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What are high risk merchant accounts?

High risk is a classification used by the banks to determine the potential for future contingent liabilities of loss for a bank. You can be classified in a high risk category for several reasons.  

For instance, if you are targeting markets outside of the US, a bank may classify you as high risk regardless of the type of product or service you are selling. 

The types of goods and services you sell may put you in a high risk classification.  Because certain industry types have a greater than average likelihood of charge backs.   (A charge back occurs when a consumer contacts their card issuing bank claiming that the goods or products were not as represented to be by the seller.)  

If you sell either high or low tickets items you can be classified as high risk by banks.  High ticket items represent greater potential risk of loss if there are chargebacks.  Sites selling low ticket items are often targeted by fraudsters checking to see if a stolen card has been reported yet or if the card can still be used.  

Fast growing internet merchants are also categorized as high risk because the banks may question if you can handle such rapid growth.  And you cannot, the bank holds the bag for a loss if you go out of business or cannot fulfill commitments to customers.  

Internet sales are higher risk than swiped transactions.  Yet many internet merchants can still be classified in standard risk.  It depends on the on the product and services being sold.  For instance, if you are selling clothing online, you'll probably be standard risk.  If you are selling adult oriented products, you'll be high risk.

One of the biggest threats facing online businesses today is fraud.  Cybercriminals around the world are looking to exploit internet merchants  

Using stolen card data, items are bought, and shipped by the criminals.  By the time the real card holder discovers the loss and reports it, the items are long gone.  Being aware of how fraud can affect your business is essential to your overall success.

High Risk Industries

Here's a partial list of high risk industry types.  Keep in mind that there are many other types of businesses that can be considered high risk.  You'll know very soon after you start applying for merchant accounts whether or not you fall into a high risk category.

• Adult Content
• Call Centres
• Online Game
• Forex & binary options
• ISP and Hosting services
• Collection agencies
• Credit Repair
• Online lenders
• Travel
• Dating
• Health and Healthy Living Products
• Prepaid Phone Cards & VOIP
• Money Transfer
• Nutracuticals
• Internet Services 
• Direct Sales
• Software Downloads
• ID Theft Protection Services

The Pros of High Risk Payment Processing

Though it sounds like a negative thing to be considered “high risk” there are some advantages to being a high risk merchant and being able to process high risk payments.

1. Global Expansion

With high risk payment processing you can accept card-not-present transactions that low risk merchants and account holders generally can’t. You are also able to process lots of different currencies which means you can deal with clients all over the world. You also have the options of selling to customers globally.  

2. Earning Potential

With high risk payment processing you have a limitless earning potential as you can expand into larger markets. You can offer recurring payments to your clients and sell them any legal product or service that they are in need of.  And high risk merchant accounts, especially international ones, often have no caps on processing volume.  Allowing you process as much as you need.  

The ability to set up recurring payments is the real advantage to your earning potential as you are able to set up a steady stream of income that can be relied upon before selling additional products and services.

3. Greater Tolerance for Chargebacks

Offshore high risk merchant accounts can offer you higher charge back thresholds.  Still control over chargebacks is vitally important part of merchant account management.   

PaynetSecure.net specializes in high risk payment processing for US and international businesses.  You'll receive fast agressively competitive rates, fast turn-around, and personalized customer service.  We welcome the opportunity to work with you.  

Interested in setting up your high risk account?  Contact info@paynetsecure.net