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
Pharmaceuticals
Gun Dealers
Medical Marijuana
Nutraceuticals
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.

Easy Tips to Save Money on Motorcycle Insurance

While motorcycle riding can be a fun-filled activity, you need to be certain to remain safe at all time. This is why purchasing a motorcycle insurance is an absolute necessity. It not only protects your ride but also saves your money in an event of an accident.

In India, you can find a variety of motorcycle insurances that differ widely in terms of price & coverage. Still you can choose the best Motorcycle insurance policy as per your need and budget. But before you head to any insurance company to purchase the policy as per your need, you must read the following tips to make your motorcycle insurance a little less expensive:

Look for discounts: Many bike owners hesitate to ask for discounts on the insurance policy. They consider that they might not be eligible for the same. However the fact is that insurance companies do offer a plenty of discounts who drive rarely or have a good driving record. Apart from this, if you are someone who has pursued a safe driving course, then too you can get a good discount on your motorcycle insurance policy.

Never include members with the poor driving record: Don’t include anyone in the policy who has a poor driving record. Their crummy record will cause your motorcycle insurance rate to be a lot higher than it would be if they are not included in the policy.

Avoid small claims: Instead of filing small claims, you must save the claims when you experience a substantial loss. This way, your claim will not be rejected, when you really need the financial support. Insurance providers appreciate the customers who file just a single claim in a year. If you file more than that, your insurance provider could decide that they have no interest in renewing your policy with them because of it.

Ride alone: Unless it is too important, don’t let anyone ride with you on your bike. This way you won’t require a passenger liability coverage. Note that not getting this coverage means that you should not be letting other people ride your bike, ever. If you let passengers ride on a bike that doesn’t have passenger coverage on it, you will be in a real trouble.

Maintain a good driving record: Whether you believe it or not, your driving record greatly affects your motorcycle insurance rate. Though you cannot improve your past record instantly but can stop making more unwise mistakes from now on, as getting these flaws removed could make a little difference in the policy premiums that you would pay each month.

When you are trying to find the good motorcycle insurance policy, make sure you do a thorough research and shop around for all available options. Never purchase the first policy you come across because you never know and may find a much better policy later on. Also, see what all coverage is being offered under the policy and also the premiums that you will have to make each month. Make sure you end up purchasing a motorcycle insurance policy that is equally good and affordable to you.

Can High-Risk Driver Get Affordable Auto Insurance Coverage?

Another way to generate more income is by avoiding risky customers, and in the auto insurance case, high-risk drivers are not prospective clients in the standard market. As a matter of fact, most insurers avoid providing coverage for high-risk drivers. Their best chance to acquire coverage is from the less affordable non-standard market. Some underwriters do specialize in this market, and Good2Go Insurance is one of them.

High-risk vs. Low-risk Drivers.

Every insurance company has their formula to classify each potential customer. Low-risk classification is for drivers with clean driving records, zero insurance lapses, excellent credit score, and those who always pay their premiums on time. Some variables including age, homeownership, profession, marital status and address also play their roles in the classification process. High-risk drivers are risky customers because of existing tickets for major traffic violations on their driving records, for examples DUI and reckless driving. Involvement in accidents causing severe injuries and death are a serious red mark, too. Insurance companies that specialize in the non-standard market, including Good to Go Auto Insurance, have more flexible rules for classification, and it does not matter if you’ve crashed your vehicle in the past.

Getting Affordable Coverage.

Every state has a minimum auto coverage requirement. All drivers must include the minimum requirement in their insurance policies. The rules are different from state to state, so you may need to check with the local DMV regarding this rule. Many high-risk drivers purchase only the minimum coverage requirement to avoid spending too much on insurance. However, being a legal driver does not always mean that you are well-protected. Optional coverage such as Comprehensive and Collision are useful and often necessary in many situations. When you crash your vehicle to your neighbor’s fence, for example, Collision Coverage kicks in to give payout. Some high-risk insurers also provide optional coverage; Good 2 Go Insurance offers both Comprehensive and Collision as well.

Just like purchasing home appliances or furniture, it is important to compare prices between many different sellers. When it comes to insurance, you can ask for quotes from various companies and compare the prices. Nowadays, insurers allow everyone to request a quote via Internet. A quote is like an estimate that tells you how much you can expect to spend for the coverage. Insurance companies often provide discounts to help reduce premium. Take the deductions into account to get a more accurate estimation. In the middle of a fierce competition in the market, many underwriters, such as Good2Go Insurance, offer many discounts to draw potential customers.

Typical auto insurance discounts.

Although the amount of savings is different between companies, there are some common types of cuts in all of them. Put in mind that the following discounts are not unique to Good to Go Auto Insurance or any other underwriter.

Defensive Driving Course: for high-risk drivers, taking defensive driving course shows your good intentions to avoid involvement in accidents in the future and not repeat the same traffic violation. Insurers often give discounts for every driver who completes this course.
Multiple Vehicles: insuring two or more vehicles with the same company may grant you significant savings.
Good Students: if you are still a student, you have a big chance of getting auto insurance discounts if you have good grades.
All those three discounts are available from Good 2 Go Insurance, but other companies may offer similar savings in different names. Other common discounts include homeownership, safety devices, and always one-time premium payment.

Payment Options.

To manage your expense better, ask your insurance agent about possible payment options. They are not available from all insurance companies, but at least an underwriter, Good to Go Auto Insurance, has three options available including Monthly Installment Plan, Quarterly Installment Plan, and Annual Up-Front. All payment plans are for one-term policy or one year. Other underwriters may provide similar offers but in different forms. Insurance coverage from the non-standard market is more expensive than the standard market. Payment options are helpful to keep every expense more manageable.

Revoking high-risk label.

A different ticket affects driving records in a different way. A minor violation is revocable by paying fines, and the tickets will disappear from your record. A major breach like DUI is harder to revoke, and it stays on your record for several years. High-risk label does not stay forever. When the time comes, driving records will be clean. When you are still high-risk, chances are you need to purchase insurance from the non-standard market, for instance, Good2Go Insurance. After you revoke the high-risk label, you can buy insurance from the standard market again.

Complying with state’s regulation.

Before purchasing coverage from any company, please make sure that the policy includes at least the minimum coverage requirements according to your state’s law. Some companies do not provide services or sell insurance in all states in the country. Take Good2Go Insurance, for example, the company sells insurance policies only in some states, but it works with a network of underwriters to cover all states.