In America, the first-time entrepreneurs in high risk business sectors need to face the harsh reality of high risk payment gateway. As our country slowly shifts to digitalization and cashless payments, business owners in high risk sectors like pharmacy, Forex, tourism, and many others find it hard to get card processing services from the banks.
With more and more customers starting to pay using their credit cards and online wallets, providing them a platform for such transactions has become a necessity now. This holds true for all the businesses irrespective of the size. But, the financial institutions, on the other hand, are unwilling to offer the same prices, terms, and convenience for the businesses that are considered as high risk. So, if your business falls under the category of high risk business sectors, for instance, gateway pharmacy, you must consider getting a high risk merchant account only from a reputed payment service provider. By doing this, you can streamline your transactions in a better way when at the same time reducing the transaction costs.
Now, let’s look at the important things you need to know about high risk payment gateway the USA here:
Customers need payment convenience:
Although 70% of consumers are still using cash for their transactions frequently, USA is just following the other developed countries towards a digital economy. We can say that almost all consumers have done at least one e-commerce transaction during the past year. Several of the buyers rely on their credit cards, debit cards, e-checks, and digital wallets for payments. So, undoubtedly, your customers too will expect this kind of convenience with you as well, both online and offline.
There is immense competition:
According to a survey conducted by JP Morgan, almost 70% of all merchants are accepting cashless payments meaning that a majority of your competitors have already started offering the convenience that the customers look for. Your ability to accept the card and digital payments will surely define your competitive edge.
In the same survey, it has also been found that only 25% of the small businesses are accepting digital payments and so, if you are starting out a small business, you have a bright chance to stand out by setting up digital payments.
Chargebacks pose a major risk:
According to a recent report that was released by the Federal Reserve Bank of Kansas City, chargebacks can attribute to about 6% of sales for an average merchant. Most of these are the result of fraudulence and the liability will be assigned to the merchants usually. However, the research study didn’t cover up the high risk businesses as they find it difficult to get payment processing services from the banks. Moreover, these businesses will usually run using a high risk merchant account.
Your gains will be at stake:
The risks of fraudulence activities and the number of chargebacks along with the larger fee for payment transactions from the issuing banks can eat up into your bottom line. So, in order to help streamline your transactions and to maintain your business’s profitability, you are advised to work with a high risk merchant account, with all the built-in security aspects and customer support.
Need a high risk merchant account? Getting one is easy now…
If you are running a high risk business, applying for a high risk pharmacy merchant account is quite easy. A payment service provider can offer you with a free trial for a limited time along with ongoing service options and support for your high risk merchant account. For the domestic account, it would take just a week to open a high risk merchant account, whereas, for the international accounts, it would take less than 21 days. As getting a high risk merchant account is pretty easy, you can anticipate an increasing number of your business competitors to adopt these practices very soon. So, start your process right now.
Setting up an account:
To use a high risk payment gateway to manage your credit card processing is a straightforward process. Opening a high risk merchant account will not cost you anything if you are going to a reputed company. To start off the process, you will have to fill out an application and submit the paperwork. As mentioned above, for the domestic accounts, you will get to know about the high risk merchant account approval within a week.
For the start-ups, it could be difficult to set up a high risk merchant account because the payment service providers will be unwilling to work with you. Do not worry! If you have a strong business structure and you are well-capitalized, you can be sure to find your provider here.
Every high risk merchant will be willing to offer the best of services. For this, they would need a safe and secure payment gateway today. With the growing number of fraudulence activities reported across the globe, a high risk merchant account will be the ideal solution for every business.
Are you planning to start your online pharmacy? Do you know your business is deemed as “high risk”? For more information on setting up a high risk gateway pharmacy and pharmacy virtual terminals, contact us today.