Payment Solution For Various Business Industries. Which One Is Best For Yours?

Are You Looking For A Payment Service Provider For Your Industry-type?

Every business is categorized in different industry-types. There are several attributes that can be considered to classify businesses into different industries, and every industry requires a different type of payment solution. One such factor can be the product they make and the market they serve. Based on this factor, the business involved in aircraft manufacturing, selling, or marketing is categorized as Aviation Industry. And companies involved in logging, forestry and wood are categorized as Timber Industry. But here, we will discuss Payment Solution For Various Business Industries based on the risk associated with it and what type of merchant account and payment solution they require to fulfil their business needs. Are you also looking for a merchant account or payment processing solution? Stay tuned with us to understand which payment solution best fulfils your needs.

What Every Merchant Ought To Know About Various Business Industries And The Right Payment Solutions.

Usually, the payment processor offers the merchant with a payment solution based on the risk associated with their industry type. Sometimes it is hard to get credit card processing solutions for high-risk industries and so. Here we will classify the various business industries based on the risk associated with them and helps them to choose which merchant account is right for them.

Industries Labelled As High Risk: Some industries are labelled as high-risk industries by acquiring bank or payment processors. These industries usually face challenges to get a merchant account. Banks see these industries as reputational, credit or transactional risk oriented. Some of the reasons why these industries as risk-oriented are:

  1. High Sales Volume.
  2. Recurring Billing Model.
  3. The Industry Usually Has A High Chargeback Ratio.
  4. Multi-Currency Acceptance.
  5. Involved In Fraudulent Activities.
  6. Bad Credit History Due To Chargeback And Fraud.
  7. Large Ticket Transaction
  8. Cross Border Transaction
  9. Merchants Might Be On The MATCH List.
  10. CNP Transactions over 15%

High-Risk Merchant Account can be the option for industries labelled as risk-oriented. The high-risk merchant account helps the merchant to process credit/debit card payments online. With a high-risk merchant account, you are qualified to accept multi-currency payments and can do cross border transactions.

Industries Labelled As Low Risk: Some industries are labelled as low risk by the acquiring bank and payment processor. The business involved in these industries usually gets smooth onboarding as compared to high-risk industries. The factors due to which it is considered as low risk are as follows:

  1. Low Sales Volume.
  2. Accept Only One Currency.
  3. Less Chargeback Ratio, Usually Lower Than 2-3%
  4. Low Ticket Size.
  5. No Cross Border Transaction.
  6. A Good Or Acceptable Past Credit History.
  7. No/ Very Little CNP Transaction
  8. No Trial
  9. No Rebilling/Subscription
  10. Fast Delivery Of Products And Services

A low Risk Merchant Account can be the option for the industries categorized as low-risk industries. The onboarding process is easy and smooth. With a low-risk merchant account, one can’t accept multi-currency and can’t do cross border transactions.

The Ugly Truth About High-Risk Industries For Merchants

It is a very ugly truth but fact that it is a challenge to get a high-risk merchant account. The reason is that there are very few processors who deal with high-risk industries. And the one who deals, sometimes may not be able to provide a solution due to bad credit history or huge monthly sales volume.

We at Quadrapay understand the need for a merchant account for their high-risk business and help them to get onboarding. Apart from the high-risk merchant account we also have other solutions for a risk-oriented industry. Some of the other well-known alternatives for risk-oriented industries are :

Stop Wasting Time And Start Accepting Payments For Your Industry With Quadrapay

No matter whether you are categorized as high-risk industries or low-risk industries, we have a payment solution for most industries, either small, mid or large scale. We have US, Canada, EU based payment processing partners who provide the best possible payment solution to almost every industry. Fill the merchant account application form, and we will let you know which solution works best for your industry type. Apply today to get your free Quotes.

Get in touch with us at [email protected]

Happy Processing !!!