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How To Know Merchant Accounts with High Operating Risks Merchant account providers know that the high-risk industry is challenging to work with because of the high risk factor. There are various businesses and industries that merchant account providers refuse to service because the businesses within these industries have a high factor of risk. Even though you could have books to show your reliability, many banking service providers may still shy away. Below is a list of the main reasons, which could make your business one of the high-risk merchant businesses. The Respect that Your Industry Commands The respect that any industry is given relies on how business is carried out within that industry. For example, most online businesses are classified as businesses with a high risk because of the possibility that a lot of data from online traffic may be stolen. The numerous transactions that go on online also allude to the fact that massive data loss is possible in one instant of theft.
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All businesses with a potentially high level of fraud or possible happening of consumer distrust are considered to be high-risk businesses. For example, the gambling industry has a connection of numerous sketchy industries. The amorphous linkages between these industries often make them to be regarded as part of the high-risk industries. Other types of businesses that have dealings, which cannot be properly analyzed and understood such as the online supplement industry, can also be regarded as a high-risk industry. Charge Backs. All businesses with high numbers of charge backs such as the businesses in the travel industry are also considered to be in the high-risk category. The business units in these categories are often classified in this way because customers in these businesses are fond of making cancellations and filing for refunds. These types of business dealings can lead to an exposure to fraudulent activities. There is no merchant account service provider that would like to experience many charge backs because they could make the business vulnerable to high-risk credit card processing. Age of the Business Another element to consider when seeking to know whether your business is in the high-risk business industry is to find out how long that business has been working. If your business is in a relatively new industry or your business has been in operation for a few years then it is difficult to prove that you are reliable or sustainable. These outcomes are partly as a result of the lack of a comprehensive track record. Merchant accounts are accounts, which are mainly provided to users that show greater potential of succeeding in business and having high levels of regular trading. In essence, the longer your business has been running the higher the chances that it will be eligible to get an account.