High risk merchant account providers are the designated partners of the banks specializing on high risk online businesses by setting-up a merchant account, acting as the processing gateway, and protecting them from fraudulent transactions.
High risk merchant account providers specialize on businesses with higher risk and greater incidence of fraud involved. They provide services like setting-up a merchant account, acting as the processing gateway, and protecting clients from fraudulent transactions. A business is considered high risk when it falls under any of the following category: not a registered entity, blacklisted by processing companies, generates large volume of transactions, shows inconsistent and unstable credit history.
A quality account provider provides the following services to high risk businesses:
Set-up a merchant account
One of the services offered by a good account provider is to set-up a merchant account anywhere in the world. Whether you are located in the other side of the world, you can still enjoy the services of a high risk account provider.
Act as the processing gateway
Since it is difficult to get a merchant account especially if located internationally, it is ideal to get their services to save time. The account providers are given the authority to facilitate, to process and even manage credit transactions in your behalf.
Protect from fraudulent transactions
Safety and confidentiality is always the priority of high risk account providers. Address verification Service (AVS) is a verification scheme used to screen out clients using fictitious names and those who want to steal money using other person's details. Account providers also verify orders through phone calls and other fraud-screening schemes especially for large volume orders. The use of multiple credit cards for payment is also not allowed by the account providers since this is a sign of stolen credit cards.
With the advanced technology, there is an increasing demand for high risk account providers to make online business transactions possible and secure. When choosing for the right service provider, the following good qualities should be present: offers a quick approval time, charges reasonable set-up fees, allows real-time online processing services, provides fraud protection facility, offers diverse payment schemes, and has 24/7 technical support.
Since there is a tough competition among several high risk account providers, make sure you make a comparative analysis about their services and fees before applying. Not all are equipped with risk management features to secure your business.