iGaming Merchant Accounts
A business cannot make profit without taking significant risks. A fair amount of risk is involved in every business. A business simply cannot grow without risks. That being said, some businesses are inherently more risky by nature than the others. And these are the businesses that end up having trouble with banks and processors. A start-up or even an established business planning to expand or upgrade their operations, being tagged as a high risk business will most likely scare away investors and banks respectively.
If you are a high risk merchant too, don’t worry. Yes, a high risk label might create obstacles when wanting to get things done but nothing is impossible.
A Merchant Account is a necessity to accept credit card payments and process online transactions. But if you are one of those unfortunate businesses being categorized as high risk, finding a quality merchant account will prove to be a difficult task. This is where your next best option comes in : A High Risk Merchant Account. They may be a tad bit expensive than a regular merchant account, but offer equally quality services.
Traditional banks and financial institutions are wary of businesses that are considered high risk and often shoo such merchants away without even considering their applications. There’s also the fact that high risk merchants are often charged high processing fees. However, we have found that we save 98% of vendors on processing fees over what they are currently experiencing whether they have low, medium or high-risk needs. At such times, merchants need to be very careful of such merchant account providers who easily accept an application and provide them with predatory contracts and unfairly high rates.
Hence, it becomes very imperative that a merchant checks their contract and go over to see if there are any standards for minimizing the transaction rates. Negotiating with your potential high risk merchant account provider helps too. Larger reserves, rolling reserve agreements and other types of risk minimization can help an applicant obtain the best rates possible for high risk merchant account solutions.
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