Getting A Business Opportunity Merchant Account
Business Opportunity is a form of direct selling. It refers to selling various services or products in a non-retail environment. Commonly known as Biz-Ops, business opportunity is a growing industry. However, getting a business opportunity merchant account for processing debit and credit card payments is still a challenge mainly because this industry is considered a high-risk merchant industry.
Why Are Biz-Ops Considered High-Risk?
Banks and payment processors often label Biz-Ops as a high-risk industry for a number of different reasons. Firstly, many payment processors don’t fully understand how business opportunities work. This results in them considering the industry high risk. The second main reason is that in the Biz-Ops industry, a majority of the services or products are sold online or over the telephone. This makes the industry a prime candidate for high-risk merchant processing. Apart from these, excessive chargebacks are another primary reason why Biz-Ops are considered high risk. Buyer’s remorse often leads to excessive chargebacks, particularly when consumers don’t receive the dramatic results that they expect. Last but not least, the unpredictable business growth in this industry makes it difficult to forecast income, hence labeling the Biz-Ops businesses high-risk.
How to Get a Business Opportunity Merchant Account?
To process debit and credit card payments, getting a high-risk merchant account is the only viable solution for Biz-Ops. Choosing a high-risk merchant account provider that has experience working with Biz-Ops industry is the most important step. Once you have found a reliable payment processor, you can proceed to apply for a business opportunity merchant. The process is straightforward. It usually involves these four steps:
1 – Filling out an online application.
2 – Submitting all the required information and documentation.
3 – Waiting for the payment processor to review the application and approve it.
4 – Receiving merchant account details and start accepting payments.
What to Look for in a High-Risk Payment Processor?
As mentioned above, choosing the right payment processor is the most important step when it comes to getting a high-risk business opportunity merchant account. When choosing a high-risk payment processor, the first step is to make sure that it specializes in high-risk business opportunity merchant accounts, as this will help you save both money and time. Next, it is recommended that you make sure that it offers products and services that can be easily integrated with other aspects of your business, e.g. your preferred e-commerce merchant account platform or CRM.
Apart from these, the payment processor should offer a virtual terminal that supports card-not-present payments. Chargeback protection is another critical factor to consider. Make sure that the payment processor offers tools to adequately protect your business against fraud. Lastly, make sure to choose a Biz-Ops merchant account provider that offers mobile payment processing, automatic subscription/renewal payments, ACH processing, and a payment gateway that lets you process high volume ticket items.
Every business requires a considerable amount of planning and attention to become successful, and Biz-Ops is no exception. Work with a reliable high-risk payment processor to make sure that your business can accept credit and debit card payments in an efficient and timely manner so it can continue to flourish and grow.
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About The Author
Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high-risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.