So you’ve started a new business either online or in the real world. You have a great product or a fantastic service to offer. Your pricing is competitive and there is a high demand for what you’re selling. You have all you need in products or resources and your advertising is working very well. Orders are coming in. What could possibly go wrong?
People do not pay by cash or check any longer. If you do not take online payments and credit card payments, you will get few orders or sales. So, you go in search of a merchant account. This is a bank account that holds money and lets you accept credit card payments over the internet until they’re transferred to your bank account.
If you want to accept debit or credit card sales, you need a merchant account issued by a merchant services provider (MSP). It’s an account via credit or debit. These funds are held in the merchant account until transferred to a business bank account. Getting approved for new or risky businesses is not so easy, considering the risk of fraud or chargebacks. They may deny your request due to your business or even the industry you’re in. These are called “high-risk” businesses and include:
- Industries that sell arms, tickets, loan services, nutritional supplements and SEO.
- Businesses with a past history of high chargebacks
- Businesses with no history of operation
How do you get your business started? Enter firms that assist companies in this situation to find merchant account firms that will accept your business.
These can help you take your business to the next level with:
- Merchant Cash Advance
- EChecks to increase online sales
- Chargeback protection – to protect your revenue and lower merchant rates
- Cyber Security – to reduce risk and protect your data
Get more information on how to jump start your online business success!
