Creating modern stores in the vastness of the global network, during the development of trade portals and financial exchanges for the Forex brokers services, even creating gambling sites, the ability to pay for goods by cards becomes one of the priority tasks for entrepreneurs and programmers.
This service is especially relevant for those services that work with cryptocurrencies, for example, services for exchanging cryptocurrencies and others. This is because there is a constant need to implement hundreds of transfers and refunds. We recommend using Merchant high-risk account for such services.
Today, for these purposes, the operation of special processing centers is provided. These centers are partners of those banks with which entrepreneurs enter into cooperation in order to introduce a system for accepting payments into their sites.
Merchant account, which is connected to the client’s account, acts as the basis for the system for accepting money transactions. The buyer pays for the goods on the platform of the online store, next the money from his/her bank account is transferred to the merchant account, and then to the company’s account in the manner prescribed by the agreement with the processing center.
You can get a single payment system through which you can make different payments online, whether by credit cards or through systems like Webmoney. This technology is already successfully using VISA, MasterCard and American Express cards. For customers, having a merchant account in the payment system has the following advantages:
- MasterCard and Visa to pay for goods on the portal of your store
- Ability to use more than 50 payment systems that operate internationally, for example, Qiwi, Webmoney and others
- Reporting system with many options
- Payments are credited to your account every week
- Competitive commissions for your industry
Merchant account operation scheme
- The client pays for the purchase online using a bankcard of any type.
- The transaction is being processed, the payment is being authorized.
- Funds are transferred from the client’s card to your personal Merchant account.
- Within a certain time – usually it takes several days – the money is transferred to your account.
What business structures need Merchant high-risk account connection
The main difference between merchant accounts and regular accounts is that they are designed specifically for business projects that have a large number of transaction returns, are in a not very favorable economic environment and are often the subject of fraudulent transactions. Thus, the more chargebacks are made, the higher the risks will be. What business structures need Merchant high-risk account connection:
- Services for the exchange of cryptocurrency, cryptocurrency systems, Forex
- Sale of electronic and regular cigarettes, vape shops
- Collectible currencies, coins, collectibles containing autographs
- Digital books (materials that are copyrighted)
- Financial broker services and financial consulting
- Airlines, charters
- Travel agencies
- Antique items
- Sites hosting adult content
- Gambling portals
