In the fast-paced digital payment world, being a high-risk business is difficult. As if starting a profitable business online wasn’t difficult enough, some merchants may be labeled as “high risk” by payment processors, putting them in a difficult position to accept payments online.
Do you know what the consequences of high-risk business are? If your company or the industry in which you operate is risky, it is likely that you will have difficulty obtaining a merchant account with most acquirers. Typically, the majority of businesses will have to get a high-risk merchant account, which comes with additional restrictions and higher processing fees.
If your company has a high chargeback history and is vulnerable to potential fraud threats, it is classified as high risk. Such businesses necessitate high-risk merchant accounts, as well as a merchant account provider who can provide international services. How else would you expand your business beyond the geographical boundaries of your current state?
Services related to the adult industry and entertainment, online dating businesses, travel industry, telemarketing, online casinos, sports betting, pharmacy, and online auctions are examples of high-risk businesses. Banks and processors refuse to provide these businesses with high-risk merchant accounts because fraudulent cases are more common.
Easily Protect Your Business from Frauds and Hackers
Not everyone is willing to take the risk of a high-risk merchant account. Even now, some merchant account providers and processors are planning to close their doors. A high-risk merchant account is a payment processing agreement that is tailored to any business that may involve a higher level of risk.
Hackers and fraudulent activities frequently target merchant accounts. These issues will have a direct impact on your profit and the credibility of your company. However, there is some good news for all business owners who run high-risk enterprises.
A number of online services guarantee that opening a high-risk account will benefit their businesses. There are currently several offshore account companies that provide such services, as well as fully-customized merchant account services. There are numerous factors that contribute to a business being labeled as risky. Ultimately, the nature of any business and how it operates determines whether it is high-risk or not.
EskayPay offers faster payouts and competitive rates to merchants in the UK so that they can enjoy a reliable payment solution for their business. We provide High–Risk Merchant Account UK solutions to industries to allow them to accept credit or debit card payment transactions.
How to Apply for a High-Risk Merchant Account UK?
Only a few merchant account providers will provide you with high-risk merchant account services for all of your business needs, as well as a variety of significant benefits. Not every high-risk merchant account service provider will provide you with real-time, cost-effective solutions that are simple to set up.
To obtain merchant account services, you must submit the following documents.
- You must have a Director KYC profile.
- You must have government-issued identification, such as a driver’s license or voter identification card.
- You’ll need a payment processor if you’ve previously owned a business.
- You must provide a multi-processor explanation for profiting from the office.
- 3 months of recent bank statements and a processing history
- Your chargeback rate should be less than 2%.
The payment gateway services will be available to you within 5 to 7 business days. Customer service is available 24 hours a day, seven days a week.
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