High Risk Merchant Account WooCommerce
July 23, 2023
The trend of selling products or services online is continually increasing. In fact, ecommerce sales are expected to exceed $500 billion by 2022. All of these businesses need a high risk merchant account for WooCommerce and other major online sales platforms.
WooCommerce High Risk Merchant Account
WooCommerce is an ecommerce plugin for WordPress that is open source. It was created for startups to established online merchants running their websites on WordPress. These merchants need a WooCommerce high risk merchant account in order to accept payments online.
The simplicity of use and ease of customization of the WooCommerce plugin made it popular. Reasons for the surge of popularity in selling products online has to do with several factors. Firstly, technology continues to grow at rapid speeds. Website technology and new online platforms keep being created and adopted. On top of that, smartphones are now a staple for most people, which allows everyone to easily browse and purchase goods and services online from anywhere.
High Risk Industry Qualifiers
There are several factors that qualify a business to be labeled by banks and financial institutions as “high risk.” From industry type to federal regulations, high risk payment processors determine the conditions that put a business at a higher risk than others.
Here’s a list of some of the most common high risk industries that WooCommerce entrepreneurs would need a high risk merchant account:
- CBD and Hemp
- Subscription Boxes
- Credit Repair
- Online Dating
- Fantasy Sports
- Pawn Shops
- Vapes and E-Cigs
- Online Gaming
WooCommerce Payment Gateway
It’s no surprise why so many online business owners are in search of a WooCommerce payment gateway. Ecommerce, as a whole, is growing rapidly all over the world. Additionally, WooCommerce has been download more than 39 million times and is active on over three million business’s websites.
Clearly WooCommerce is a major platform when it comes to selling products online. In 2015, some statistics showed that Woocommerce made up more than 30% of all stores built on WordPress. So, keeping up with the top ecommerce trends can help you build advanced strategies that will help set you up for online success.
Payment Processing for WooCommerce
Have other payment processing providers for WooCommerce turned down your ability to accept credit cards?
The reason is likely because your products or services are not acceptable under their policies. The business must be considered as high risk. However, there’s no need to worry. There are many processors who offer sustainable payment solutions for companies that are high risk or have products that are more difficult to sell normally.
Ecommerce High Risk Merchant Account Approval
WooCommerce is favored specifically by high risk merchants. The reason is because this ecommerce plugin is able to connect a large variety of merchant accounts and payment gateways from many different providers. For high risk businesses, this empowers them to find a merchant account provider that has payment solutions specific to their industry.
Additionally, credit card processors are able to leverage a business’s sales volume to lower rates and fees. PayKings is experienced in working with major ecommerce platforms and getting online high risk merchants payment processing solutions.
July 23, 2023 | Merchants | Guest Post