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WHAT YOU NEED TO KNOW ABOUT HIGH-RISK MERCHANT ACCOUNTS
Do you own a high-risk business? The answer largely depends on your industry and credit score, but those that are — and accept credit cards — also have high-risk merchant accounts.
What exactly are high-risk merchant accounts, you ask? Don’t worry; they’re not as scary as they sound… at least not when they’re from the painless merchant processing experts at EDATAPAY Bankcard Payments. Let’s peel back the curtain and examine what high-risk merchant accounts are all about and why EDATAPAY Bankcard Payments is your go-to merchant account provider for highly customized services.
WHAT IS A HIGH-RISK MERCHANT ACCOUNT? WHAT YOU NEED TO KNOW ABOUT HIGH-RISK MERCHANT ACCOUNTS
If you’re among the majority of small businesses in the U.S. to accept credit cards, you probably don’t think too much about the X’s and O’s of credit card transactions. But in order for you to take credit cards as a form of payment, you need a merchant account. The equivalent of a bank account, a merchant account is what allows business owners to take plastic — meaning debit and credit cards — as a form of payment. The merchant account basically holds the funds paid by the customer so the credit card processor can do its thing to assess whether the transaction can be funneled to the merchant’s bank account by the credit card processor or acquiring bank.
High-risk merchant accounts go through this same process; the only difference is their classification. Assigned by credit card processors, high-risk merchants are organizations that are deemed to be potentially dangerous for a credit card issuer to do business with because they are in an industry vulnerable to fraud and high chargebacks. Appropriately named, chargebacks are just that — they’re scenarios in which instead of a charge going into the merchant’s bank account, they wind up going back to the customer’s account due to some type of issue with the purchase itself. However, instead of the funds going all the way back to the customer, they’re held in limbo so all the relevant parties can determine the nature of the problem and the ultimate destination of the funds.
Bottom-line: Chargebacks cause a lot of headaches and hassle for everyone involved. Being tagged with a high-risk merchant account label often results in higher fees and tighter controls on the amounts that customers can be charged, whether goods and services are sold in person or are selling online. It may also leave you with fewer options in terms of credit card issuers or acquiring banks that will underwrite your business.
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