As one might imagine, there’s a lot of money to be made in high ticket sales of products and services, and getting into the high ticket industry can be a very lucrative option for savvy, aspirational entrepreneurs. After all, in the world of high ticket sales, you don’t necessarily have to sell huge amounts of products in order to make big profits, and a single sale can be worth a lot to your brand.
However, high ticket businesses have a lot of challenges to deal with, and one of the biggest challenges of all is getting a high ticket merchant account. You have to have a high ticket merchant account in order to effectively do high ticket business in today’s world and facilitate online high risk credit card processing, but obtaining these accounts can feel almost impossible at times. Read on to find out all you need to know about high ticket merchant accounts and how to get them.
The term “high ticket” can be applied to a lot of different businesses. An auto repair body shop, for example, may be classed as a high ticket business, due to the fact that it can carry out very expensive repair services on high-end automobiles. At the same time, someone selling advanced sporting equipment to professional teams may also be running a high ticket business, due to the costs of their products.
These businesses can have very different products, services, target audiences, and ways of doing things, but they all have one thing in common: the goods and services they sell come at a high price. This is what high ticket business is all about, and as explained in the introduction, having your own high ticket business and high ticket merchant account can be a great way to make a lot of money in a short amount of time. But what exactly are high ticket merchant accounts?
If you’re running any kind of business in the modern world that receives customer payments via credit or debit card electronically, you need to have a merchant account. These are special types of business accounts that specifically exist to facilitate high risk payment processing electronically, letting a customer make a payment with their card from the comfort of their own home and in total security.
The high ticket merchant account basically acts as a kind of middleman between your business and your clients. The client makes a purchase, for example buying a custom ring on a jeweler’s website. Then, the money they pay goes into the merchant account, where it is held and processed before moving on to your main business account.
A lot of transactions happen online and electronically nowadays, and many high ticket businesses carry out their transactions in this way too. So, if you want to run a high ticket business and be able to make sales of your products and services on the internet, you have to have a high ticket merchant account. But, unfortunately, getting one of these accounts isn’t always easy.
We can clearly see that any high ticket business wanting to keep up with the competition and appeal to the widest possible audience needs to have a high ticket merchant account. But if you speak to your usual bank or payment processor and ask for a high ticket merchant account, you may find that you get rejected time and time again.
This is all because the high ticket industry is seen as a very high risk industry. Banks don’t tend to want to deal with high risk businesses, because this can result in greater risks of fees, losses, and unnecessary issues for them. So, in many cases, if they find out that an applicant is running a high risk business, like a high ticket company, they’ll simply refuse to offer a high ticket merchant account.
Why does this happen? Well, one of the main reasons why the high ticket industry is associated with high risk payment processing is because of the fact that the prices for these kinds of products and services are so high, and that leads to greater chances of both fraud and chargebacks.
When such high-priced items are being bought and sold, it’s more common for customers to make claims against the companies in question and try to get their money back, via a chargeback. This can be a kind of fraud, if the customer is being deceptive, or it may be a case of buyers’ remorse if they aren’t happy with the item or regret spending so much. All of this means that high ticket businesses have to deal with a greater than average number of chargebacks, and banks don’t like that.
Because of the risks of chargebacks and fraud, banks and payment processors often refuse to offer high ticket merchant accounts. So what can you do if you want to set up and run a successful high ticket business, dealing with expensive items and services? Well, there’s no need to worry. It’s still possible to get your own high ticket merchant account, and Shark Processing can help.
At Shark Processing, we have a team of highly experienced specialists in high risk merchant accounts for high risk businesses like yours. We work together with businesses that are often rejected by banks due to their high risk connotations, helping them get the high risk merchant accounts they need, and that includes high ticket merchant accounts, too.
We can help you get your own high ticket merchant account to get your high ticket business off the ground. We offer competitive rates and a fair, fast approval process for applications, as well as all the benefits of our extensive network of trusted banks and payment processors located all over the world. Get in touch today to find out more about our high ticket merchant account services.