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How do Online Payment Gateway Providers help High-Risk Merchants get a Merchant Account?

Payment Gateway

As you know high-risk businesses need to have a merchant account where they can get their customer’s payments. But it is never an easy task for a business to get a merchant account. It should not sound like a surprise if one says that payment providers can help get this account. Many factors that can create an obstacle for a business to get a merchant account can be managed by payment gateway companies. This blog is about revealing the aspects that explain how high-risk businesses can get merchant accounts with the help of a payment gateway provider.

Online payment gateway companies have connections with acquiring banks

A high-risk business gets a merchant account from an acquirer bank. The online payment gateway companies that work with multiple high-risk merchant account industries have a vast network of acquiring banks. They can get you connected to the best suitable acquirer banks. They even bargain on per transaction fee for you to make the complete deal affordable.

Online payment gateway providers have a thorough knowledge of all industries because they deal with them almost daily. The merchant can get affordable merchant account deals in the same country or other countries. Isn’t it a big facility for a business from a risky field? Yes, in exchange the businesses pay a fee but that can save them a lot of money in the deal with an acquirer.

Get to know about changes in the official website to get a merchant account smoothly

As the online payment gateway providers have a deep knowledge of all industries, they give the best suggestions to the merchants. Gateway companies know how a business can qualify for a merchant account. The type of content on the website can cause rejection if it is issue-creating. For example – for a merchant in the adult entertainment industry, website content is very important.

Whenever the payment gateway companies connect with a merchant, they suggest relatable changes in the website content. Business owners get a relatable suggestion on business strategy to remove all the issue-creating aspects.

Payment gateway companies handle the legal aspects

While applying for a merchant account, multiple legal formalities take place. Many merchants are not even aware of the rules and laws of the acquiring banks. Varied countries have multiple laws for high-risk businesses. They are complicated and unpredictable and business owners may not handle them properly.

Payment gateway companies deal with legal obligations every day when they help clients to get their merchant accounts.  Whether it is your first merchant account or another merchant account with several others, a payment gateway provider will take care of all the legalities. Laws are always strict for high-risk merchants and it is very simple to lose your chance for a merchant account. But online payment gateways handle it all for business owners.

Manage charge backs with practical suggestions

When a merchant is in the process of signing an agreement with an online payment gateway provider, it gets suggestions to reduce charge backs. It is because to qualify for a payment gateway a business needs to have a lower charge back percentage. Any number more than 2% is a matter of concern.

When the business lowers its charge back frequency, it also becomes eligible to apply for a merchant account. This in turn solves two purposes, the business gets approval from the payment gateway, and also a door to the acquiring bank opens. We all know that reducing charge back is good for the overall financial health of a company.    

Acquiring banks approve easily when they see your transactions are secured

Oh, it is the biggest concern when it comes to approving a merchant account for a high-risk business. You know that for risky industries, where fraud and charge backs are frequent and major issues, getting approval is not easy. But thanks to the presence of online payment gateway companies that ensure safe money transactions.

Acquirers get a sort of relief when they see that a reliable payment gateway takes care of the merchant’s transactions. This one but strong factor helps get faster approval for the merchant account. EskayPay is a name that you take as the synonym for reliability when it comes to payment gateway companies. We have served numberless clients from all high-risk fields. Adult entertainment, IPTV, Forex, online gambling, etc. Due to our versatile experience, we have attained perfection in every field. If you want to get a merchant account at a low cost for every transaction, we can find you the best suitable acquirer. Our network with acquiring banks is huge and useful.

Conclusion

Online payment gateway providers are important not only for payment processing but also to help businesses get their merchant accounts. High-risk businesses already face many complications because legal institutions always have a sharp eye on merchants. You should be lucky if you have a reliable online payment gateway provider. To earn a big profit in the business, the owners need to have a merchant account. The payment gateways can make things simpler for businesses and can help flourish in the right direction.

Tags : Payment Gateway Georgia , Payment Gateway Estonia, Global Merchant Account

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