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Opening a merchant account

Merchant account for highirisk projects

2019-01-09
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Merchant account is a solution that allows you to process and accept for payment cards of financial institutions. It is possible to deposit funds using terminals, as well as remotely via e-mail or merchant's page.

What is a merchant account

Merchant account is a trading account, which is relevant when opening a business online. This type of account allows you to make payments using VISA, MasterCard and other cards.

With this account you can accept payments continuously without interruption, and it does not matter how many hours the financial institution or the seller works. Money is always transferred to the account. There are two main types of these accounts - high and low risk.

The peculiarities of opening an account hirisk implies a longer procedure and the need to provide a significant package of documents. The cost of maintenance of such an account is relatively high.

Features of merchant for project highrisk

Processors and acquirers set the risks differently. To be considered highrisk, certain criteria must be considered. The risk is set in terms of the share of chargebacks. The more they are, the higher the risk.

Some vendors are looking for processors with high risk because they have advantages. Sales are increasing, multiple currencies may be used, and payments are made regularly.

Hairyscope can be considered for these reasons:

  • Loss of account due to the fact that the sales volume is not supported.
  • The product has a large number of returns.
  • The industry has a history of refunds.
  • The account has reputational risk.

There are some types of businesses that need a hayrisks account. These include bonds on mortgages, sales of electrical goods, goods 18+, debt service, fortune-telling services, dating sites, telemarketing, etc.

How merchant account works

When opening an account, a person receives the right from a financial institution to withdraw funds from clients' bank cards. After simple actions the funds are transferred to the account in the acquirer. Afterwards the money is transferred to the account of the companies.

According to the terms of VIZA and the master card, the bank of the merchant is responsible for the merchant's charges. It can be concluded that the financial institution creates a tool that is used to withdraw money from the client's plastic card. The bank is responsible for the unjustified withdrawal of funds.

In this regard, to open an account, it is necessary to have a history of the organization's activities. This allows you to get an idea of the direction and features of the business. In case of absence of history it is required to create it. For this purpose the account in the processing organization is opened. The disadvantage is that the commission is taken for transactions, the cost of service in the bank is high.

After working for about six months, a merchant account can be obtained through the processing organization. Payment is accepted with the use of various popular cards, through the payment system.

To open an account, a current account is required. It is necessary to provide information about the beneficiaries of the organization. It is required to certify the statutory documents, the presence of a good credit history.

Business benefits

The main advantage in the possibility of receiving funds through the bank cards of customers - payments can be made remotely via the Internet. The system works in different countries, which allows you to conduct international trade.

How to open the system

To open an account, you need to conduct a thorough analysis of the business model and choose the right country to do business. A merchant can only be opened for a legal entity that meets the conditions. To get help in opening a merchant account, please contact our specialists IT-OFFSHORE. We offer favorable conditions, we have the lowest rate of payment for services.

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