to do. Banks label online transactions as high-risk as a result of their increased uncertainty.

High Chargeback Rates

Most banks and payment processors will request that you keep them below a particular threshold to avoid fees or even account suspension. There are various causes for these chargebacks.

High-Risk Industry

Online gambling is viewed as a high-risk sector of the economy. It frequently serves as a target for people trying to transfer illicit funds, and in some places, it has a bad reputation. Because of this, most banks and payment processors avoid working with gaming businesses, but not all of them. You may prevent and minimise any potential problems by making sure you have a licence from a respectable jurisdiction and continue to comply with the regulation, your bank, and your payment processor.

Foreign Inclusion

Although there are many advantages to incorporation in an offshore country, some accounts may be more difficult to obtain. By choosing an offshore bank, you can incorporate an offshore company and open an account.

International Business

An international operation is required to run an online gaming enterprise. Customers from all over the world will be served by you, and you will accept payments in a variety of currencies. Banks may be reluctant to provide services because they see this as an additional risk.

Given the current state of affairs, it is wise to forego looking for agreements with typical, low-risk merchant account providers. They will immediately reject your high-risk venture. High-risk businesses are rarely served by ordinary merchant account providers. All they want is to avoid the risk.

The finest investment an online gaming business can make is to look for a high-risk merchant account that is reliable and trustworthy to process payments safely. Look for people who are knowledgeable in the gaming and gambling industries in particular. By doing this, you can prevent your account from being deleted suddenly.

Applying for an Online Gaming Merchant Account

It’s rather easy to apply for a gaming merchant account. However, there are several requirements that you must follow in order to acquire and maintain good standing with your supplier.

The following materials are a few of the requirements to start the application process:

Application form
Gambling License Copy
Company Registration Certificate
a legally binding document, such as the M&A
Bank Statement
Overdue payments and unpaid invoices

This is merely a sample of the information that your provider might ask for. Of course, it will differ depending on your sort of business and the provider.

Radiant Pay is dedicated to offering you payment processing services that are specifically suited to the demands of your company. Credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers are just a few of the payment methods we assist our merchant partners in accepting from their clients. We also help with high-risk processing, offshore merchant accounts, and the processing of checks and ACH transactions.

We are a top London-based company that offers payment solutions to online businesses and any other e-commerce companies operating in all “legitimate” industries. Any sort of client and their online enterprises can receive customised solutions from our clientele, which has no restrictions on business size, risk level, or transaction volume.

Forex Merchant Account Services, Forex Trading

Forex Broker’s Payment Gateway

July 27, 2022 admin

Forex Merchant Account Services

The word Forex is firstly an acronym for Foreign Exchange. Forex is a global marketplace where foreign currencies are speculated, bought, sold and traded.

The Forex Market is the largest financial market globally, involving $ 6.6 trillion in daily trading. It is also the most significant active market in the world. This market is used by commercial, investment, and central banks, multinational corporations, hedge funds, investment managers, and individual traders. It serves as the world market for currency exchange.

The forex market serves as a potential for individuals and institutional traders to make profits from currency trading. To make this trading happen, forex traders need a payment gateway that permits them to deposit and withdraw their funds at inexpensive transaction rates.

What Is a Forex Payment Gateway?

The currency trading platform and its users are connected by a forex payment gateway. Merchant integrates Forex Payment Gateway with the platforms allowing brokers to accept payments from their clients. Meanwhile, traders also use this forex payment processing system to deposit and withdraw money from their accounts, here the payment gateway collects the sum and transfers it to Merchant’s Bank account from the user’s account. Before sending the money to the merchant, the forex payment gateway deducts a percentage-based, a fixed fee, or both, as payment for the service.

Why Is it Difficult for Forex Brokers to Find a Payment Gateway?

The main reason it is difficult for forex brokers to find payment gateways is that forex trading is considered a high-risk business and gateways and processors will have frequent concerns regarding working with these merchants. Since there is a lot of trading going on on the platforms used by forex brokers, they process a lot of transactions every day, which raises their chargeback rates. Due to payment processors’ classification of forex service providers as high-risk companies, brokers should expect their applications to be denied at conventional gateway solutions.

