Everything You Need to Know About Merchant Accounts

 

A merchant account is a type of bank account that allows businesses to accept payments using a credit and debit card. A merchant account held with an acquiring bank holds customer payments as long as they are approved by the customer's bank, prior to being sent to the merchant.

Some people make the mistake of confusing a merchant account with a regular commercial bank account. These are two completely different things.

 

What is a High-Risk Merchant Account?

Most small business owners will never hear the term “high risk merchant account” until their business is identified as such. This seems a little cryptic at first. In some cases, this may seem like an unfair judgment about your business, the services you provide, the products you offer, or yourself. This is not true. From a seller's perspective, merchant account for high risk is often a sign that your business poses a greater risk of chargebacks and has nothing to do with what your business did or how it worked.

Why are Some Businesses Defined as High Risk Merchant Accounts?

Understanding this important definition gives you clues to the universe when it comes to understanding how high risk merchant service work and identifying the best payment processing partners to work with your business. Unfortunately, there is no single industry standard that defines merchant account for high-risk business while exempting everyone else from that designation. This is incredibly subjective, and several factors simply make your business a more likely target for this naming, including the following:

·         You work from home. Your business location and home business are more risky propositions for payment processors. In this respect, doing business outside of the country can also mark you as a high risk trading account, so keep that in mind before you plan to take over the universe.

·         The length of your tenure in business. The longer you are in business, the more partnerships you will have.

·         Your history with other trading accounts is important. Keep your records and be honest when looking for new trading partners.

·         The amount of chargebacks - there is little to say about this. Avoid them if possible. Create policies to solve customer problems, offer refunds, and communicate with customers to avoid them.

·         You are in one of the identified high risk industries - some industries are simply more risky than others in terms of payment processing partnerships.

·         Your personal credit. Believe it or not, it has more impact than many business owners think. Improving your creditworthiness makes you more attractive to business partners.

Of course, there may be reasons not included in this list that define why your business does not include high risk merchant account instant approval. If you have any questions about whether you qualify for a high risk trader, please consult your trading service provider for advice.

 

How a High-Risk Merchant Account Impacts Your Business

In some cases, the status of a high-risk trading account means that you will have to go through additional verification in order to receive the seller's services. You can even be limited to a certain number of transactions per month, or have a certain amount of cash reserves.

In most cases, you will have to pay higher fees and / or increase processing speed in order to receive various commercial services due to your high risk category. Some providers may even refuse to work with you.

 

Benefits of Having a High Risk Merchant Account

You may be surprised to learn that identifying a merchant as a offshore high-risk merchant account offers several benefits if you are willing to pay the additional fees and additional due diligence and supervision faced by high-risk trading account holders. Among these advantages are the following:

More flexible payment options - Low-risk merchants can only earn certain types of income with a credit card. High-risk sellers have fewer restrictions, which means they can:

·         Offer recurring payments

·         Handling higher sales volumes for presentation events and special sales

·         Sell ​​a wider range of products and services

Ability to work internationally - Low-risk sellers are limited and severely restricted when it comes to international transactions. High risk trading accounts have fewer restrictions that can limit their goals of global expansion.

 

How Gaming Merchant Account Market is Growing?

With the continued growth of the Internet and technological innovation, some industries have begun to flourish. The online gaming universe is one such industry. However, in the early stages, this phenomenon known as Gaming grew into a multibillion dollar business. The digital gaming industry is booming and there is a growing interest in online gaming worldwide for gaming merchant.

It is growing rapidly compared to other industries. Not only are global giants taking advantage of the many innovative opportunities this industry provides, but game startups are also benefiting.

With online gaming gaining traction in several US states, now is the perfect time to find the best credit card processing solution to maximize your profits. In the online gaming industry, sellers know better than anyone what it takes to launch a successful gaming website. With our gaming merchant account or online gaming merchant account, you can have peace of mind knowing that your website can accept real-time payments seamlessly.

 

What About Forex Merchant Account?

Forex business is not easy. Since this is a high-risk business, it comes with some problems related to payment processing. Thus, Forex traders must find a reliable payment processing system for forex trading merchant account that can easily open a Forex trading account for them.

Due to the high risk in the industry, Forex traders are often charged large sums up front to make money. The good news is that Forex traders can find exceptional credit card processing solutions in the market with the help of forex merchant account. By having a reputable high-risk trading provider, you, as a Forex trader, can indeed access great benefits. As a result, you will be able to increase sales and make profits.

This is why working with the right payment service provider is critical for Forex sellers. Only a true professional in their field can solve problems with deposits and payments and provide sellers with great competitive advantages.

About Us:

At Octapay, we give bespoke services to all our clients, understanding that each business is different. Your work becomes our work, and the growth of your business is ours.

We are a high risk merchant provider, Specialized in Forex, Gaming, Bitcoin Merchant Account.

Website - https://octapay.fund/