High Risk Merchants

The Safest Way to Accept Payments for High Risk Merchants

What do you do if you are a high risk merchant and you need to accept payments? Do you turn into a “cash only” business? Do you open a PayPal account? Do you simply give up all together? No, no, and no. The best thing that a high risk merchant can do is look for a high risk merchant account. A high risk merchant account can help you accept cash, check, credit, and debit payments safely and securely. One big issue that you need to look out for is the lack of help when it comes to accepting “high risk” and new payments types.

These payment types include payment apps and “chip and PIN” cards, that we should all have right now. A local grocery store still does not accept these payments, which is odd, as they are supposed to. This lack of payment acceptance can limit your customer base – which is something that a high risk merchant does not need. While apps may not be safe in many minds, the new “chip and PIN” cards are. They have been used in Europe for the last decade, and have a small percentage of hacking and theft.

While big merchants may have their act together when it comes to accepting various payment types, many small merchants do not. This is why it is important that you make sure your merchant account provider allows for various payment acceptance. While most of us carry a debit or credit card, payment apps are gaining speed quickly. Not being able to accept these payments can limit your sales – and you do not want that. The best thing that you can do is make sure that your merchant account provider allows you the option of accepting mobile payments. Not all do, so be sure to ask if they allow it before signing on the dotted line.

Mobile payments and “chip and PIN” cards are everywhere – but not all merchant account providers accept these payments right now. Be sure that yours does, as failing to do so can cost you valuable business.

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