Why Is Forex Considered High Risk?

As mentioned above it is not the merchants but the banks who classify the forex business as high risk. Apart from the fact that Forex Merchant Accounts generally face high levels of chargebacks and fraud, it involves users globally, as forex is a global trading platform. This means that it is not regulated by the regulations of one nation and no one nation may be in the power over another nation’s currency.

It has come into consideration that many trading platforms are not licenced businesses. To conclude, the lack of regulation is the major part where banks classify Forex Business as a high-risk business. The likelihood of fraud, money laundering, and chargebacks from disgruntled investors has increased, which is another factor that causes banks to view Forex merchant accounts as high risk.

Possessing all required licenses as well as effective anti-fraud and anti-money laundering filters will make it simpler for you to get your merchant account approved.

Finding a payment provider who is aware of the particular requirements of your industry and who will implement clever anti-fraud filters capable of telling your real customers from fraudsters is therefore crucial. Anti-fraud filters have the potential to develop into overly sensitive, which lowers the likelihood that payments will be accepted, lowers conversion rates, and irritates customers.

Prefer a payment processor to find the ideal balance between the two to avoid this.

What Should Merchants Consider When Choosing a Forex Payment Gateway?

Forex businesses must consider several factors before selecting a payment gateway solution, such as:

Instant Transfers: Forex traders must act quickly to seize opportunities and profit from currency fluctuations. Because of this, merchants must pick a payment gateway that handles customer transactions quickly.
Fees: Considering that price spreads and other trading fees are how forex brokers make money, maintaining a profitable business requires an affordable payment gateway.
Chargeback Protection: A payment gateway must be able to offer chargeback protection to merchants to shield them from disgruntled investors or dishonest actors because chargebacks are a significant challenge in forex trading.
Security: The strictest anti-fraud and anti-money laundering security requirements, including PCI compliance, must be followed. This ensures that the money and information of traders will be secure.
Multiple payment systems: A payment gateway must be able to provide a wide range of payment options due to the global nature of forex trading. Credit and debit cards must be among them, as well as additional payment options like digital wallets, various currencies, and others.
Multi-currency system: Expenses associated with currency conversion can deter traders from using brokerage platforms. Because of this, choosing a solution for a forex payment gateway that provides reasonable exchange rates is crucial. Even better, the service offers multi-currency accounts for merchants and their customers to reduce the cost of currency conversion.

Forex Merchant Account Application Requirements

To approve and set up forex merchant services for your brokerage, several documents are needed. After the processor receives them, approval will occur in one or two days.

Application
ID (issued by Government)
Utility Bill
Corporate Documents
Domain Registration Screenshot

Start your Forex Merchant Account Services With Radiant Pay

Applicants for payment processing solutions from companies looking to open a merchant account for forex brokers. A brief application must be filled out and a few supporting documents submitted to our company. To get started, get in touch with one of our experts on forex payment processing right away at Radiant Pay, a leading payment service provider in London, UK.

Have you yet to “like” us on Facebook? Join us on LinkedIn too!

Gaming Merchant Account, Online Gaming, Online Gaming

Online Gaming Merchant Account

May 27, 2022 admin

There is a spike in the number of customers playing online games and with the increase in the number of fans their spending also is going to increase, let alone in the US, over 164 million people do online gaming. Mobile gaming, social gaming, multiplayer video games, fantasy sports, online poker, racetracks, pari-mutuel wagering, and casinos are all eligible for accounts.

Payment processing is critical to maximizing profits, increasing customer satisfaction, and increasing the lifetime value of your online gaming customers. Most acquiring banks consider these as high-risk gaming businesses. It is critical to have a merchant account for online gaming because of the high-risk nature of the business. Radiant Pay is a leading provider of payment processing solutions for online gaming in London.

