You may have heard the term “high risk” or “high-risk merchant account” if you work in the merchant service sector. It is a business account used for payment processing, but banks consider it to be a high risk. Because high-risk firms are prone to chargebacks, they must pay higher costs for merchant services. If their history reveals a consistent pattern of chargebacks and refunds, the bank may set a rolling reserve in your account. It's money set aside to cover the costs of a chargeback or fraud.
The Leap Payments team can assist your high-risk business with accepting credit card payments. The team collaborates with banks to ensure that you receive approvals and are spared from additional hassles associated with payment processing. They will provide entire assistance to sectors that will aid in the approval procedure for high-risk merchant accounts.
