High Risk Merchant Account:
A high risk merchant account is one kind of payment processing which has been specifically preplanned for business projects.
A merchant account is an agreement between a business and a bank or a monetary association. High risk merchant accounts are agreements to assist and boost businesses to face difficulty and challenges.
The most important task of high risk merchant account provider is to make easy to consumers by offering merchant account from the domestic banks. This account is used by customer for transaction purpose through credit cards. In business industry, merchant accounts are different in their category depending on the form of business. High risk merchant account providers systematically and in detail deal with the high risk merchant account, while high risk accounts becomes the victims of frauds and merchant account providers play a vital role to secure it from online hackers.
High risk merchant account providers are supposed to confirm that the high risk merchant services check occurrences of high risk. If the customers fail to get domestic merchant services that are dependable, they suggests an offshore merchant account to a customer. Payments are simply accepted all over the world by offshore accounts.
Assignment of merchant account providers
Confirm the address:
A high risk merchant account provider authorizes the address information of the business at the time of scrutiny with the history of the customer. A possibility of fake business may occur at a fake business address because of high risk factor.
At the time of doing transactions on card by a customer, high risk merchant account providers offer an “address” against a particular sale. A number of theives are capable of stealing their credit cards, and not only that, but they also utilize these credit cards to fulfill their purpose. A large number of merchant account providers are utilizing the Address Verification Service(AVS) to confirm the address given by the customer.
Verification of order
High risk merchant account providers are frightened of thieves, so at the time of doing any transaction from the customer side they always make use of a policy of verification on phone calls. Since a person using the stolen credit card is not able to step to the actual credit card holder during a fake sale, a quick phone call is capable to clarify any doubtful action.
At least 95% of high risk merchant account providers ask for invalid check copies or bank letters in support of verification at the time of applying for an account by a customer.
Payments among a number of credit cards:
If a customer desires the merchant account provider to make use of a number of credit cards at one time, this can be considered to be an indication of fraud to them. Such activity is not permitted by the majority of merchant account providers.
Chargeback rate of less than 1%
A number of high risk merchant account providers contain charge back rate of significantly more than 1%; this is usually in adult merchant accounts.
If it is distrustful then scam avoidance software’s tools are utilized to discover the fact. The merchant account provider confirms the majority of the low volume risk accounts manually but doesn’t work in case of high quantity sales.
The high risk merchant account provider utilizes Velocity check which permits them to notice how many times credit cards including the same IP address and e-mail have been used by customers.
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