Every business looks for the best merchant account for online business because it is the need of the hour. At the same time, high-risk businesses struggle to find a suitable payment processor. It is challenging as not all the payment processors will take on your business, and some may charge you extra fees as well.
In the following section, we will understand what a high-risk business is and dispel some common misconceptions about these companies.
We will try to cover the following:
- Why all adult businesses are not high-risk?
- There is no need to have a website to be a high-risk business.
- With bad credit too, you can have a merchant account.
- Getting a traditional merchant account is always possible.
- A high-risk merchant account can help you avoid chargebacks.
- Owning a high-risk business doesn’t mean you will be charged extra fees.
Let’s start here.
Not all adult websites are at high-risk
- Know that all adult websites are not high-risk. The sites can be low-risk, medium-risk, or somewhere in between.
- If any adult website or business is high-risk in nature, the owner will always know about it. He will always take precautions to ensure that the site doesn’t contain any malware or phishing attacks.
- Before you take a call on what kind of adult website you can use for personal pleasure, you can look at its reviews.
For a high-risk business, having a website is not compulsory
Some people think that if you own a website, your business will become a high-risk one. Honestly, this is far from reality. If the nature of your business is high-risk, you can be at risk even if you do not own a website.
Here are some types of businesses at high risk:
- A physical store with employees and delivery vehicles.
- Employees provide legal or medical services on-site or over the phone.
You can have a merchant account even if you have bad credit
Many businesses have bad credit and they think they can get the best merchant account for online business in UK with a history of bad credit. This is a misconception about the high-risk industry that we wanted to dispel.
If you have a low credit score, the same will prevent the payment processors to give you a merchant account. Your case will go through an approval process and things will work only when the approval comes. It simply means that with a low credit you must consider some other type of payment that doesn’t involve opening up an entirely new line of credit at your bank.
Getting a traditional merchant account, not just an offshore one
People commonly think that all merchant accounts are offshore, but it is not true. Even if you have a local business, with a flawed business model and a low credit score, you can still get a merchant account. There are many ways to achieve your objectives, reach out to the nearest high-risk payment service provider in the UK.
Owning a high-risk business doesn’t mean you will be charged an extra fee
Know that a high-risk business or any other business pays the same fees to get a merchant account. There is nothing special about being a high-risk business or not being one. You will be charged for the services you receive. For instance, a high-risk business is vulnerable to chargebacks and due to this, it may have to pay extra fees.
One more thing to know is that some payment processors may charge a little extra from high-risk merchants, but this doesn’t mean that those merchants cannot afford the services. They have customized packages, and thus, you can get a tailor-made package from your bank.
A high-risk merchant account helps you avoid chargebacks
The logic is simple – you can deal with chargebacks with a high-risk merchant account.
If you are operating in a high-risk industry, you must use a high-risk merchant account to avoid any future losses due to chargebacks and fines.
Your payment processors will not care you offer high-risk products or services
Ideally, the payment processors do not look into the products and services offered by their clients. A payment processor only cares about the chargebacks and they want to ensure that you are protected in case your customer claims or disputes any payment with the bank.
All complicated businesses are not at high risk
No one can judge a business based on the complexity of the business model. The fact that it is complicated doesn’t turn it into a high-risk business; instead, the type of industry will determine the nature of your business and the risks associated.
Any business is a high-risk one if it has a low credit rating, sells products or services that are fraudulent or illegal, or poses a more than average probability of being involved in chargebacks. Only because your business is at high-risk doesn’t mean you cannot get the best merchant account for online business in UK.
Reach out to us, and we will help you. We are one of the recognized card payment providers in UK.