What do the following industries have in common: e-cigarettes, sports betting, online firearms, and cannabis? All these industries fall under the high risk category. These industries typically need to ensure that they are in compliance with local, state, and federal laws. Compliance can usually translate into extra costs for all types of “compliance-related resources”.
What Does It Mean To Be Categorized As High Risk?
Each merchant account provider has its own guidelines to determine whether a business is considered high risk. Where one provider may consider you high risk, others may not. Therefore it is best to check with that particular provider. There are some risk factors that providers use to determine whether you fall into the high risk merchant category. Here are a few listed below:
- You lost your last merchant account due to an unusually high chargeback ratio.
- Marketing and sales tactics are questionable.
- Potential for legal and financial liability.
- Poor personal credit.
- You are in an industry with an excess of chargebacks or fraud.
- Inadequate credit card processing.
- You’ve been marked as a terminated merchant (TMF)
What Options For Payment Processing Do High Risk Merchants Have?
As a high risk merchant, you will typically face an uphill battle when it comes to securing a traditional merchant account provider. To begin with, the fact that you are considered high risk greatly limits your options. Most traditional merchant account providers and banks will not welcome high risk merchants into their client portfolio. Doing so would mean taking on great risk financially and potentially damaging their reputation. Therefore, the only viable option that high risk merchants have is to seek the expertise of a high risk merchant account provider.
By partnering up with a high risk merchant account provider, you are gaining so much more. First of all, if you take time to research, you can find a reputable high risk merchant account provider who is familiar with the high risk industry and all of its regulations. They are prepared to manage chargebacks, and best of all, it is their desire to see high risk industries succeed.
That’s why you don’t have to look further than partnering with eMerchantBroker.com or EMB. EMB specializes in all industries that are considered high risk. Some of the high risk industries they have worked with include: tech support, gaming, e-cigarettes, adult entertainment, nutraceuticals, gambling, and airlines, among others.
EMB offers many credit and debit processing options through various ways including: mail, retail, phone orders, as well as online. Additionally, they can help you accept checks and ACH debit payments.
Again, since EMB specializes in the high risk industry, it is more than equipped to handle chargebacks. EMB has partnered up with Verifi in order to take advantage of the CardHolder Dispute Resolution Network. It has also partnered up with Ethoca in order to get chargeback alerts. With the power of this partnership, EMB will help you not only manage and resolve chargebacks, but to also prevent the loss of funds.
These are just some of the features and benefits that you will be receiving when you decide to work with EMB. The process couldn’t be easier. Simply fill out an online application. They won’t guarantee approval, but do promise a seamless and honest application process. The decision will also be quick, usually around 24 hours. Contact EMB today to begin your journey with a partnership that could change the course of your business.
Final Thoughts
Although high risk industries are usually bypassed by traditional providers and banks, it should not be the end of your business. As many high risk industries continue to grow in their respective fields, many high risk merchant providers have answered the call to help these businesses have a fighting chance.