In today’s increasingly competitive online business market, merchant service processing is a necessity. Approximately 181 million people in the United States are credit card holders. That amounts to over $2025 billion in annual sales. By 2017, that number is expected to grow more than 30 percent. Along with the increase in credit card use, the nature of online business is very attractive to the global market. Worldwide, business to business e-commerce revenue from credit and debit card transactions topped
$1.5 trillion this year.
High risk merchant services are embraced by online business for a variety of reasons. New establishments, those with lower credit scores or potentially high charge back rates are able to accept debit and credit cards on par with traditional brick and mortar businesses. A few examples of those most likely to benefit include gambling establishments, online pharmacies, downloadable software distributors, travel agencies, entertainment sites and online dating. It also makes it possible to accept international payments in situations where the card holder’s address may be difficult to verify.
Just like traditional accounts, high risk merchant services offer business owners direct access to reliable payment gateways. Transactions are secure, with most providers using SSL encrypted servers and offering fraud protection. The infrastructure usually allows for worldwide transactions in multiple currencies using all major credit cards, as well as detailed reporting for low and high volume sales.
As consumers strive to learn more about payment processing options, the ability to set up accounts quickly has become a priority. It’s not uncommon for some providers, such as the High Risk Guys, to have new accounts ready to accept payments within one business day. Having a larger cash reserve and ensuring a charge back rate of less than one percent makes the approval process faster.
As internet sales are predicted to outpace retail establishments in sales by almost 20 percent over the next two years, quality card processing is quickly becoming a critical issue. An online business that takes advantage of high risk merchant services can expect to have greater flexibility and reach than competitors with more limited card processing options.