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Ecommerce High-Risk Merchant Account

Choosing the Ideal High-Risk Merchant Account for eCommerce

If you are planning to sell your products online or start an eCommerce business, you’ll need a high-risk merchant account. High-risk merchant accounts provide the same benefits of regular merchant accounts, but they assist companies that work in high-risk industries. Most eCommerce companies are considered a high-risk industry and you will need to find a high-risk merchant account that meets your needs. eCommerce is prone to fraud and chargebacks and this makes it difficult for a traditional merchant provider to approve. If you have an existing brick and mortar shop that is interested in expanding to online sales, you may have to upgrade to a high-risk merchant account as well.

 

Tips for Choosing a High-Risk Merchant Provider

If you are trying to choose the ideal high-risk merchant account for eCommerce, you’ll need to start researching. Reviewing the payment processing procedures for the top merchant providers can help you understand their terms. Many high-risk merchant providers may employ predatory interest rates. You should always review the terms of service, interest rates, and contract length before committing to a high-risk merchant provider. Many of the top providers provide a wide range of services that can make your eCommerce business run smoothly as well. You should avoid any companies that charge high rates, fees for account setup, equipment fees, and gateway charges. Hidden fees can cost you thousands of dollars.

 

Services Provided by High-Risk Merchant Account

Shopping Carts

A great merchant will provide a variety of services that will improve your eCommerce experience. Selling online is a complex matter and finding a merchant provider that provides the services you need will help immensely. Online shopping carts can integrate with your website and help make sales easier for your customers. A shopping cart can be designed for your products and help your customers choose options, sizes, colors, etc. If you already have a shopping cart site, make sure you choose a merchant that is compatible with your software. 

 

Payment Gateways

If you plan on selling online, you will need a payment gateway. A payment gateway allows you to process online credit transactions. It is an interface between your website and the merchant account provider’s systems. You’ll want a payment gateway that is incredibly secure and keeps your client’s information safe. There are a variety of payment gateways and you should make sure your merchant’s payment gateway is compatible with your website.

 

Direct vs Third-Party Merchant Providers

Direct merchant providers are generally large merchants and offer comprehensive services. Prices will generally be higher, and you may be forced into a long term contract. Third-party providers can provide lower rates and better contract terms. Smaller third party high-risk merchant providers also normally have more personalized customer services. When choosing between direct and third party providers you should always research and compare their terms, rates, and contract term.

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