high risk merchant account

If you are planning to start your own online business, chances are you would have heard of the term high risk merchant account and how it can turn into a nightmare for all your ideas of a quick fortune in the online sector. Well, worry not. Just because you are planning to start your e-commerce portal does not mean that you would need such an account. Hence before you go about setting up your online credit card processing system, it is important to understand what we mean by “high risk”, and more importantly…would you need one?

Let us start by understanding the term. High Risk Merchant Account simply refers to a merchant account which the bank sees as a risky investment. You have to understand that every business has a certain degree of “risk” or “uncertainty” associated with it. When providing banking accounts to businesses, banks have to check the viability of the business, the securities available and how it would be able to simply “minimize” the risk involved. With online businesses, this “uncertainty” is higher than a traditional brick and mortar set up.

The primary reason for such accounts continue to be the high possibility of chargebacks on your account. On top of that, while there are many long term businesses on the internet, many “categories” of online businesses have a rather short shelf life. Essentially, what we mean by that is the businesses gain quick momentum, become popular and then before you know, they simply fade away. Also, there are other categories of business which are not essentially legit and leave a lot of grey areas for the merchant banks to meander. Since the online banking also require online credit card processing, the high possibility of fraud makes it a viable threat to the merchants. These businesses are hence looked at with more than ordinary scepticism. It’s not that you would not find a vendor – but high risk accounts would often draw a much higher interest rate.

Here are a few examples of businesses that qualify for a high risk merchant account:

Adult Entertainment
Online Gaming/ Gambling
Gun Dealers
Medical Marijuana
Travel & Reservation
Technical Support
E-Cigarettes, etc.

Apart from that, if you have your business registered outside of the USA, you directly qualify for a High Risk Merchant Account and should accordingly reach out to vendors that can provide you with the same.

Essential Services Every Bookkeeping Provider Should Offer

Understanding Industry-Specific Needs
Importance of Industry Knowledge
Bookkeeping isn’t a one-size-fits-all task. Different sectors have unique financial regulations, tax obligations, and reporting standards. A proficient bookkeeping service should not only be familiar with general accounting principles but also possess a deep understanding of your specific industry. For instance, the financial management needs of a healthcare provider differ significantly from those of a retail business.

Choosing the Right Service Provider
There are two main types of bookkeeping services:

Industry-Specific Services: These providers specialize in certain sectors like healthcare, sports, or restaurants, offering tailored bookkeeping solutions that adhere to industry standards.
General Bookkeeping Services: These firms handle a diverse range of clients across various industries, leveraging their broad expertise to meet different accounting needs.
When selecting a bookkeeping service, consider one that either specializes in your industry or has a proven track record with similar businesses. This ensures they are aware of the nuances and specific requirements of your field.

Leveraging Technology in Bookkeeping
The Role of Modern Software
The era of manual bookkeeping is long gone. Today, efficient bookkeeping relies on advanced software and technologies like QuickBooks, Peachtree, MYOB, Great Plains, and various Sage products, including ERP Systems. These tools enhance accuracy, speed up processes, and provide real-time financial insights.

Criteria for Technological Proficiency
Ensure your bookkeeping service is proficient with the latest technologies and can integrate these tools seamlessly into your business operations. This not only streamlines workflows but also safeguards your data through enhanced security features inherent in modern software.

Customized Service Delivery
Understanding Business Needs
A top-tier bookkeeping service provider works closely with you to understand your specific financial needs and goals. This partnership approach ensures that they deliver customized services that truly benefit your business, keeping you informed with the latest financial data and insights.

The Importance of Tailored Solutions
Customized bookkeeping services help maintain clear and accurate financial pictures, crucial for strategic planning and decision-making. Ensure the service provider you choose is willing to adapt their processes and services to align with your business objectives.

Experience Matters
Why Experience Counts
For small businesses, inaccuracies in bookkeeping can lead to significant financial discrepancies and potential legal issues. It’s essential to choose a bookkeeping service with substantial experience in handling small business accounts.

Evaluating Experience
Before hiring a bookkeeping service, investigate their history and client testimonials. Look at the size and type of businesses they have serviced and assess whether they have the requisite expertise to handle your accounting needs effectively.

Choosing the right bookkeeping service is crucial for your business’s success. Ensure they offer industry-specific knowledge, utilize the latest technologies, provide customized services, and have extensive experience, particularly with small businesses. A competent bookkeeping partner not only keeps your financial records in impeccable order but also contributes to the strategic growth of your business.

For further reading on the importance of bookkeeping, visit the American Institute of Professional Bookkeepers or explore resources at QuickBooks.

Satrangi capital-The best option to finance your start up

When you have the passion to succeed in business, you need to work with the best. Satrangi is definitely the best especially when it comes to financing the business venture. This is one of the best online fundraising means that enables you to get the best out of the funding. One of the reasons why it is the best is because of the ease at which the invoices are factored in. It is very easy to factor in the invoices and so you will get the cash in a short time. The service provider here is much more efficient than any other. It is not like a bank where you will have to wait for a couple of days or even months, for approvals to be made before you get the cash. The other reason why this is the best patent market place is because of the many credible investors you will get here. This is one place where you are assured to get only the best investors in the field. You will be at ease knowing that your product is safe even when you sell or buy patents.

It is in this site that all the patents for sale are always sold. This ends up becoming an added advantage for the entrepreneurs. The other reason why this is the best option to finance your capital is the fact that you are going to get more than just finance. You are going to meet with some of the best brains when you make the choice to come here. This is one of the best public relations platforms. You are given the chance to interact with the best to improve your business. Partnership formation is also more likely in this platform. You will get the chance to form partnerships with some of the best investors that will help you scale the heights of success. If you had some cash then you can merge it up with the partners’ cash. You will also be glad to know that these partners are like no other. They are partners that are serious with taking the business to greater heights. They will share the profits as well as the losses from the business.

Satrangi has also been known for the best place to buy ideas. If you have a great idea, you can make money from it by selling it in this platform. The best part is that you can be sure you are going to get value for your money when you come here. Not all the other platforms out there can be able to offer you this chance. There are platforms that can take several years for people to even notice the wonderful ideas you have. This is because they lack the visibility that you are guaranteed at Satrangi. There are so many reasons why Satrangi is the best place for startup investors. These are some of the many advantages. You can take a look at the many reviews the platform has received over the years to get a glimpse of what you stand to gain from this platform.