The online gaming industry typically has a high turnover rate. Gaming companies and their audiences are commonly offshore, for the same, offshore merchant account services in London, are provided by radiantpay. Multiple money laundering and fraud cases have already been documented. This immediately raises bank concerns. The vast majority of banks that are willing to extend their credit view this factor as a high-risk business. Online gaming merchants use payment processing services. Allow players to easily pay you. Send money to the winners right away.

Card payments and ACH are the two most common payment methods. Card processing merchant accounts are used to accept credit and debit card payments in online gaming. Having a gaming merchant account in London and Europe can help merchants handle transactions seamlessly. Payments are deducted from players’ bank accounts using ACH. It’s a smart business for online gaming merchants to encourage debit card payments over credit card payments

Credit Card Payments

Chargebacks, particularly for credit card transactions, can be a problem for online gaming merchants. A credit card transaction is much easier for a player to chargeback than a debit card transaction. When using a credit card, the player disputes the charge by calling the card’s issuing bank. Because they have a financial interest in the consumer continuing to use the credit card, card-issuing banks are more likely to side with credit card holders rather than merchants when a chargeback is initiated. Because there are no potential financial losses from debit card transactions, banks are less likely to side with consumers in disputes.

Debit Card Payments

A debit card transaction is much more difficult to chargeback than a credit card transaction. A large number of documents are required. The procedure takes time because the player must prove that a transaction was not authorized or that a service was not provided. Because banks face no financial risk when customers pay with their bank accounts, there is little incentive for them to refund money to the player’s debit card.

Payments to a virtual debit card are also an option. A virtual debit card is similar to a physical debit card, but it does not come with a physical card. Money deposited into a virtual debit card can be used to make online purchases, but not in stores.

ACH

ACH credits are a reliable way to receive payments. It is a low-cost and dependable way to fund players’ accounts. Players’ bank accounts are debited through ACH. ACH payments are always less expensive to process than credit card payments. The reason for this is that ACH transactions do not incur “interchange” fees, while card transactions do. As a result, ACH processing fees are 50-80% lower than card processing fees.

ACH debits can now be processed on the same day, which reduces processing time. From your back-office reporting portal, you can easily monitor the status of all transactions. Because direct deposit of wages and payments for household bills are tied to the account, switching banks is a major hassle. As a result, ACH payments are far more consistent than card payments.

You will make more money if you accept more payment methods. Accept all types of debit and credit cards to maximize profits. Add ACH payments for players who prefer to fund their accounts with a bank account debit rather than a credit card. radiantpay also offers specialized payment solutions, such as ACH, to help your online gaming business process large volumes of transactions efficiently.

Companies in the United States and Europe have used Radiant Pay’s gaming merchant account services. Here are some of the reasons why companies choose us.

Banking Network with a Wider Reach
PCI/DSS Level 1 Certified Gateway
Providing excellent service
Fraud-Prevention
Services for Chargeback Mitigation

Radiant Pay is a UK-based company and is an Online Gaming and Casino Merchant account provider. At Radiant Pay, we help our merchant partners accept payments from their customers using credit cards, debit cards, bank transfers, online direct debit, and real-time bank transfers. We also assist with ACH and check processing, high-risk processing, and offshore merchant accounts. Visit https://radiantpay.com/contact.html for more info!

CBD Merchant Account, Gaming Merchant Account, High Risk Merchant Account, Merchant Account, Types of Merchant Account

How to Get Approved for a Merchant Account

May 24, 2022 admin

When determining whether a business is ‘high-risk,’ many factors are considered, including the nature of the enterprise or industry, customer types, transaction volumes, geographic location, and payment terms.

Merchants dealing in the travel and cruise industries; Internet auctions; CBD; adult; forex; online gaming; casinos; and many more are all examples of high-risk merchants.

However, just because your business is high-risk does not mean you won’t be able to open a merchant account. It does, however, imply that setting one up may be more difficult. Banks and independent sales organizations that provide merchant accounts will look at how long you’ve been in business, your credit history, and any previous merchant accounts you’ve had with other processors.

