Get a High Volume Merchant Account for your Online Store
You may be surprised, but an online electronic store or drop shipping website is considered “high risk” by the merchant services industry. Online electronic retailers often have high tickets and need high monthly volumes.
These business types also have a higher percentage of charge backs or customer disputes due to a variety of factors. If a business has more than 2% of their transactions result in a charge back, they are considered high risk, and often have their account shut down by a credit card processor.
If you run an online electronics store we recommend using a load balancing gateway to help reduce your asset liability and help prevent being shut down. A load balancing gateway will automatically spread your transactions across multiple MID’s, or merchant accounts.
An MID stands for merchant identification number, and a unique MID is assigned to every merchant account. I recommend using a company such as eMerchantBroker.com that will help you get set up with multiple merchant accounts, with multiple providers, and help select a load balancing gateway that will fit your businesses needs.
Need a high volume merchant account? If your online electronics or other online business needs a merchant account with no volume restrictions, you’re going to have to go offshore. There are many viable offshore options that will allow an online business to process millions of dollars per month. The fees and discount rates for offshore accounts are much higher. We also recommend eMerchantBroker.com for high risk, high volume merchant accounts.