Best Merchant Services

Best Merchant Services

Best Merchant Services
A High-risk merchant account is​ a​ merchant account service provided to​ internet merchants that have been declared high-risk by Visa and​ MasterCard .​
This is​ owing to​ the​ nature of​ their businesses, that have a​ high credit rate or​ a​ high turnover but also, an​ increased risk of​ fraud and​ chargebacks.
Characteristically, it's very hard for​ high risk and​ non-US businesses to​ obtain a​ merchant account .​
High risk merchant accounts offered by different service providers allow International Merchants to​ privately process their credit card transactions and​ have the​ proceeds sent to​ an​ offshore bank account .​
The fees are higher for​ offshore/high risk credit card processing.
Credit card processors are likely to​ reject you if​ your business is​ considered high-risk .​
The aim is​ to​ locate a​ credit card processor that gets you approved and​ has you up and​ accepting credit cards quickly and​ efficiently, with either a​ high risk merchant account or​ an​ international merchant account .​
Examples of​ high risk merchant accounts include pharmaceuticals, telemarketing, infomercials, travel industries, online dating, replica, gaming etc .​
Some of​ these are considered more high risk than others .​
High risk merchant accounts are available with international banks .​
a​ merchant has to​ do the​ following to​ obtain a​ direct account if​ their merchant account is​ considered high risk:
1 .​
Incorporated in​ the​ bank’s jurisdictions (this requirement is​ based on credit card operating regulations)
2 .​
Have 6 months of​ existing processing history (preferable the​ last 6 months)
3 .​
Chargebacks in​ the​ last 6 months must be less than 1 %.
4 .​
Pay the​ required set up fees
5 .​
Provide principal’s passport, business incorporation documents - some jurisdictions require a​ local nominee director’s passport and​ a​ utility bill of​ the​ nominee director .​
This is​ done to​ avoid cross border issues.
6 .​
The merchant website has to​ be in​ compliance to​ Visa and​ MasterCard requirements
These merchant accounts can also be classified as​ offshore high risk merchant accounts, international merchant accounts, and​ high volume merchant accounts .​
The other option if​ you do not have processing history and​ you do not want pay the​ expensive of​ incorporation in​ the​ bank’s jurisdiction, you can always get a​ third party merchant account .​
a​ third party merchant account’s underwriting is​ less stringent and​ is​ set up much faster than a​ direct account.

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