Because merchant account providers want assurance that you understand the business environment in which you operate, can identify the potential risks you face, know how to prevent or reduce fraud, and understand how to manage credit card acceptance, the length of time you’ve been in business matters. Regardless of risk, the only thing with first-hand business experience that can provide this kind of insight is.

Good credit history will help you establish your credibility as a potential merchant. If your previous processor terminated your merchant account because you defaulted on payments or had too many chargebacks, it may be difficult to open a new account in the future. And if you’ve previously had a well-maintained merchant account, it’s a good sign of how you’ll handle your new processor.

Follow these guidelines to improve your merchant account eligibility:

Maintaining a good credit score: Before applying for a merchant account, remove any previous bankruptcies, late payments, or mortgages from your credit report. Contact a credit reporting bureau to obtain your credit report. Send them a letter explaining that these issues have been resolved and requesting that they be removed from your credit report. Having a good credit rating will make a lasting and favorable impression on a transaction processor, whether you own a small or large business.
Previous merchant accounts, bankruptcies, liens, or judgments should all be disclosed: You improve your credibility by acknowledging the recent financial difficulties, and you may encounter one fewer barrier to opening a new merchant account. You can’t keep information from the public record hidden.
Be willing to pay higher fees if necessary: If you need to follow special rules or pay slightly higher fees to open a merchant account, go ahead and do it! It’s worthwhile to offer your customers as many non-cash payment options as possible. It will aid in the generation of revenue and the stimulation of impulse purchases.
Look for a credit card processor that best fits your requirements: Learn more about:
The discount rate: The fee paid to the merchant account provider as a percentage of each transaction. The processor may charge a higher percentage of your monthly charges if they are less than a certain amount.

Transaction Fee: For each transaction processed, a flat fee is charged.
Monthly minimum fees: If the merchant’s discount rate and transaction fees do not add up to the monthly minimum specified on the original merchant application, the merchant account provider collects these fees from the merchant each month. If the monthly minimum volume is not met, it usually costs $25 per month.

Reserve Fees: If your credit history is suspect, or if you own a new or high-risk business, you may be required to open a reserve account to protect the processor from future losses. Your reserve account is based on a percentage of your total sales.
Chargeback Fees: These are the fees a processor charges to cover disputed charges.
E-commerce: If you’re an e-commerce merchant, inquire about the costs of storefront solutions, such as shopping carts, Web hosting, payment gateways, virtual terminals, virtual checks, databases for order fulfillment, customer tracking, and a way to calculate tax and shipping charges, from your prospective processor.
Gadgets: Point-of-sale terminals, printers, and peripherals, as well as installation fees, are included.

If you follow the steps outlined above, the process of opening a merchant account should go smoothly. And, in the end, getting approved will put you on the road to increasing your company’s revenue. Operating a high-risk business does not rule out the possibility of accepting credit cards.

Regardless of the factors mentioned above, Radiant Pay is committed to providing you with payment processing solutions that are well-tailored to your business needs. We are a leading London-based agency providing payment solutions to the online business and all the e-commerce enterprises across all “legal” industries. Our clientele is not limited in terms of business size, risk status, or transaction volume and can provide tailored solutions for any type of client and their online businesses.

Business services, casino Merchant Account, Forex Merchant Account Services, Forex Trading, Gaming Merchant Account, High Risk Merchant Account, Merchant Account, Offshore Merchant Account, Online Dating Merchant Account

Merchant Accounts, Instrument of Ecommerce’s Successes

March 11, 2021 admin

Is there any bank account with the sole purpose of accepting electronic payments by credit or Debit cards?

What are Best Merchant Accounts by Radiant Pay?

We are the best Credit Card Processing Providers in today’s volatile and dynamic online market, as the name suggests ‘Radiant Pay’ is the pioneer in providing a smooth boost for your small n big online business.

The online market seeks to have an honest, transparent, and safe transaction of digital money with excellent customer support these factors make us way ahead of all competitors.

