High-Risk Merchant Account

An Overview – High Risk Merchant Account

Are you involved in a high-risk industry? And, looking for a merchant account service, you can rely on?

Don’t worry! We have got a secure, convenient, reliable, and ingenious solution for you.

EskayPay offers a High-Risk Merchant Account to the merchants involved in any industry. If you come to us, you will get the solution to high-risk, mid-risk, or low-risk industries.

Our years of experience with various high-risk industries and experienced team makes things simpler while approaching merchant account service.

We are known as the comprehensive payment processing service provider in the industry. We get you a high-risk payment gateway integration along with merchant account service.

Why is my business deemed as a high-risk business?

“High-Risk” is a term designated to businesses involving various risk factors and threats by a bank or credit card processor. While various unique factors set how the industry views any business, commonly, there are three significant factors to consider a business as high-risk:

1. Due to the processing nature or industry nature, a business may face more significant chargeback risks. Typically, businesses with more than a 1% chargeback ratio enter a high-risk category.
2. Underwriting is a significant factor for the businesses operating in unique, new, or legally regulated industries to get designated as high-risk. Skepticism carries risk for banks, and so if the industry is a startup or has developing regulations, this label will apply.
3. Online transactions were always questionable for the banks. And, businesses with high-volume transactions are considered a high-risk businesses. If a card or cardholder is not present with the merchant at the transaction time, the risk of fraud is more significant. At last, businesses accepting payments this way may be classified in the higher risk category.

What is a High-Risk Merchant Account

A High-Risk Merchant Account is a type of merchant account primarily for businesses suspected to be high-risk for any reason. Like traditional merchant accounts, it allows merchants to process credit cards, debit cards, and other payments from customers. Service providers offering High-Risk Merchant Account services may often charge higher and require a “rolling reserve” – a percentage of sales held in reserve and used to offset any chargebacks. However, this rolling reserve gets eventually reverted to the merchant, and it can have a remarkable impact on the merchant’s cash flow.

That’s where EskayPay takes appearance. We assist merchants to get approval for a High-Risk Merchant Account. Under our expertise and with our expert team, it becomes pretty easy for you to deal with obstacles.

When do you require a High-Risk Merchant Account:

• You don’t have a spotless financial records
• You are involved in the high-risk industry
• You sell high ticket items or recurring subscription
• Your business has a high chargeback rate
• You want a higher level of security or fraud protection technology

Can my startup/brand new business be approved?

Yes, EskayPay supports startups or new businesses with merchant account services. We love to serve startups! However, not having a processing history sometimes faces impassable barriers while getting approval. EskayPay has assisted many brands and new businesses in getting instant approval for the high-risk merchant account.

Benefits you get with EskayPay:

• Enhance your transaction approval rate
• Numerous payment methods
• Seamless checkout experience for your customers
• Process MOTO payments flawlessly with our Multichannel payment processing
• A highly secured solution to safeguard your business
• Fraud protection & chargeback mitigation tools
• A PCI-DSS Level 1 Compliant payment gateway with SSL encryption and API integration
• Multicurrency payment processing to accelerate your global payouts
• Credit card processing to give credit card and debit card payment options to your customer
• Offshore solution a perfect solution to get into the global market
• A reliable technical support team to assist you in your needs

Industries We Provide Merchant Account

We provide our merchant services for both high-risk and low-risk businesses.

• Remote Tech Support
• IPTV Streaming
• Online Pharmacy
• Recruitment/Job Portal
• Software Downloads/Selling
• Adult Merchant
• Online Gaming/Casino
• Travel Agency
• Pawn Shop
• Collection Agency
• eCommerce
• Entrepreneur Business
• eWallet
• eBook Selling
• Nutraceutical

FAQ’s

What is a high-risk merchant account?

A high-risk merchant account is a type of business account tagged as high-risk by the processor. The businesses prone to chargebacks, fraud, and recurring refunds, are categorized under the high-risk category. There can be other reasons as well for calling a business risky. A company that sells controversial products, such as adult entertainment, is always prone to risks. Similarly, the forex merchants, IPTV, online casinos, etc., are all prone to other issues like chargebacks and refunds. Legal organizations always have a sharp eye on such businesses, and thus the processors tag them as high-risk. When such commercial bodies take a merchant account, it is naturally known as a high-risk merchant account.

What are the high-risk merchant accounts and payment gateways?

High-risk merchant accounts and payment gateways work for merchants but have different roles. Below is a comparison between the two.

High-risk merchant account	Payment gateways
A high-risk merchant account is a holding account where money is received after the customer’s payment reaches. The merchant can withdraw money from here.	A payment gateway is a bridge between the merchant, the customer, and the issuing bank that helps process transactions.
From a merchant account, the merchant can withdraw the funds received from the buyers. The withdrawal happens in different durations: monthly, weekly, and daily. But if the risk level of a business is relatively high, the merchant cannot take out the money on a daily basis, and the monthly mode will work.	Customers use a payment gateway to make payments. Merchants cannot take their funds from here because it is just a network through which the money and the customer details flow to the issuing banks and merchant accounts.

How do I apply for a high-risk merchant account in the UK?

For a merchant account, several conditions are required to fulfill; they are not difficult to follow, but they are uncompromised, and you have to complete them.

You need your business license – Acquiring banks provide merchant accounts, and they will need to see your permission letter issued by the Government(s) to check authenticity. The license describes your business nature and structure.

A business account is a must – Of course, you may be opening a merchant account to receive money after payments made by the buyers. But you cannot withdraw money directly from the account and need to transfer that money to the business account.

PCI compliance – You must prove that your business and the payment gateway are PCI-compliant. Without this, no provider will ever provide you with a merchant account.

Apply with all documents – Many merchants get rejection due to incomplete documentation. But you do not make that mistake. Required documents are – merchant account applications, voided checks, business bank statements, photo identifications, marketing or website material, and credit card processing statements.