Idaho Department of Commerce has recently been shifting to high risk merchant services. DOC is the leading economic development organization in the state. It uses state-level resources to improve the state’s economic growth. It provides open-door access to all governmental levels. It provides several incentives including tax credits, public grants, and tax exemptions.
It’s important to note the differences between high-risk and low-risk merchants. High-risk merchants include adult Internet, collection agencies, gun auctions, live video feed, IT companies, online education, vitamins/supplements, and travel tour. Therefore, it’s important to determine whether or not your company’s industry is generally considered as high-risk, or low-risk. This would affect the type of merchant account solutions it would need. This is a critical factor to consider when selecting a merchant account solution.
One of the key benefits of merchant account solutions is that there are no geographical limits. Sometimes third-party options are available to companies who don’t want to own merchant accounts under their names. There are merchant accounts available for most products sold on the Internet today.
The problem is that high-risk merchants might learn that it’s difficult for them to secure a merchant account in order to process credit cards. The key is to find a company that specializes in providing customized solutions by so-called “high-risk” merchants. There are several reasons why companies are considered high-risk, including poor credit scores, high chargebacks, offshore business operations, being in a high-risk industry such as debt collection, etc.
Such high-risk companies often have to find high-risk/offshore merchant processors. A high quantity is the most common cause of merchant account terminations. However, a quality company that provides merchant account solutions will find a way to get a merchant account up and running again.
The most common cause of merchant account rejection is credit level/rating. However, it’s also common for there to be at least one compliance issue. Thus, it’s important for Idaho companies to review merchant website compliance. This will increase the company’s ability to get their merchant account activated again.
It’s critical that companies secure a reliable merchant account. That’s true of companies such as startups, online companies, or companies that have recently had their merchant account terminated. Sometimes companies are able to solve the problem within a few days. That’s critical is to improve the economic situation of the company, to increase the chance of having the merchant account activated.
One common problem that companies have is a low credit score. This can make it challenging for a company to secure a merchant account for credit card processing. A solutions company can help whether you accept payments through a swipe card machine, through an online e-commerce gateway, or through phone/mail order. The key is not only to get the account up and running, but also at an affordable merchant rate. Companies can also help with companies that have bad credit, which is another key feature.
Another difficult issue can be a merchant doing international business. It’s important to open a merchant account that accepts hundreds of different currencies. Another option is an offshore merchant account.Read More