There are certain businesses that come with a very high risk of fraud through what is known as chargebacks and at times the use of stolen cards. While it is true that not all buyers are out there trying to defraud you as the seller, it is always advisable to be safe rather than sorry. One of the best ways in which you can protect your online business from the hands of the few fraudulent customers is getting the help of high risk merchant services India professionals offer. Below are the things you should know about the service.
One other issue that comes from businesses involving a lot of risks is that they face the issue of acceptance a lot. Most of the merchant account providers shy away from dealing with morally ambiguous products because they are scared of pressure from the society. A risky merchant is preferred because they offer the said services, but at a very competitive cost.
The first advantage of the service is that you will have fewer worries on chargebacks. Chargebacks refer to the instance when the customer has either paid more than expected or does not want the product anymore and they need the money back. With regular accounts, the chances of having the account closed due to cancellations and chargebacks are high, but with the merchants you will be safer.
When you set up the risky account, you are informing the service provider that the business will face some additional risks as compared to the regular business. This means that they should accommodate your risky venture by avoiding threats of account closure when you get chargebacks. Instead, they should inform you of the necessary steps to handle the situation.
Another thing to understand about these accounts is that the provider will require you to keep a reserve fund that will help cover chargebacks. The exact amount that is set aside depends on a lot of things. To start with, it should be a certain percentage of the monthly sales. The amount could be set at around 10 to 15 percent. The money will also need to be left in the account for a specific length of time as this is what cushions the seller.
Before you open the account with the service provider, it is good to know that you need to protect your resources from the fraudsters. There are many measures put to ensure you detect the fraud before it happens. One should understand that it is impossible to operate the business from fraudsters, but this should not mean that you ignore the measures required to protect it.
The great thing about this account type is the fact that it gives you access to larger markets. You will create an online merchandising page and even use phone sales. The website, when well advertised can bring in customers from the world over.
These are the things that you need to understand about this risky account. If you have a merchandising business and your goods are high risk, take time and invest in this account type. The process may take time, but it will be worth it in the end.
One other issue that comes from businesses involving a lot of risks is that they face the issue of acceptance a lot. Most of the merchant account providers shy away from dealing with morally ambiguous products because they are scared of pressure from the society. A risky merchant is preferred because they offer the said services, but at a very competitive cost.
The first advantage of the service is that you will have fewer worries on chargebacks. Chargebacks refer to the instance when the customer has either paid more than expected or does not want the product anymore and they need the money back. With regular accounts, the chances of having the account closed due to cancellations and chargebacks are high, but with the merchants you will be safer.
When you set up the risky account, you are informing the service provider that the business will face some additional risks as compared to the regular business. This means that they should accommodate your risky venture by avoiding threats of account closure when you get chargebacks. Instead, they should inform you of the necessary steps to handle the situation.
Another thing to understand about these accounts is that the provider will require you to keep a reserve fund that will help cover chargebacks. The exact amount that is set aside depends on a lot of things. To start with, it should be a certain percentage of the monthly sales. The amount could be set at around 10 to 15 percent. The money will also need to be left in the account for a specific length of time as this is what cushions the seller.
Before you open the account with the service provider, it is good to know that you need to protect your resources from the fraudsters. There are many measures put to ensure you detect the fraud before it happens. One should understand that it is impossible to operate the business from fraudsters, but this should not mean that you ignore the measures required to protect it.
The great thing about this account type is the fact that it gives you access to larger markets. You will create an online merchandising page and even use phone sales. The website, when well advertised can bring in customers from the world over.
These are the things that you need to understand about this risky account. If you have a merchandising business and your goods are high risk, take time and invest in this account type. The process may take time, but it will be worth it in the end.
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