Are you a High Risk Merchant? If so, there is a solution.
High Risk Merchants
One kind of business or merchant that some payment gateways charge high fees is the “High risk merchant.” So what’s a high risk merchant? Are you a high risk merchant? Read on please.
High Risk merchants are businesses that sell things that payment processors, credit cards and banks consider to be risky. Generally if you’re selling something in the list below you are considered a high risk merchant.
- 1-800 type chat sites
Casino, gambling or gaming
Check cashing services
Cigarette or electronic-cigarette sales or nicotine cartridges
Credit or debt repair
Fantasy sports websites
Prepaid debit cards
Vitamin and supplement sales
Weapons of any kind
What are Chargebacks?
How is this associated with being a high risk merchant? Chargebacks are when your customer requests a refund from their credit card because of a problem. You, the merchant, can dispute the customer’s request. For you now you should know that high chargeback merchants and high chargeback businesses are considered high risk.
How to manage your high risk merchant business.
If you are a high risk merchant you need to run your business very tightly. What you need in your website as a high risk merchant. How to find the best deal for payment processing as a high risk merchant account.