Cybercrime and other risks in payments can’t be left in ignorance in the modern financial world. Payment services providers very often come across hindrance on their way towards growth. Often, these obstacles result in card brand fines. Read below to know more about the top high risk trends and high risk merchant accounts in payments.
High Risk Merchant Accounts & Payment Trends
The payments industry is quite dynamic: it goes on expanding and developing with rapid advances. Digital payments and transaction volumes are increasing all over the world.
The modern corporate sector is changing with the growth of the Internet of Things (IoT) and online payment methods. 2019 was an exceptional year in this regard. The same is anticipated this year as well. However, growth comes with a number of challenges: this rapidly growing sector is accompanied by a number of risks resulting in card brand fines.
Here’re the main high risk trends that payment specialists should know so to avoid BRAM & GBPP fines. These abbreviations stand for MasterCard’s Business Risk Assessment and Mitigation and Visa’s Global Brand Protection Program. So, let’s see:
- Get-rich-quick schemes
- Hateful/harmful brands
- Decorative Contact lenses
- Anabolic steroids
- Illicit massages
- Unauthorized aggregation
What’s more, credit card processors should pay special attention to the risks associated with:
- Reputational harm
- Increased risks of chargebacks
- Legal difficulties such as government intervention
In addition, some believe the coronavirus has the potential to make the adoption of digital payments, as well as cash and checks faster.
So, working with a reliable and experienced payment specialist becomes of special importance. Get down to finding a respectable payment processor that provides secure and cheap merchant services, including high risk merchant accounts, so you can grow your business successfully.
As you see, digital payments continue to evolve and become more widespread, thus granting businesses an enormous opportunity for growth. In today’s world of payments, technology is evolving with incredible advances. So, you can’t do without keeping an eye on the current payment trends. However, the payment industry also faces challenges while growing that you should be aware of by all means.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country that offers the cheapest high risk merchant accounts in the industry. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.