5 Businesses That Can’t Function Without an International Merchant Account
Every business functions differently, and to make it go smoothly, it needs a clear goal, a well-developed plan, and a good team behind it. If it aims to sell its products or services across borders, it also needs an international merchant account to streamline its financial transactions.
Unfortunately, some businesses are frequently exposed to high risk and require a different type of plan and realization. Such companies need a high-risk payment processor to set up their international merchant account because most banks deny their services.
As many businesses can’t function without an international merchant account, we’ve chosen the top five to bring you closer to the idea of how this account can help your business.
Casinos
The gambling world holds a monopoly because of the legal ways of earning money. A large amount of profit goes through the hands of casino owners and players. Because the gambling industry is global, casinos require international merchant accounts.
There are many international gambling merchant accounts you can open to avoid higher fees, legal issues, and occasional problems along the way. Many casinos open international merchant accounts primarily for precaution.
So, if you are a casino owner, opening a high risk international merchant account might be a good idea. It can help you keep a tab on offshore online gaming platforms, process credit and debit card payments, and prevent fraudulent transactions.
Adult/Dating sites
Online dating has become a worldwide trend. Not only can you find someone to date in your city, but you can also connect with people a thousand miles away from you. That’s why dating apps require international high-risk merchant accounts.
Adult entertainment sites represent a very controversial industry. Because of their nature, they need high-risk merchant accounts abroad, and most banks and other financial institutions don’t offer their merchant services.
If you run a business in any of these industries, find a trusted high-risk payment processor who will provide you with reliable international merchant services.
Cannabis shops
Although the cannabis industry has already started functioning legally, many countries forbid cannabis production and distribution. However, cannabis dispensaries still have trouble obtaining merchant services from banks and other financial institutions, even when operating in a country or state where cannabis is legal.
Online cannabis shops with international customers need an international merchant account to process online payments seamlessly and reduce the risk of chargebacks and fraud.
Without a high-risk merchant account, cannabis shops have to deal with different types of legal and functional issues. Setting up an international one helps them process undisturbed, legal transactions with their clients abroad.
Airlines
As flying is the most common way of transportation among many people worldwide, the airline industry will only keep booming. However, many airlines experience flight cancellations and refunds, falling under the high-risk business category.
Because they represent a high-risk industry and serve customers worldwide, they need international merchant accounts. High-risk payment processing services can help them reduce chargebacks and get back lost revenue when chargebacks occur.
Since they have millions of travelers on their list every day, they can keep track of their transactions and finances by having international accounts.
Worldwide brands
Big worldwide brands represent a fully coordinated and functioning system that should work equally in every country. They need a sound financial plan and a secure account for their transactions.
The biggest worldwide brands have huge responsibilities. Having an international merchant account gives them an easier way to do business with their global clients and suppliers. It helps them process all the payments in multiple currencies, giving them the necessary peace of mind.
International merchant accounts can also bring lower fees and taxes, which can help them save a lot of money.
Conclusion
The high-risk businesses above are the most notable types that can’t function without an international merchant account, but many other small and large companies can benefit from it. If you own a smaller business frequently exposed to high risk, higher fees, and legal issues, you should think about opening an international merchant account.
Setting it up couldn’t be more straightforward, but inform yourself about the pros and cons of having one, how it works, and how you can open it. Most importantly, conduct extensive research to find a reliable high-risk payment processor.
Having an international merchant account for high-risk companies can help you develop your business quickly and streamline your financial transactions. You can finally say goodbye to different types of fraud, chargebacks, and debit or credit card declines.
