Each modern business requires systems for payments, the eWallet, and the proper e-commerce payment gateway to be able to receive an international payment. However, some merchants still cannot accept online payments due to the nature of their business. Here we are talking about the so-called online high-risk Bank accounts.
Criteria for determining online high-risk bank accounts
A merchant online account is a modern tool in e-commerce, and it is used for accepting money via international payment and other transactions. It is hard to imagine a fully functioning business without tools for making and receiving payments from all over the world. Running a business around-the-clock and accepting each international payment properly is a must-have for any company.
Despite the fact that there are different types of business accounts according to the risk linked to them, banks and other financial institutions most often determine the online high-risk merchant bank accounts considering the following criteria:
- start-up business;
- a line of business with a high probability of chargebacks. If the chargeback rate reaches 1%, special fees may be applied to the company;
- the business is experiencing financial difficulties;
- the company has a not good credit history;
- the services and goods are provided to high-risk regions;
- the offered product is of dubious origin;
- the owner of the business gives improper data about his activities, registration data, or operational addresses;
- the financial transactions do not correspond to the activity that was declared.
Keep in mind that this list is not final in Europe since each individual provider, bank, or system has its own internal rules. Still, the international payment and its ability will depend on the account type.
Benefits of operating a high-risk online account
There is generally a price to pay for accepting payments, especially if it is an international payment in USD or EUR. However, there are advantages that are provided, for example, in the Maxpay account:
1. Simple and prompt settlements with customers, the ability to sell goods and services on the Internet 24/7, and accept international payments.
2. Customers have the opportunity to pay for the desired goods and services directly through the company’s website and without the need to perform any additional actions, even if they make an international payment.
3. Access to the merchant account allows for creating reports and control of all data about each international payment made and its dynamics.
4. Modern technologies are utilized to ensure the security that must meet all the requirements for online activity and allow stopping fraudulent transactions.
5. Money from the card of the customer can be credited to the account without conversion, that is, without additional fees.
The Maxpay account will provide you with an excellent e-commerce payment gateway, and any international payment is going to be as swift and convenient as you can imagine.
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