In the modern world of business, it’s become so much important to be able to accept credit cards. According to a 2016 survey by one of the payment processors, which included 1.000 consumers, 40% percent chose credit cards as a safe payment method, while 35% selected debit cards. Only 11% percent preferred cash. Consumers’ preference for credit cards grew by 5% over the same survey’s results from 2015, while the results for debit cards fell by 65.
According to Federal Reserve, in 2015, Americans made 33.8 billion credit card transactions (up 3.1 billion from 2012), accounting for $3.16 trillion (up $0.61 trillion since 2012). In 2015, Americans made 69.5 billion debit card payments (up 13 billion from 2012) with a value of $2.56 trillion (up $0.46 trillion from 2012).
To process credit card transactions, it’s critical for merchants to find a reputable payment processor to turn to, and this can be more difficult than you might think of it. Finding a respectable processor can be of a challenge especially for those businesses that are classified as high risk.
The reason why your business is considered as high risk is that it presents higher risks of fraud to the processor. Your business can also be tabbed as high risk if you have bad credit or it caters to customers that present higher risks of fraud. It’s important to note that criteria used for determining whether a business is classified as high risk may vary from processor to processor.
There are a number of businesses such as adult, e-cig, vape shops that are normally classified as high risk. Furniture stores, for example, are also sometimes regarded as high risk because of their large average ticket size. In any case, the high risk nature of your business will make it intimidating to get approved for a merchant account. You’ll end up with higher processing rates and account fees, a long-term contract and an early termination fee. There are cases when you’ll be required to put up a rolling reserve to get approved.
Fortunately, reputable high risk merchant account providers like emerchantbroker.com offer exceptional services to merchants of any type to make it simple to get approved for a high risk merchant account. EMB is voted the #1 high risk processor in the US and has an A+ rating with the BBB. Moreover, EMB is rated A by Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2016. Even your bad credit isn’t a problem for emerchantbroker.com. EMB offers the lowest possible rates in the industry.
When applying for a high risk merchant account, find a reliable and trustworthy high risk specialist to turn to. High risk specialists are ethical, honest, and have years of experience in the high risk sector. Reputable high risk specialists focus on getting you a decent deal on a merchant account.