Below are the must to know facts that are inbuilt with Radiant Pay

Best Payment minimum fee structure, which can suit your type of business, so lower processing rates.
We set all high-risk businesses with an umbrella of security, as our trouble-shooters at Radiant pay can save your hard-earned money from any troubled water with ease, without any extra fee as other so-called specialists for higher risk businesses.
Our free-flow transactions and small fee structure are a joy for ecommerce clients and traders.
We give you exposure readily and accept your business on board instantly, which can save a lot of your valuable time.

Are you worried about the Interchange fee?

An interchange fee is in short a base cost for all credit, and debit card transactions. And it is charged every time a transaction is done on a retail shop or any online portals for purchasing any stuff or services.

A single rate is commonly applied for a single tier of category type of business merchant accounts, hence may vary marginally in bundled or bucket rates eventually. There are 4 tier-based pricing models applied in the majority of transactions. All tiers are having basic qualification requirements. You can see your type of rate functioning pattern for more details.

Flat Rate pricing model- are referred for qualified and mid-qualified, and rarely there is Non-qualified pricing, which is greater than all, these rates are generally 2.6 % let’s say by Square for any digital transactions, we at Radiant pay are catering these secure payment services at very low rates comparatively on lower sides.

If you are a small or big merchant looking to save hard-earned money, seeker of a reliable and low-cost company then Radiant Pay based in London is tailored made for you.

You can sail for unlimited success and liberty to do business as you wish with only Radiant Pay digital payment processing company based in London. We apply minimum and logical fees for your sustainable growth online to do Rocketing business online.

With so many experts and a great support team, I highly recommend you Radiant Pay, almost a futuristic decision for the well-being of your dream projects and good old businesses.

High Risk Merchant Account

Why Risky Business Should Use High-Risk Merchant Account?

November 29, 2018 admin

Have you ever thought about starting your own online business, whether it is risk or standards, you need merchant account to accept credit and debit card payments. However if you own a risky business like dealing in pharmaceutical products, tobacco, spa and message salons services like adult entertainment, online casino and gaming, dating business are falls under high-risk category. For this type of business, you need high-risk merchant account. A merchant account act as a payment gateway that allows your customer to pay via cards for the purchase of goods and services.

Nowadays customer prefer to pay online via cards, as this type of payment is safe, secure, and easy to transfer fund. However, the merchant account provider offer high-end fraud protection system, so the merchants give seamless shopping experience to the customers. If you never used merchant account before, it is high time to get online merchant account for your business to boost up the profits and maximize the sales.

There are amply of reasons why your businesses that are functioning online should open an account. It will make the counter payment process easy for your customers and allow them to acquiesce their personal payment and shipping information in a private manner.

Now here in this blog we will discuss about why your risky business need High-risk Merchant Account.

Superior Fraud Protection. The merchant account provider are very aware of the risk of character theft when shopping online. This is the reason they make sure you get high-end fraud protection system that is safe and secure and this provider are up-to-date in the industry with latest technology and software available. This software is utilized to keep payment information secure during the checkout process. Your customers won’t have to worry about their business information is uncontrolled around the web for everybody to see.

If you do not have a high risk merchant account you can guarantee that your business will not receive the number of sales that it could have. Accepting card payment is vital for online businesses so that your customer can enjoy seamless shopping experience. Also, while paying electronically your customer are allow to process the orders faster and quicker with safe online transaction. Now that you know some of the great benefits of having your own merchant account, it’s time to make the dream of owning your own Internet business come true.

High Risk Merchant Account

Which Business Categories listed as High-Risk Business Services?

September 25, 2018 admin

The high-risk business category is hard to approved businesses for a standard merchant account. The first thing to consider about high-risk business is that the processor you are choosing will determine whether you fall under their high-risk categories when you apply for merchant account services. Every processor will set a unique set of guidelines to determining whether your business dimmed in the high-risk category. Merchants who own pornography websites, online gaming business, and casinos always fall under high-risk business, while others may or may not be depending on your processor.

