3 Things You Should Know About High Risk Credit Card Processors

Sep 29, 2020

Launching a new business venture requires capital – and lots of it. Cash is needed to get things moving, hire the right team, purchase inventory, pay the bills and cover payroll. No business can operate successfully without adequate cash flow and a cash reserve. For the rapidly growing business, this is even more true.

But when your industry is considered high risk, finding additional capital isn’t easy. Most traditional lenders will consider your business too much trouble to work with and turn you away. If you are able to find a traditional provider willing to offer funding, you will face higher rates and additional terms and conditions.

Volatile revenue, poor cash reserves, bad credit, excessive chargebacks and limited financial history are just a few of the reasons you might be considered high risk. This makes it especially difficult for certain industries to secure payment processing services, including online dating, supplements, auction, firearms, tech support, telemarketers, travel, credit repair and web-hosting, among many others.

High Risk Payment Processor

So what is the solution? A high risk payment processor. A high risk credit card processor specializes in working with businesses considered high risk. Through their services, your business can secure the high risk merchant account it needs to easily accept your customers’ credit card payments. If they are a full service provider, like EMerchantBroker.com, you can also secure additional services that will help you operate even more efficiently and easily scale your business.

Here are just a few of the benefits and things you should know about working with a high risk credit card processor:

  1. Protection against chargebacks

One of the biggest benefits of partnering with a high risk merchant account provider is that you gain protection against chargebacks. When a chargeback does occur, protections are in place that protect against fraudulent behaviors and help you address them quickly. In most cases, your provider will have you set up an account as a reserve fund, so chargebacks can be drawn from this account.

  1. Streamlined set-up process

Time is money, especially for the high risk business. If a traditional provider will work with you, the process involves weeks – if not months – of seemingly endless paperwork and requirements. The advantage of working with a high risk provider is that the process is fast, simple and hassle-free. With minimal paperwork, you can have a merchant account set up in as little as 24 hours.

  1. Multiple payment options

Customers today seek convenience and options. If your business is hoping to really make a splash online and grow a digital presence, you’re going to need to create a way that they can pay for your products and services easily – this includes offering them multiple payment processing options. A high risk provider will be able to help you accept the payment processing options your customers prefer.

Our team at EMerchantBroker.com has significant experience in working with high-risk merchants, and maintains a positive reputation thanks to our fair, customized pricing options and quality customer services. As a BBB Accredited Business with an A+ rating, merchants always feel confident working with us. We believe every business deserves a chance to thrive.

Our support staff is available 24 hours per day. If you need to secure high risk credit card processing for your business, don’t hesitate. Start the process today.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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