Being a competitive merchant means providing your customers with a variety of secure payment options. In a world where cash is no longer king, credit and debit card processing takes priority for any business. But, businesses also need to consider processing transactions through PayPal, eWallets, transfers, cryptocurrency and other options as they become more in demand.
In order to do this, your business requires a merchant account. Unfortunately, if you’re in a high-risk industry, obtaining a merchant account can be easier said than done.
What’s a high-risk business? While the nature of high-risk can often be pinpointed based on industry, such as CBD products, adult entertainment, and gambling, banks even label more mainstream businesses such as travel agencies, debt consolidators, and educational seminars as high-risk.
High-risk refers to the financial risk involved for the institution in order to process the transactions. This can include the risk of fraud or identity theft, chargebacks, and transactions that involve a large sum of money.
Based on these criteria, traditional banks and merchant account processors will typically deny high-risk businesses when they apply for merchant accounts. Even businesses with a good reputation and a long history of solid transactions may be denied.
Many businesses are unsure what to do after they’ve been turned down for a merchant account. After all, being unable to process cards and online payments can severely impact their ability to do business. This is where high-risk merchant account specialists can make all of the difference.
High-Risk Merchant Accounts
Companies that specialize in high-risk merchant accounts can enable your company to perform business in markets that you never thought possible before, including through online storefronts and internationally.
With a merchant account, you have the potential to reach customers from all around the world, increasing your profits and exposure.
High-risk merchant account specialists such as EMB will work within their vast networks to ensure that your application for a merchant account is processed quickly while securing you the best services.
This allows you to grow your business the way that’s right for you, with the products and services that you’ve deemed important.
High-risk merchant account specialists can also offer their expertise to help you navigate your options to find the one that’s best suited for your business and industry.
High-risk merchant account accounts are also more secure than traditional bank accounts because providers want to protect both themselves and you from fraud and chargebacks. Their multi-layer security systems ensure that your business has a higher level of protection through every step of the transaction.
Specialists such as EMB can also offer ACH processing, secure payment gateways, integrated fraud protection, and chargeback mitigation programs.
In order to process your application for a high-risk merchant account, most processors only require a valid ID, a bank letter or voided check, a secure and working website, three months of bank statements, three months of your most recent processing statements when applicable, an SSN or EIN, and a chargeback ratio that’s less than 2%.
Most eligible merchants are approved within 24 to 48 hours, making it quick and easy to start processing payments as soon as possible.