Adding alternative high risk payment options to your high risk merchant account is simply good business. While it is certainly important to offer buyers the ability to purchase with cards, the growth of high risk payment alternatives cannot be ignored.
High risk payment alternatives quickly increase sales by capturing orders from buyers who do not have or prefer not to use a card when purchasing online. Within the next three years, 30% of high risk merchant account online purchases in the US will be made with high risk alternative payment methods rather than with cards. For shoppers outside of the US, high risk payment alternatives already surpass cards as the preferred method of purchasing online from a high risk merchant.
The two most popular alternative high risk payment types are electronic checks for your US buyers and international bank transfers for your global customers. Both high risk payment methods are direct debits whereby funds are debited the buyer’s bank account and credited to the merchant’s account.
Without high risk payment alternatives, you unnecessarily lose sales and limit profits. Up to 50% of US buyers do not have cards or are maxed out on cards. Yet 90% of Americans have a checking or savings accounts and can purchase with electronic checks. Outside of the US, card penetration is low and most global shoppers prefer to pay with international bank transfers.
The rapid rise of high risk payment options for merchants is easy to understand. Common sense dictates that the more payment options offers, the more sales will result. Providing buyers a method to purchase regardless of the way they want to pay is smart business. Good for customers and good for your bottom line.
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