- October 31, 2019
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High Risk Payment Platform
Understanding High Risk Payment Platform and Credit Card Processing/Merchant Services
High Risk Payment Platform doesn’t have to mean High Cost. In some cases this is your provider trying to take advantage of you, in other cases there really is that amount of risk involved with your business or the industry your business is in. Let us give you a few examples of what is considered a High Risk Merchant Account / Credit Card Processing and why!
E commerce Vs Retail
Lets start simple- E commerce is regulated, however retail is a very simple industry to regulate starting with the Face-to-Face sale. This deters fraud and chargebacks making you less risky to a bank, banks are in business to make money. The bank manages a portfolio and asses the risk of your business this creating the rates for your merchant/ credit card processing account, and if you are keeping score retail accounts are cheaper the any other accounts available due to the low level of risk. E commerce can have a few levels of risk associated with the account. First its E commerce, in the E commerce space, your business, the way your business is setup, the age of your business, the amount of volume your business does, the industry your business is in and you the owner/owners all have a factoring variable to the cost of the merchant account being assigned to your business. If your business is a startup its more expensive then a business with history. Why? Again banks are in business to make money and if you are a rookie or never ran a business there is a level of risk associated with the history of data directly connected to this very setup.
For any questions or a free consultation please Email us at: Apps@MileHighRisk.com or for immediate assistance
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Please join us next week when we break down the ins and outs of the E commerce space.
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