You will definitely need a merchant account if you run your business online. This type of account allows the buyer to pay for the goods purchased on the store’s website through a bankcard; it greatly simplifies the purchase process itself for both the client and the seller.
A merchant account is a solution with which you can accept payments for purchased products and process them. You can pay through terminals or online – through an e-mail box or the seller’s website.
You can connect a merchant account in a few days, if all the necessary documents are sent properly, and all relevant criteria are met.
The main advantage in using systems for receiving money through a client’s card is the ability to make payments remotely online. This technology works in different countries, which allows you to trade internationally. Therefore, the main advantages of a merchant account are the following:
The number of companies that leave applications for connecting a high-risk merchant account is constantly growing. Below we will consider what activity is considered “high risk”.
Some business structures require a high-risk account without fail. These include the sale of electrical products, goods for adults, telemarketing services, loan servicing and much more.
Opening a high-risk account is a lengthy procedure that includes the provision of a large package of documents.
Before opening an account, it is necessary to carefully analyze the business model and select the optimal jurisdiction for carrying out professional activities.
The cost is influenced by the financial turnover of the business for the past periods, processing history and other factors. In any case, the most suitable option will be selected for everything.