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A Merchant card account is a contract between a business and a bank or even a financial institution. This contract helps to ensure that the bank accepts payments for that services or products on the part of the company. These Merchant acquiring banks helps to ensure that a merchant or company can accept transaction from international customers for that services or products they deliver. Thus merchant services form an essential element of any E-commerce business.
There are 2 kinds of merchant services. First is the normal account, in which the merchant can directly access the credit card and make sure that it must be a legitimate customer, thereby the danger involved is minimal. The 2nd kind of merchant credit card requires the accounts where it is far from possible to visually testify the customer. These sorts of accounts include adult entertainment merchants, online tobacco merchants, replica merchants, internet gambling merchants, pre-paid calling merchants, VOIP merchants, multilevel marketing merchants, or any transaction which takes place with the customer physically not present. Thereby, the potential of fraud activity is significantly greater with this type of business which leads to classifying these kinds of accounts as “dangerous” ones. Naturally, extremely high risk merchant services present the chance of the dreaded charge backs for that banks in question. It really has been proved by various researches that these dangerous processing transactions are definitely more susceptible to fraudulent transactions.
These factors considerably reduce the quantity of banks willing to take up extremely high risk processing accounts. These adversely affect the applying company in setting up transaction processing accounts. They frequently come across a situation in which the banks generally decline their application, or impose high restrictions on the account transactions which virtually causes it to be impossible to conduct normal business. Even when a merchant has established a transaction processing account using a bank, he could never be sure that the connection with the bank is secure. The financial institution might revise their underwriting criteria anytime, and suddenly merchants are facing a scenario in which the transaction processes adversely affect their business.
Today, many high quality banks are ready to establish dangerous merchant services. These accounts are highly personalized accounts. Financial institutions study the system intensively and after that draw conclusions on the rates of transaction that should be imposed. High-risk merchant acquiring banks take into account the technique the organization uses to draw in customers, the expected turn over and the sorts of customers that might get involved with them. These banks also encourages merchants to open up multiple accounts thereby ensuring a diversified transaction process, and even if one account encounters a concern, business can proceed from the other active ones.
As we say, you cannot achieve anything in life without taking risks; companies are saved to the design-out for novel grounds that ensures a healthy business. These ventures may well be a little unconventional, but what counts in the long run is the turnover the organization produces. So, banks or banking institutions should study them carefully and try to enable them to execute the transaction process, instead of classifying them as dangerous and denying applications. The top risk merchant credit card acquiring banks are in fact eye-openers in this connection.
A company may be classified as a higher risk account when it falls under categories like: unregistered business entity, unstable credit score, blacklisted by other processing companies, generates large quantity of transactions and the likes. Businesses like internet gambling and adult websites are the best examples for any dangerous account.
A great account provider helps and assists dangerous businesses in setting up a free account. It will help company owners in setting up a free account internationally or anywhere in the world. The account providers are typically given the full authority to facilitate, manage and process transactions. They are going to act in your behalf. In addition to that, they are going to protect you from any fraudulent transactions.
Your data is going to be kept confidential. Address verification service also called AVS is a type of verification scheme that this account provider uses to specifically screen out clients who uses fictitious names or those who simply steal money by making use of other people’s account information. Using multiple bank cards is strictly prohibited by the business merchant provider since this is an indication and a strong indication of the stolen credit credit card.
With the help of advance technology, dangerous merchant credit card providers will help you create and process transactions safely and securely. Normally, dangerous merchant credit card pays higher rates or fees as the account is far more complicated as compared to the normal accounts.