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Is your business not bringing in enough profit? Are you suffering losses from chargebacks? Do you have limited capital and are afraid to invest at the risk of compromising your company’s assets? In today’s day and age, with everything going digital, including markets, you need to make sure your business is well equipped to face this increasing demand for flexibility.
Shark Payment Solutions LTD is the answer to all your worries and problems as it offers quick and easy solutions with guaranteed approval rates.
Is your business a high-risk business?
With the current global scenario, the demand for the use of plastic and online payments has skyrocketed. The simplest way for a business to make transactions is usually a direct cash payment made at the time of purchase with both parties physically present. The credit card/debit card used by a consumer is not processed by itself, nor can the business process it. It needs to be processed by a merchant acquiring bank to facilitate the transaction for the business and customer.
Most banks have very high requirements to be met, and their screening process takes very long and might be coupled with piles of paperwork that need to be attested and processed. These banks usually reject applications made by High-Risk businesses.
How would you know if your business is a high-risk business, according to them? You could fall under this category for a variety of reasons.
- Chargebacks – if your business has shown a large number of chargebacks or been involved in fraud, then you could be labeled as a high-risk business.
- Products or services are legally questionable, such as those that deal in services such as adult entertainment and porn, certain drugs and pharmaceuticals, guns, and other firearms, among others.
- Offshore business operating in the US – If your company has headquarters abroad, but your consumers are in the United States, then you could be flagged as high-risk due to potential fraud or relaxed regulations in the country where your headquarters are located.
- Low personal credit score – this is impacted by you if you are the business owner. If you have a low personal score, it negatively impacts your business, and you will be placed in a high-risk category by some payment processors.
- Scam weary – if your business is the type that people often associate with scams, then you can just as quickly be labeled as a high-risk venture.
- New businesses or start-ups.
- If your business generates low revenue.
If your business checks out any of the characteristics mentioned earlier or one of the businesses mentioned below, you probably fall into that category.
- Horoscopes
- Ticket sellers, airline charters
- Gambling based sites like online casinos or lottery
- New businesses/ startups
- Life coaches
- Fantasy sports
- Weapons and firearms
- Sexually related services/products (porn, adult toys)
- Membership-based organizations
- Drugs and pharmaceuticals
- Multi-level Marketing
What does it mean if I’m a high-risk business?
Businesses need Payment Service Providers (PSP) or Merchant acquiring banks to process their transactions. Most of the time, these providers charge an annual or monthly fee to provide their services. If you are deemed a high-risk business, then they might not be willing to partner with your business or charge a high tariff for providing their services. A fee is also levied per transaction processed by the service provider. Several disadvantageous clauses will be present in the contract, which would make growing a business or even running it successfully, in the long run, a tad bothersome if not difficult.
You’re also likely to face a large number of chargebacks. A Chargeback is a returned or refunded payment to the debit/credit after a customer successfully disputes an item purchased or a transaction. You will be classified as high-risk if the number of chargebacks against total transactions is more than 1 percent.
Image by mohamed Hassan from Pixabay
A low-risk solution for a high-risk venture
Shark Payment Solutions aims to provide exactly what it’s named after, a solution. They provide the answers to problems most merchants face most of the time, be it a high-risk business or low-risk business. They aim to save you a lot of time, effort, and money by offering a quick and easy solution.
Applying for a merchant account to a Payment Service Provider (PSP) requires doing a lot of background research. Time is spent on multiple applications and processing a ton of paperwork. More often than not, your application is likely to be rejected if you are a high-risk business. Shark has tie-ups with many major banks with a guaranteed pass against the merchant that best suits your needs.
Your business is most likely to get scammed or taken advantage of with some firms looking to take advantage of your dire position. One of Shark’s policies is to ensure that you don’t get scammed or face any sort of fraudulent activity.
They also guarantee to keep your processing rates as low as possible, starting from 5.49% and application approval rates within 24 to 72 hours after applying. It would take days, even weeks applying to merchant accounts on your own.
With Shark assisting your application process, you will also get tied up with a reputed merchant account which will help your business gain much-needed ground. Shark also makes it a lot easier to open offshore merchant accounts.
You only have to fill an application form with your business’s contact information and your product/service details. After that, sit back and let Shark Payment Solutions do its magic and find the most viable solution for you.
The Takeaway
Merchants can face various problems like time, effort, and money spent to keep the business operational. Companies like shark payments help streamline the process to save that. The right merchant account will also ensure your business’s assets are protected. With over 15 years of experience and a response time of under 24 hours, we can’t think of a better solution to your problems.