A High-Risk Merchant Account Effectively Develops Your Business Globally

Oct 30, 2019

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.

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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