While the high-risk merchant accounts can be beneficial for online sales and other things, they might not be the same as the regular accounts. But, to know how much the high-risk merchant account in firearms differs from the regular accounts, check out this blog for details.

More Payment Processing Fees

A competitive payment processing fee for regular accounts can be very low compared to the high-risk accounts. However, the actual fees might vary from one company to another. Some might have lesser fees, while others can have increased fees.

Longer Application Procedure

A standard small business account might get approved very quickly, while getting approval for a high-risk merchant account takes a lot of time. The high-risk merchant accounts are asked to provide more details about their business, and they might have to provide bank statements and check their personal credit.

Higher Chargeback Fees

When the customer raises a dispute, the businesses will have to pay a higher chargeback fee if the account is a higher-risk merchant account.

Cash Reserve Needs

The payment processor might hold some cash portions of the business as a hedge. The cash reserve requirements are mostly baked into the payment processes.

Conclusion

High-risk merchant accounts in firearms might face difficulties in getting approval. However, BKW Servicing is always on its way to providing the best services for these accounts. You can always trust them for high-risk merchant accounts and get approval very quickly.