Things a High Risk credit Card Processing Merchant Should Know

A high risk credit card processor often charges a merchant with high credit card processing fees. Merchant’s dealing with online businesses and having a large customer base, certainly need to ensure security against any fraudulent transactions with the help of insurance. But many questions start to evolve after choosing a particular High risk credit card processor.

Next, are 7 most important things a merchant should know about the service provider:

1.  There is no need to pay huge sum of money before account approval.

2. Discount rates must range from 5-7%.

3. Third Party accounts are easy to secure but have higher rate ranging from 7-11%.

4. It can take 3-4 weeks for running your service after submission of application.

5. Transaction fees can near to 20-25 cents per transaction from the service provider.

6. High risk credit card processor charges around $25 as a chargeback fee.

7. Virtual terminals are essential for companies without Internet and payment gateways are in place for companies with online presence in the market.