This article submit by Total Merchants.
Banks will rate your company based on the perceived risk of the type of industry in which it operates. If your business is in an industry where quality is usually top notch, customers do not fight to make payments, and so on, then the perceived risk is going to be low for your business. This is due to the fact that the chance of there being an issue in terms of having money troubles with customers is very small.
However, if you are in a more high risk industry, then you could be considered to be a high risk merchant account in terms of having trouble with customers and payments. There are some common business types that fall into the high risk category. Businesses in the travel industry are considered high risk. So are businesses in the adult industry and telemarketing industry. These business models have chance for excessive charge backs as well as a chance that quality of product could be poor. This can result in the banks not wanting to be a part of these types of business models.
When you reach out to a company to have a merchant account set up you need to understand where you fall in terms of risk and get on board with a company who will fight to get you a quality merchant account to operate with. Solidtrustpay will work with you to ensure just that. These companies such as solid trust pay will help you manage the perceived risk of your business and get you on track for success.