Friday, July 31st, 2020
Launching a business online is a simple discussion but a difficult step to take. And acquiring a merchant account and payment processing gateway is one of the major growing pains for many entrepreneurs, especially those in high-risk industries.
A payment gateway is the technology that enables an ecommerce to process transactions over the internet. On the other hand, a merchant account is the reservoir account that holds these processed customer payments (before the funds are transferred to a business bank account).
It goes without mentioning that a company cannot do much without the two.
Businesses in sectors considered to carry high-risks to the payment processors, mostly in terms of chargebacks, regulatory restrictions, and other factors, suffer stricter terms, thorough underwriting, and higher fees.
Their chances are often with high-risk merchant account providers and credit card processors who specialize in serving businesses that are otherwise rejected or exploited.
iPayTotal, for instance, offers merchant services that favor high-risks. The company provides a merchant account, and a global payment gateway to help risky businesses process transactions.
And because payment processing needs vary from business to business, IPayTotal offers each firm a custom-made processing services.
This is advantageous for your business because you can hammer out a deal that will favor its model.
With a high-risk naming, you will not likely find customized rates and services, let alone fair prices.
Entrepreneurs in high-risk sectors such as Gaming, Pharmacy, Travel, and Offshore businesses can get an iPayTotal high-risk merchant account.
More offerings include cryptocurrency processing capabilities, offshore business integration, prepaid cards, and offshore bank accounts.
And on the security end, iPayTotal offers in-built fraud protection layers and monitoring technologies to keep business safe. Its systems work to spot and stop any phony activity. This helps reduce fraud and control, chargebacks a great deal while minimizing losses and maximizing revenue.
Lastly, this security strategy safeguards both your business and its customers providing a safe environment for your high-risk transactions.
Acceptance rates are generally high as long as you are a perfectly-legal business. To increase the chances of acceptance, find out the credentials that matter upfront, and set all things straight ahead of the application process.