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Merchant account can be a contract between a business and a bank or even a financial institution. This contract helps to ensure that the lender accepts payments to the services or products with respect to the business enterprise. These Merchant acquiring banks means that a merchant or company can accept payment from international customers for your goods and services they deliver. Thus merchant credit card accounts form a vital part of any E-commerce business.
There’s two forms of merchant accounts. First could be the normal account, where the merchant can directly get the card and ensure that it is a legitimate customer, thereby the risk involved is minimal. The next kind of processing account involves the accounts where it isn’t very easy to visually testify the consumer. These types of accounts include adult entertainment merchants, online tobacco merchants, replica merchants, online gambling merchants, pre-paid calling merchants, VOIP merchants, multi level marketing merchants, or any transaction that takes place with the customer physically not present. Thereby, the potential for fraud activity is really a lot greater with this type of business which leads to classifying these kinds of accounts as “high risk” ones. Naturally, extremely high risk merchant accounts present the risk of the dreaded charge backs for the banks under consideration. It has been proved by various researches these high risk processing transactions tend to be more susceptible to fraudulent transactions.
These 4 elements considerably reduce the amount of banks willing to occupy extremely high risk processing accounts. These adversely modify the applying company in creating payment processing accounts. They frequently stumbled upon a situation where the banks generally decline their application, or impose high restrictions on the account transactions which virtually causes it to be impossible to conduct normal business. Even though a merchant has produced a repayment processing account which has a bank, he can never be sure that the partnership using the bank remains safe and secure. The financial institution might revise their underwriting criteria anytime, and suddenly merchants are facing a scenario in which the payment processes adversely affect their business.
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