Understanding high-risk merchant accounts in the UK

1. ctapay PAYMENTS SIMPLIFIED Understanding high-risk merchant accounts in the UK Most banks in the UK considerBitcoin merchant accountsas high-risk accounts. It is universally agreed that such accounts are risky and hence banks are quite forthright in rejecting such accounts. However, with the advent of technological solutions and upgrades, crypto merchants are finding solace in alternative payment solutions where the accounts are getting opened hassle-free and without much wait time. Why are Bitcoin merchant accounts high-risk accounts? Most of the risk comes from the nature of crypto payments. Bitcoin payments are mostly anonymous. There are no statements, reversible and chargebacks are almost impossible with the result that there are refunds possible. Another risk arises from the fact that there are no specific laws and regulations in the UK that govern such transactions. So, in case of any issue, no laws of the state can help banks get their money back or trace culprits against frauds. Also, the very nature of crypto transactions is unstable and filled with uncertainty -there are risks involved and often traders online lose a

2. good amount of money because of the inherent nature of the transactions. The Bitcoin market is also often viewed in the financial sector with prejudice as it is believed that money laundering, theft, and illegal buying and selling happens too often through the cryptocurrencies. Bitcoin merchants are therefore required to submit a lot many documents to the banks for getting their accounts approved. Documents like the certificate of incorporation, details of company directors and owners, bank statements, utility bills, address proof, identity documents of the owners, etc. are mandatorily required to process such accounts. What are high-risk merchant accounts in the UK? There are two types of accounts - high-risk and low-risk accounts. Once an account is identified as high-risk, there are limitations that the processing company puts on the account. Plus, the merchant needs to pay higher fees and has to deal with numerous restrictions to work with the payment processor. High-risk as the term indicates, are accounts where risks are high and therefore for the payment processing company, it is a risky investment. This is why only a limited number of processors are willing to work with such high-risk accounts. The way to identify a high-risk account is dependent on several factors that include the number of currencies the account accepts, the value of average credit card transactions, the monthly sales volume on an average, whether there are subscription payments or not, and the kind of services the merchant offers. Selling online tickets, Bitcoins, seasonal items, etc. all fall underhigh-riskmerchant accounts in the UK. Source URL :-https://octapayllc.tumblr.com/post/637018325068742656/understanding-high-risk-merchant-accounts-in-the Thanks Octapay LLC The Mille, 1000 Great West Road Brentford, TW8 9DW, UK