Or they don t sell enough to justify renting the processing equipment. Or they do casual trades like the high school kid who mows your lawn farmer s market merchants or—in my own case—my bass guitar teacher who lives miles away. The problem is that some of these alternative providers deduct additional fees from your payments to protect themselves from chargebacks. If you are hit by a chargeback the money will come directly from your bank account. And since these alternative providers can t access your bank account they hold your money up front instead . And since some chargebacks may not take place until six months after the initial transaction they hold onto your funds for a longer period of time.
To avoid the problem payment providers like Square withhold as much as % of a company s monthly credit card revenue which can amount to several thousand dollars per month. The funds are held for up to days and are released on a mobile number list rolling basis from month to month . So July s earnings are released in November August s in December and so on. So you might think you re avoiding the high-risk low-risk merchant account issue but to Square and the others every account is a high-risk account and is treated accordingly. Next steps When you re ready to open a merchant account you can talk to a few merchant service providers to find the one that best fits your specific business and the customers you serve.
If you re not sure what kind of merchant account you have request an assessment from your bank or merchant service provider of choice. Look for the ones that don t have a lot of hidden fees and charge low percentages for processing your transactions. Look for one you can trust and who has a lot of experience with your kind of business. The post What is the difference between a high and a low risk trading account? appeared first on GoDaddy Blog . Posted in marketing UNCATEGORIZED rank in Google POSTED ONAPRIL BY SELF-RANKING Reading time minutes SelfRanken.nl for optimization help Ranking in Google Seeing is being able to do it yourself With a little help from our seo courses you will also rank in Google.
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