TeccPay
Financial Services - , ,
TeccPay Details
If your business has been classified as high-risk, you know how challenging it can be to secure credit card processing. Our team has been providing excellent merchant services for decades. We can help you get what you need to succeed in your business, as quickly and easily as possible.Both merchant account providers and banks assess the level of risk of a particular business prior to accepting the financial responsibility of processing that business's credit card transactions. Businesses may be classified as high risk simply because of the industry in which they're involved. Some industries are more subject to fraud and chargebacks. Several examples of industries which fall within this category are adult entertainment, travel, online gambling, and companies whose customers reside in countries other than the one where the business is based.Adult business are subject to customers denying that they ever visited the site or even claiming that someone else must have hijacked their computer and initiated the charges. In contrast, the travel industry experiences a high volume of cancellations due to outside factors like weather, illness or the customer simply changing their mind. What the two industries have in common is that they are liable to experience a large number of chargebacks, which is why merchant account providers and banks consider them high risk.Ideally, credit card processors would like to see businesses who've been classified to be in a high risk industry have a chargeback rate which is less than 1% of total sales. Therefore, in order to be considered a better candidate, businesses in these industries should make every effort to reduce their chargebacks and build a positive history in their merchant accounts. Once these two goals have been reached, the business can be reclassified as low risk, gain access to more merchant providers, and possibly reduce that rate per transaction that the bank is demanding.
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