A merchant account is very crucial to any business. It enables businesses to make transactions with bank cards, electric funds, etc as a payment option. Depending upon the level of risk, offshore merchant accounts are categorized under low-risk, medium-risk, and high-risk merchant accounts. Offshore businesses depicting lower risks need low risk merchant processing services including credit and debit card processing solutions and much more to effectively function and grow their sales. A low-risk merchant account is for businesses that have proven themselves a trustworthy, reliable and genuine business.
Unlike high-risk merchant accounts, low-risk merchant accounts have the flexibility to explore a multitude of payment processing services which include
- Recurring billing services
- Credit and debit card processing
- ACH processing
- E-check payment processing
- Check 21 processing
- 24 x7 online and customer support
It is very crucial to passing certain criteria to obtain a low-risk merchant account and low-risk merchant processing services. The less risky your business is to your merchant account service provider the more likely you will be able to obtain a low-risk merchant account with ease. All businesses related to low risk industries including online retail, hospitality, subscriptions, etc. fall under this category.
Low-risk account typically has low Chargebacks, a safe low-risk product line and offer great customer service for obtaining a long-term relationship with a merchant processor.
Lastly, it is essential to know in which category your business falls to get best-suited payment processing services. low risk merchant processing services are easier to obtain and are much cheaper than high risk merchant processing services.
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