How can something as simple as furniture be a high-risk sector in the world of payments?

A question we get asked several times a week by furniture retailers looking to gain a merchant account for their business. On this page we will do our best to reveal all as to why acquirers and payment providers view this sector to be a little on the risky side.

Furniture, everyone has it, it holds no risk to everyday people so why is it a high-risk sector in the world of merchant accounts?

Well – If you own a furniture store where there is no lead times and customers walk in and take the goods after paying on card, the truth is that these businesses are NOT high risk and you should be able to obtain a merchant account to accept card payments very easily.

Furniture only becomes a high-risk sector for card payments when there is a delay in receiving the goods or if there is a deposit payment that is required.

You see, if a consumer is asked to pay 50% deposit for their brand-new sparkly sofa but they must wait 4/8 weeks to receive the goods, the acquirer is sitting in the risk seat for this deposit if anything terrible were to happen to this business in the meantime. In layman’s terms – if this retailer went bust the acquirer bank would have to stump up the deposit money via what is called a chargeback instigated by the merchant through the Visa and Mastercard rails. It’s a very similar story in the world of Travel and the sad affair we saw with Thomas Cook back in 2019 where thousands of people had their holidays and flights cancelled and had to claim their money back through Chargebacks.
Furniture retailers and websites are a little easier for us to get approved for a merchant account than some of the other high-risk sectors we have such as CBDAdultGamingGambling as we have more banks at our disposal that are prepared to look at furniture merchant accounts.

But before you start your application to start taking card payments for your furniture business here are some things for you to know or consider before getting started:

If you think that you have all of the above in place and you are ready to start with your application for a furniture merchant account then get in touch today by calling on +44 7469 753122 or filling out the form below.

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