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You may wonder how to obtain a high risk merchant account if your business is high-risk. You will need all of the documentation and supporting documents required to apply for high-risk merchant status. High risk merchant account providers can help you choose the right bank for your business and set up a payment gateway so that you can accept payments. This will ensure that your customers have a great experience doing business with you.


Pay attention to hidden fees and charges when choosing a high-risk payment gateway. Make sure you check the monthly cost and that the provider offers an API. A high-risk merchant account provider should not require you to wait for weeks or months before signing up. You should avoid a provider that has a slow website, or is frequently offline. You should also look for a provider that has a knowledgeable and experienced staff.


 


A high-risk business may be able to get credit card processing. However, it can be more difficult for them to find merchant account providers. Although it can be difficult to find one, there are many resources that will help you locate the right provider. European Merchant Services specializes in high-risk merchant accounts and can help you reduce the time it takes to find one. The representative of the bank that offers the account can help you determine if your business is high-risk.


 


High risk credit card processing can be characterized by higher rates, liquidated damage clauses, and a term of three years. These terms may also have a minimum reserve or rolling reserve requirement. These terms are designed to reduce the risk of credit card processing. They are not always enforceable. You should negotiate high-risk credit card processing fees with your payment processor, based on your business requirements and volume.


 


Merchant accounts at high risk should be secured to avoid chargeback claims. Manual entry payments can be costly and raise the risk of chargebacks. Merchants at high risk must keep their chargeback rates low to avoid cancellation of merchant accounts. To reduce chargebacks and avoid being penalized you can implement dispute resolution management platforms. This will avoid unnecessary disputes and protect your business from being victim to credit card fraud.


 


European Merchant Services is another high-risk credit card processing company that works with cannabis dispensaries and CBD vendors. Although they don't provide pricing information for high-risk merchant accounts, most of their high-risk merchant accounts require you to sign a two year contract. You may be required to pay an additional $395 if you decide to cancel the contract before it expires. Chargeback fees may also be charged at anywhere from $20 to forty-five cents per transaction. Chargeback fees can also be added to high-risk merchant accounts with European Merchant Services. These fees range from twenty-five dollars to forty-five bucks per transaction.


 


  •  Published date: August 2, 2022
  •  Region: New York
  •  City: Accord
  •  Views: 147



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