Your online furniture store may have a promising future but if you are not able to accept credit and debit card payments, you might lack the competitive edge. In order to survive the competition, you need to serve your customers better with a hassle-free payment processing service. Hence, you will need a merchant account for the furniture business. It is different for any other business because the furniture industry is considered high-risk.
Chargebacks can affect the furniture business adversely. Therefore, one must apply for high risk merchant accounts to find a card processor that meets the challenging business needs of the furniture industry. Here is how you get the merchant account for the high-risk business category.
- Application process: Longer application process can be shorter if you are well prepared with every minor detail about the risk profile of your business. Pay attention to processing history and payment partnerships.
- Cash reserve: High risk merchants need rolling reserve, capped reserve and upfront reserve to make sure that no processor can withhold the transactions. Make sure to arrange the required fund to make things faster.
- Seek help: You can hire a third party analyst for faster approval of merchant accounts plus payment gateway. They offer case by case guidance and honest cost analysis to help you make informed decisions.
Get your furniture business approved for a merchant account with these tips. If you are facing challenges, connect with We Tranxact. They are partnered with 60 global payment providers and can help you with the quick approval of a furniture industry merchant account.