Increasing numbers of buyers are starting to use digital payments instead of fiat payments when shopping for goods and services. In fact, statistics claim that over 2.14 billion people worldwide are expected to contribute to eCommerce sales in 2021. This is a major jump from 1.66 billion online global buyers in 2016.
For a business to sell its products and accept credit and debit card payments, a merchant account is essential. However, certain companies may need to work with specialized high-risk merchant providers in order to process payments. Once you have a merchant account, you can sell your products at any physical location or online, and even on an international scale.
There are a number of reasons why you may have to get a high-risk merchant account. Higher chargeback rates, certain industries, and poor credit history can lead to this unique designation. Although you may have to pay higher rates compared to traditional payment processors, high-risk merchant accounts have several unique functions.
Unlike some low-risk merchants, high-risk merchants can sell subscription-based products and offer recurring payments as a payment solution. This can lead to an increase in sales and more loyal customers.
During product launches, high risk merchants can also sell higher volumes since their accounts are more likely to be able to cope with increased demand.
Finally, international transactions come with fewer challenges and restrictions for high-risk businesses, enabling them to expand more easily.
To learn more about how credit card payment options can boost sales volume, read on and feel free to browse our other articles on Processing Card!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
