Modern e-commerce is hard to imagine without the possibility of paying for goods or services with a bank card. But in order to provide customers with such a tool, some Internet entrepreneurs must first open a high-risk merchant account. Let us discover what a high-risk merchant account is, how to open it, on what principle it works, and what nuances should be known by e-commerce merchants in Europe.
Requirements for merchants from payment systems
Every merchant needs a bank online account for the proper activity. In addition to the legal status, international payment systems and gateways like Maxpay require that the seller’s website or mobile application meets the necessary parameters. A short list of what the requirements are is given below:
- all pages of the site or mobile application work normally and open without errors;
- all products in the catalog have a description and characteristics;
- your business activity corresponds to the area specified in the registration form;
- there is information on the delivery or return of goods or services and a detailed description of how this process takes place;
- your customers can easily find the contact section with up-to-date information.
How to open a high-risk merchant account?
A high-risk merchant account is a merchant profile registered on the payment provider platform, which has a unique identifier linked to its bank online account. To open an account and start accepting payments, you need to follow these steps:
- Create an account with the payment provider, for example, Maxpay. Usually, you only need to enter your email address for this.
- Enter brief information about the company (name, website address that will be connected to the payment platform, contact phone number) and upload the necessary documents for activation. A complete list can be found on the platform website.
- At the final stage, you need to sign an agreement and activate an account for receiving payments and money. After activating your high-risk merchant account, you will be able to accept payments from your customers.
The money in USD, EUR, or other currencies that were received for paying for goods to the company’s high-risk merchant account is automatically transferred to its current account.
Payment providers, including Maxpay, provide their customers with a merchant portal – a website that allows merchants to track how all movements of funds on their accounts are carried out, as well as issue documents for payment, cancel payments, generate reports and customize the design payment page.
Reports on authorizations and payments with details on each payment are duplicated by mail. In addition, when connecting via the API, all necessary notifications (callback) will be sent to the merchant’s server from your high-risk merchant account.
Bank online accounts and your personal high-risk merchant account also provide round-the-clock support, so you will be able to solve all the issues that appear while using them. Learn more about this tool and utilize it for the development of the company.