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Merchant card account is often a contract between a business and a bank or even a traditional bank. This contract means that the bank accepts payments for your services or products for the business. These Merchant acquiring banks makes sure that a merchant or company can accept payment from international customers for your products they deliver. Thus merchant accounts form a vital part of the E-commerce business.
There are two kinds of merchant services. First is the normal account, the location where the merchant can directly get the card and ensure it’s a legitimate customer, thereby the chance involved is minimal. The next type of merchant account requires the accounts where it is not very easy to visually testify the customer. These kinds of accounts include porn merchants, online tobacco merchants, replica merchants, gambling online merchants, pre-paid calling merchants, VOIP merchants, multilevel marketing merchants, or any transaction that can take place with all the customer physically not present. Thereby, the possibility of fraud activity is really a lot greater using this type of business which results in classifying these kinds of accounts as “high risk” ones. Naturally, extremely high risk merchant services present the risk of the dreaded charge backs for your banks under consideration. It’s been proved by various researches these high-risk processing transactions are more vulnerable to fraudulent transactions.
These 4 elements considerably lessen the variety of banks willing to undertake these high risk processing accounts. These adversely get a new applying company in making payment processing accounts. They often come across a situation the place that the banks generally decline their application, or impose high restrictions for the account transactions which virtually makes it impossible to conduct normal business. Even when a merchant has built a payment processing account which has a bank, the guy can don’t be certain that the partnership using the bank remains safe and secure. The lender might revise their underwriting criteria anytime, and suddenly merchants are facing a situation in which the payment processes adversely affect their business.
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