Many merchant account service providers have a strict guideline for determining the status of your business, but there are many others who have relaxed criteria. Merchant provider treats high-risk businesses in a different way according to their guidelines. High-risk merchant account provider charges high fees due to the high-risk factor they are accepting by giving you a merchant account.

Business Category Fall Under High-Risk

High-chargebacks and Fraud Rates – if your business shows high chargebacks and fraud rates you probably fall under the high-risk business category.

Offshore businesses flagged as high-risk if you sell your product and services to US Customer while operating business from another country.

The important factor associated with the high-risk business is the product and services you are selling. The online businesses come under high-risk are adult entertainment sites, drugs, and pharma websites, online dating sites, lotteries sites etc.

If your business accepting high volume sales through credit cards, you should be considered as high-risk.

Considering that qualifying payment by credit card is vital to the success of your business, you have no choice but to give in to the demands of merchant service providers. However, as always, choose a reputable merchant service provider wisely and make sure you are not being thrown in fraud.

High-Risk Merchant Accounts www.radiantpay.com get detailed information about high-risk merchant accounts, high-risk offshore merchant accounts and more.

Business services, High Risk Merchant Account, Merchant Account

How Can We Get Merchant Account For High-Risk Business?

June 27, 2018 admin

Every business owner wants to have a merchant account for the globalization of business. To do this, various merchant account providers are there in the market that put their all effort to meet the ends. The account provider companies provide all the information at one place regarding, high-risk business, merchant account, payment processing, managing those account, and debit and credit card processing. Now the question arises how to apply or get a merchant account. The basic question that every trader asks—at least in theory, people want to read about it. Here is a solution—apply with the merchant account provider. They will complete all the procedure for application; deliver it to the underwriting department for application review, once the application is approved, you will give authority to receive online payment.

The above process sounds very easy but finding a high-risk merchant account provider for the business is quite a difficult task. Most banks and processors deny offering merchant accounts—so you need to find high-risk merchant account provider.

How to Find Merchant Account Provider

If you are an owner of the retail shop, almost every bank and merchant account processor will give you access of merchant account but if your business falls under high-risk category—no one will show up. Therefore, banks will provide merchant account to the retail business as per the regulatory. You need to ask a simple question to the bank—do you provide merchant accounts for high-risk businesses. Moreover, note down their answer because often salesperson do false promise but when you fulfill all the application, their underwriting department will reject it.

Hence, there is various high-risk merchant account providers are there in the market—you need to search for them or ask from banks.

Business services, High Risk Merchant Account

High-Risk Merchant Processing For Online Businesses

May 19, 2018 admin

A high-risk merchant account is kind of bank account for online or offline business to accept payment through credit card. In order to accept the card payment, a businessperson needs to have internet merchant account in any financial institution. However, there are various types of businesses applying for merchant account—this affects the risks associated with it. The risk is high because some companies are at high-risk in their business. That is the reason payment processing is defined as risky for some online businesses.

Hence, few factors are there that define high-risk merchant processing—however, the main reason is merchant’s real and anticipated chargebacks, payment processing unit, and merchandise return. To be very frank, not all merchant service providers accept high-risk clients.

What Is High-Risk Merchant Processing?
One must need to have merchant account before accepting online payment through cards. Online merchant accounts can be divided into two categories—low risk and high risk.

If the business is at low risk, them account provider will easily accept you and offer various services. On the other hand, if the business is at high-risk in terms of unconventional processing and history of other payment services who do not want to give payment access.

High-Risk Business Model Risks
The business is risked with high chargeback fees, high processing fee, and other risks like sales of products and services, the safe transaction of every kind of money etc. these are the common parameters for applying merchant account. Whenever a merchant account provider knows about any fishy activity from merchant’s side, they will put additional protective layer against unexpected activities from merchant’s side.

If there is a high-risk business, the best solution is to maintain a relationship with online payment gateway specialized for risky businesses. Such provider will guide in monitoring suspicious transactions, potential threats, and fight chargebacks on daily basis.

Radiant Pay Official Blog