A merchant account is simply a type of bank account for your business, which is specifically setup to receive your payments in various ways, usually via debit or credit card, and they are the backbone of any online retail business.
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The definition may be simple but obtaining a merchant account if you are high risk is far from simple. If you’re reading this, you are probably running a high risk business. You have researched and applied to the big guys, World Pay, PayPal, Global Payments and the High Street Banks and realised that they don’t want your business. Even worse, maybe they did accept you initially and then shut you down and froze your funds. But why is this the case?
It is because they deem you as ‘high risk’ and essentially these guys make enough money in the ‘low risk’ industries that the reward in taking on your business does not warrant the headache and risks. But what are the risks? These bigger firms will grade you on a multitude of factors, money laundering risk, chargeback risk, industry sector (immoral or seedy), reputational risk, credit risk and the products sold (can they be dangerous, addictive or unknown?).
There are lots and if you fall into any category, they simply won’t touch you.
Don’t worry, there are providers out there that will take on your business and service you, giving you the merchant account infrastructure you need to successfully operate and grow your high risk business. Payed is one of them. There are lots of industries considered high risk: Gambling, tobacco, debt management, adult, ticket reselling and weapons just to name a few. At Payed we specialise in what we know well. Gaming, Gambling & Esports..
You will have to jump through a few hoops as let’s be honest, you're not selling fruit and veg. Providers will need to assess merchant risk and sector, the stability of the business from a financial standing and the future potential, the credit rating of the directors and UBOs - full on compliance in your industry. All providers have a unique way of assessing risk, however most of them make this a bit of a tiresome experience.
Luckily for you, Payed has streamlined the experience to make account opening as simple as possible.
Some providers are better than others, naturally. But the one thing they have in common is that they are all expensive, as they have to justify the risk by increasing the reward. At Payed we offer the best possible service and products for the lowest possible price, guaranteeing that we have your best interests at heart. We will consult you on the most suitable account and payment method for you, really taking the time to understand your business needs.
Gambling businesses are not always able to accept card payments, where their gaming licence and jurisdiction are taken into consideration by the payment processors. At Payed we specialise in securing card payments for casinos and games licenced out of the likes of Curacao.
With Esports going through a boom, many businesses in the industry are now requiring payment processing solutions for merch, online tournaments, streaming and advertising, where debit and credit card payments are essential for the growth of these businesses. Payed has this covered.
Our partners not only offer payment solutions for our clients, they also improve our offering with quicker processing and reduced fees for products such as bank accounts, Bitcoin brokerage and international FX.
Everyone’s needs are different and here at Payed we understand that. Our wealth of experience in high risk finance and a vast network in our specialist industries, allow us to tailor unique strategies to each and every customer.
