10 FAQ high risk merchant services with answers

FAQ, High Risk Merchant Services

Q1: What Are High Risk Merchant Services?
A1: High risk merchant services refer to the services offered by providers to help businesses that are deemed as “high risk” by banks because of the type of products or services they sell. This may include anything from survival gear and weapons to pharmaceuticals and gambling. 

Q2: Do All Providers Offer High Risk Merchant Services?
A2: Not all providers offer high risk merchant services. Many providers will only work with lower-risk businesses, while some specialize in high risk merchant services. 

Q3: What Are the Benefits of High Risk Merchant Services?
A3: High risk merchant services provide businesses with access to the secure payment gateway and processing services they need to accept payments that may otherwise be denied. Businesses also benefit from having fewer restrictions on transactions, faster deposit times, and overall better terms and conditions from their merchant services provider.

Q4: How Do I Know if My Business is Considered High Risk?
A4: Businesses are deemed to be high risk when they sell products or services in an industry that is considered higher risk by banks or payment providers. These can include any type of legal but high-risk activities such as gambling, tobacco, firearms, or adult entertainment.

Q5: Are There Any Disadvantages to High Risk Merchant Services?
A5: One of the main drawbacks is that there may be higher fees associated with processing payments through high risk merchant services due to additional compliance measures that must be taken by the provider. Merchant services providers may also require higher reserves and/or security deposits from businesses to protect against chargebacks and other risks.

Q6: Who Can I Contact for High Risk Merchant Services?
A6: High risk merchant service providers are typically registered with the Correct Merchant Identification Number scheme and use the ISO-MID code to identify themselves on the merchant network. You can contact the Bankcard Services Provider Directory on +444 800 570 9911 or visit their website to search for registered providers.

Q7: Do High Risk Merchant Services Require Special Forms or Documentation?
A7: Yes. High risk merchant services will generally require additional documentation and forms to be completed in order to confirm business registration, merchant details, type of product or service, and any other relevant background checks.

Q8: What Kind of Support Does a High Risk Merchant Service Provider Offer?
A8: High risk merchant service providers will typically provide 24/7 customer support services, with team members available to discuss any questions that merchants may have as it relates to their merchant services.

Q9: Are High Risk Merchant Services Safer Than Other Services?
A9: High risk merchant services are generally regarded as being more secure than other merchant services, as the provider is required to adhere to strict data security regulations and KYC (Know Your Customer) protocols.

Q10: How Do I Get Started With High Risk Merchant Services?
A10: You will generally need to contact a registered provider directly and provide additional documentation and forms to confirm business registration, type of product or service etc. Once this is completed, you will be able to open an account with the provider and start accepting payments.