Shopify is one of the fastest growing online spaces when it comes to e-commerce. There is a huge amount of potential in the site and that is exactly why more and more people are looking to take advantage of it, today. And, you too might have considered how you could start making money and taking your business to the next level, through this site. However, you may well have been classified as a high-risk business and now have to reconsider how you are going to do that.
Many companies are given this classification and it’s usually not too much to worry about. However, it does mean that you need to take certain unique steps to get your company off the ground so that you can start making the money that you want. All it takes is securing a high-risk merchant account, which our team can guide you towards doing.
Why Shopify Users Need a High-Risk Merchant Account
When you are classified as a high-risk business through Shopify’s standards, the only way for you to be permitted to operate on the site is to secure a high-risk merchant account.
Of course, Shopify operates in their own interests and they want to make sure that you are going to continue to use their site properly, instead of benefiting from it and finding ways for your customers to pay externally. So, you need to select the right kind of merchant service provider that is going to provide them with the assurance that they need for you to operate.
Luckily for you, there are various great options for you to choose from when it comes to managing your high-risk business and before you know it, you could be getting your plans back on track. At 5 Star Processing, we have spent plenty of time researching some of the best options available, and currently, we can recommend you the following options:
- Sage Pay
- eMerchant Brokers
What Makes Your Business High Risk?
There are many different reasons why your business could have been classified as a high risk one. Most commonly, Shopify is going to classify you as a higher risk if there is a higher potential for your transactions to be managed outside of the realm of the site. Particularly as your business starts to grow, the risk only increases for Shopify and that means that they fear that they are going to lose out.
At the same time, if you are working in a particular kind of industry, Shopify and many other e-commerce platforms are going to consider you a higher risk. Certain types of products and services naturally incur these kinds of risks online and they want to ensure that they are protected. Such industries currently include things like:
- CBD and Hemp Products
- Financial Services
- Legal Services
- Adult Entertainment
- Certain Travel and Tourism Sites
- Health, Wellness, and Holistic Products
Having an idea of where your business falls into means that you can better plan the responses that you are going to take and ultimately, will ensure that you can get your business on track to achieve what you want to achieve, fast.