With businesses trading in a variety of high-risk industry sectors, it is often difficult to secure payment solutions and get approval from credit card processors. However this is all about to change as new players come into the market to disrupt the traditional model.
In 2020, the digital payments market is forecast to grow to over $5.4 billion – and following the pandemic, more people are moving towards digital transactions through forex merchant accounts, travel and bitcoin trading accounts among others. But for businesses, the regulatory hurdles of implementing a transactional offer for their customers in a variety of sectors is not always easy, but there are disruptors coming into the market that are about to change all that.
IPayTotal is one of those industry disruptors that provides businesses which are deemed as “high-risk merchants” with effective credit card processing solutions thanks to its partnership with many leading payment processing companies and banks. Considered to have one of the best high-risk merchant account offers in 2020, the company has been growing its international footprint in many international markets including the UK.
Often, businesses find that they have to go through stringent hurdles to set up payment solutions within a number of high-risk industries, and don’t get approved by high street banks and building societies – despite their legitimate business model.
This is no longer a problem as a new kind of finance model is emerging where businesses can receive approval for merchant accounts with the help of a personalised partner. In the case of IPayTotal, the business model is proving popular among UK startups and SMEs with the company able to get 99% of its applicants approved for forex merchant accounts, travel merchant accounts and companies trading with bitcoin. The company works with businesses as a sales partner – helping them to secure merchant accounts and processing solutions for more difficult industries where extra scrutiny and industry regulation is required – often leading to long delays for businesses eager to start trading in new markets.
Like many British startups looking at crypto-currencies and other types of digital currencies, there are hurdles in the marketplace making it difficult to sell a product and accept these types of payments.
However with companies like IPayTotal, businesses can now access these new markets with the help of merchant accounts that accept crypto-processing as well as offshore banking solutions integrated into one international payment gateway for all their transactions.
While it may be early days for digital currencies, the trend towards a transaction based society with digital-only payments means that businesses which choose to adopt a digital-first approach to payments will secure more revenue in the future.
And some of the major tech companies including Apple and Google saw this opportunity early on, introducing Apple Pay and Google Pay as an answer to that growing opportunity to provide consumers with more options.
Is your business operating in a high-risk industry or struggling to secure online merchant accounts for payments? Share your experiences with us: @BritainDailyHQ