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Navigating High-Risk Merchant Accounts in Indonesia: Key Considerations

Indonesia is a country that has an enormous amount of opportunity for businesses in the upcoming years. Being the largest economy in the Southeast Asian region, the country presents countless opportunities for businesses to grow, especially in the financial sector. According to a new report, the digital economy in Southeast Asia was worth more than $200 billion in 2022, and Indonesia was the main contributor to this growth with a contribution of $77 billion in 2022. Because of the increasing cashless payment adoption rate in the country, which is more than 90%. And when you talk about the digital economy and cashless transactions, merchant accounts automatically become an important part of the conversation. Without a merchant account, businesses can’t accept digital payments. But for some businesses, having a merchant account is not enough to accept online payments; they need a specialized or high-risk merchant account.

Because those businesses are considered high-risk by banks and payment processors, they need a specialized merchant account to mitigate the risk associated with them and securely transfer funds. But finding a decent high-risk account is not an easy task, especially in the Indonesian market, where countless service providers are available, but "if you know what you want, you can easily get your desired thing." Considering the prior quote, finding a high-risk merchant account in Indonesia can be quite easy. If you know what you have to consider while choosing a merchant account for a high-risk business. 

What is a High-Risk Merchant Account? 

A high-risk merchant account is a specialized business account for high-risk payment processing solutions designed for businesses operating in industries with increased risk levels, such as online gaming, adult entertainment, and dating websites. It is responsible for secure and reliable payment processing while managing potential chargebacks and fraud.

Considerable Points When Selecting a High-risk Merchant Account in Indonesia

There are several considerable points to consider when selecting a merchant account in Indonesia, a few of which are mentioned here: 

Payment Options

If you are willing to get a merchant account, then the first thing you have to consider is the payment options that will be used for transferring funds. And from an Indonesian merchant’s point of view, a merchant account must have the option of local digital wallets because e-wallets are the most popular payment option in the country, accounting for 39% of e-commerce payments and 28% of POS sales. Considering this fact, merchants looking for a high-risk merchant account in Indonesia have to keep a sharp eye on the payment options provided by the service provider.

Chargeback Protection

If a merchant is looking for a high-risk account, then an evaluation of chargeback management becomes necessary, given the fact that high-risk businesses have increased chances of friendly fraud.

Data Security And Fraud Prevention Measures

Having a merchant account with top-notch security features is not a luxury but a necessity because of the country's cyber security landscape. Indonesia is regarded as the most dangerous country in Southeast Asia, regarding the danger posed by internet surfing. The nation faced more than 11.8 million cyberattacks in the first quarter of 2022. The situation becomes worse considering the vulnerability of high-risk businesses to online fraud. Hence, it becomes a necessity for Indonesian merchants to consider a merchant account with encryption technology, 3D secure transactions, and tokenization methods for secure transactions. 

Industry Compliance            

High-risk businesses are always subject to industry-related compliance. Therefore, a merchant account provider for such businesses should comply with the related industry regulatory authority in Indonesia for a legitimate business operation. 

Final Words

Being an Indonesian merchant, you have to consider the trends of the local market, as they can affect your business directly. This is why, when choosing a high-risk merchant account in Indonesia, always consider factors like customer support, available currencies, and banking network, but also consider the local market’s trends like the availability of popular payment options, industry compliance, and security measures. So that you can accept payment in a faster and safer manner.

Visit us at: High risk merchant credit card processing

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