Certain business are denied access to ordinary merchant accounts due to several factors like nature of the business, large volume turnover, which pose increased risk of frauds, online companies operating on high credit basis etc. Therefore these businesses have to opt for high risk accounts. Examples of such businesses are Auto Rental, Lotteries, Detective Services, and Custom Products etc. high risk merchant account canada
There is a lot of high risk merchant-account providers playing in the market, most of them online, therefore there is need for a comprehensive search to ensure that you find the right source which provides whatever services you require. These agents have tie up’s with a lot of popular international banks and other financial institutions which enable them to provide quality services.
There are a number of factors to be considered before selecting a high-risk merchant account provider. The fees charged by them should be reasonable. The time taken for setting up the account and approval time etc should be very quick. They should be established players in the market. Be sure you provide all necessary information at once so that you can access sooner. It can take from a day to a month depending upon how fast you are in submitting all details. The account should protect against frauds.
Such an account can be opened with a domestic merchant-account provider like a bank or a credit card processor or any international agency engaged in such services. Most of these agencies will ask for an initial deposit and also requires that the company to have been operational for a while. The fees charged are higher when compared to other merchant accounts.
Most High risk merchant-account providers provide a number of additional services also. On opening such an account a number of payment processing benefits will come to you. This will help to spread your wings globally. Such accounts process all major debit and credit cards regardless of the amount involved. The processing rates charged are comparatively higher though.
A 24/7 customer support service is guaranteed by most players offering such accounts. Also multi currency transactions also take place quite easily within such accounts. The high risk account holder also has some chances for tax benefits.
Make sure you define your product details and the profits you are likely to earn clearly to your High-risk merchant-account provider. So make sure you find an account provider who allows you flexibility with total turnover. Otherwise they may even freeze your account.