Introduction
One of the most important things that you will know is that, one of the world’s famous ecommerce platforms is Shopify. It at present has a 4.4 million live websites across the world. While it is a fact that, Shopify doesn’t offer high-risk merchant account, but they offer a 3rd party payment integration, allowing store owners to partner with high-risk merchant account providers. You can also look here for more details on, high risk payment processors shopify & broaden your horizons for the same. Another thing, that you will know about Shopify is that, the popularity results from its easy-to-use design & all-inclusive approach to selling online.
Web Building
Besides all of that, Shopify also offers web-building, app integration, in-house payment processing solutions, & distinct other tools, which makes it plain for online business owners without any experience in technology to develop world class online stores. However, Shopify payments processing platform (Stripe) is the one that does not support high-risk businesses, restricting many merchants from doing card transaction online. Shopify also classifies businesses as high risk. Continue reading to know more on it. Shopifty has a wide range of businesses classified as high-risk. Most of the regulated industries like tobacco, cannabis, and also, firearms come into this category.
What Can Shopify Suspect
Moreover, if Shopify suspects that you or your company is engaged in fraud, and that too on its platform, then they will suspend your account and also, restrict your access to funds on Shopify payments. If you are using Shopify or Shopify payments then, your business is at the mercy of T&C of the Shopify, subjecting you to closure of account or even suspension without warning. Now, let’s know more in depth about Shopify payments and high-risk merchants. One of the most important things that you need to know is that, Shopify doesn’t partner with high-risk merchants.
High Risk Merchants & Shopify
Shopify payments do not work with businesses that are high-risk. It becomes challenging for business owners to access native credit card processing. Besides all of that, Shopify’s definition of high-risk business is pretty broad, businesses such as telemedicine providers, tobacco suppliers, online currency platforms, as well as many other business kinds are prohibited. Most of the businesses that are high risk can still use Shopify without Shopify payments capabilities. Therefore, partnering with a 3rd party payment processor helps business cross Shopify’s stringent rules for processing transfer online. In short, or other words, if you need a high-risk merchant account on Shopify – then you will need to look for 3rd party payment processor. It is also important that you understand the payments T&C of Shopify. Shopify T&C covers the following – payment methods offered, restricted uses, taxes, fees you can impose on customers, data security, payment network rules, registration process, prohibited business types and so on.
