Points discussed in the given article are:
- Growing technology changed the payment business.
- Current state of high risk merchant account industry.
- Future of high risk merchant industry.
- Future is iPayTotal.
PAYMENT REVOLUTION: INTRODUCTION OF MERCHANT ACCOUNT
With the evolution of technology everything has changed and is still changing. Human life is now running on just few clicks. With these transformations, how payment industry can remains untouched! From cash to digital, from plastic cards to mobile wallets, from cash registers at the front of shops to tablets brought to you, there is a complete payment revolution. And technology shifts even more as commerce demands new features, this gave birth to Merchant Accounts.
To simplify and improve the customer’s shopping experience, Merchant Account is playing a major role. It has enhanced the speed, increased efficiency, provided best payment gateway, and maintained the greater standards of security and elasticity for both seller and buyer.
Over the last decade or so, payment technologies have been growing at a faster pace.
The payment industry would be in a transformational state in coming years.
PRESENT SCENERIO OF HIGH RISK MERCHANT ACCOUNT
In today’s era where people are rapidly shifting from traditional shopping to online shopping, Merchant account is growing fast, booming and expanding at a larger rate. Apart from low-priced product, great discounts and speedy delivery, easy mode of payment has given extra push to this industry. To match the necessities of global competition merchants are constantly seeking High Risk Merchant Account services. According to international stats report, in 2018, an estimated 1.8 billion people worldwide purchase goods online. During the same year, global e-retail sales amounted to 2.8 trillion U.S. dollars. And after COD, credit/debit cards are mostly opted payment method. Even the industries which offer services like gaming industry, hotel industry, travel industry etc. are now choosing credit/debit card as a mode of payment because it’s a cashless world! Right now high risk merchant account industry is taking a strong shape, spreading its roots to every sector.
FUTURE OF HIGH RISK MERCHANT ACCOUNT INDUSTRY
We are already in a time where world is transitioning from cash-based to a cashless one. So, if we talk about its future after 50 years then it is beyond imagination!! Those days would be gone forever where merchants only accept cash, checks or swiping cards and then waiting for weeks, for the funds to become available.
We all are aware with the term “merchant account”; merchant account is a type of online account that allows your business to accept payments by debit or credit cards. So, let’s understand how impactful high risk merchant account industry will be in coming decades.
- 1. HIGH RISK INDUSTRIES WILL RULE THE MARKET
While there are some businesses which are flagged as high risk because of its nature, processing history, products in which company deals, little credit card processing history, new concept for the market, high chargeback ratio etc.,
Here is the list of some of the few industries which are labeled as high risk:
- Online gambling
- Airline tickets
- Construction companies
- Time share
- Computer software and hardware
- Financial services
- Travel and hospitality
- Auction services and websites
- Company providing legal services
- Vehicle sales
- Agricultural/ Farming companies
- Liquor stores
- Precious metal/ jewelry stores
These industries in spite of high risk are growing on a very fast pace. And in coming 10-20 years such industries will contribute maximum to the growth of economy. And the main part is that these industries are evergreen.
Growth of high risk prone industries will eventually give boost to high risk merchant account industry. To run a risky business merchant requires an experienced payment processor or merchant account provider who provides merchant a suitable high risk merchant account.
- IT’S A CASHLESS WORLD
By every passing year we are moving towards cashless world. It can be assumed by analyzing today’s condition that in next 50 years physical banknotes or coins will be completely outdated. Most of the transaction will be done through debit or credit card. The way digitalization is reshaping economic activity, shrinking the role of cash and spurring new digital forms of money. Merchant account industry is rising because it cut the costs of the unnecessary middle men. Countries like Sweden are actually exploring the possibility of launching its own digital currency. From a small amount to large amount every transaction will be done through debit/credit cards. Currently only some specific merchants are availing high risk merchant account services but as the world is transforming into cashless, even small merchants will require merchant account. Some smart entrepreneurs who have analyzed the competition are already enjoying the high risk merchant account services
- TIME SAVER: IT’S AN INSTANT WORLD
Imagine, you went to a local trip with your family, you stayed in a hotel, enjoyed different facilities provided by them and when you saw the bill you found that you don’t have enough money! To save you from such embarrassing events, credit/ debit card work as a savior. With the advent of digital modes, once can avoid queue for ATMs, transact 24*7 and definitely save lots of time. It’s a fast moving world, where scientists are working on giving next generation a full working robot to save time and energy, so, we cannot imagine our future worrying about counting banknotes and coins.
With time technology is getting advance, new concepts are coming into market and thieves are also getting smarter! It’s true we can’t eliminate risk completely but we can control it and lower it. If stolen, it is easy to block a credit card or mobile wallet remotely, but it’s impossible to get your cash back. Merchant account industry is growing because now consumer wants a safe payment gateway. Credit card transactions provide different security options like pre-authorization, capture, void, refund, verify. It is helpful not only to consumers but also to the merchants. To save business from fraudulent transactions and heavy chargebacks there is no better option than going for a merchant account. In fact, futuristic cards may evolve to use biometric ID (finger prints, eye scan, etc), it can be extremely difficult to copy, making it a very safe option.
- GLOBAL MARKET
To spread your business across the boundaries, merchant account is a must. It enables your business to enter global market and scale up your business and accept payments online through debit/credit card. Exporting and Importing has become important for the growth of your business. Merchant today can be a global player. Companies are working to provide international payment solution for the ever-expanding global marketplace, a secure and compliant credit card processing solution that provides business the ability to offer their international customers the convenience to pay in their own country. Lately merchants felt not so secure when it comes to entering into global market but the future but with expansion of trustworthy high risk merchant account provider like iPayTotal, businesses are now enjoying heavy profits globally.
- MERCHANT ACCOUNT PROVIDERS MAKE BUSINESS EFFICIENT
Merchant account providers not only allow your business to make online payments but also help merchants to make their business efficient. Start-ups are never going to be out of trend. Youth is more indulging in setting up their own enterprise, for beginners, it’s a good option to get a high risk merchant account. It will help their business in setting up. 24*7 customer services are also available by companies like iPayTotal which clears all your important doubts regarding payment gateway.
So, the future of high risk merchant account industry is as bright as sun! New businessmen will keep entering into market, people are becoming more aware day by day, merchants don’t want to bear any loss, apart from this there are extra gains of using credit card like you get so many discounts, for instance, while making payments for service tax, fuel, rail tickets, highway toll, insurance etc. People are going cashless which automatically creates new opportunities for merchant account industry. Merchants should get their high risk merchant account as soon as possible to keep their business up to date.
FUTURE IS IPAYTOTAL
To meet all the future requirements, iPayTotal has professionals who are handling every business with utmost honesty and intelligence. To keep your business updated there is no better option in market than iPayTotal. Best high risk merchant account services are being offered by us to more than thousands of happy customers. Future is iPayTotal!
So let’s get started!!