To find the right high-risk credit card processor for your risky business, you need to be well equipped with knowledge. This article provides some essential points to help you come up with an exceptionally high-risk merchant account provider.
What to Look for in a High-Risk Merchant Account Provider
A high-risk business is associated with a higher risk of fraud or chargebacks. When applying to a high-risk credit card processor for a merchant account, you’ll be required to fill out an application online.
A reliable high-risk processor can help you accept card payments from your customers securely and easily. But how should you choose a trustworthy high-risk processor?
- Make sure that the processor specializes in your type of business and knows the ins and outs associated with your business.
- Before applying, have all of your business financials arranged by preparing your financial statements, banking records, and tax returns.
- Make sure the payment processor provides proactive support and is always there to help you solve your problems.
- Choose a high-risk payment processor that offers multiple payment solutions so you can meet your business needs.
- Make sure the processor doesn’t have any hidden fees and is honest about processing fees.
- Work with a processor that offers quick and painless onboarding and up-to-date services.
- Pick a processor that provides the highest fraud prevention services, which is especially critical for high-risk accounts since they’re more vulnerable to fraud. This is also true of chargeback prevention.
- Be ready to pay higher fees for a high-risk account as compared to a low-risk one.
- Make sure the processor offers load balancing. As a result, you can spread your transactions across multiple merchant accounts.
Thankfully, there are reputable high-risk merchant account providers like eMerchantBroker.com that are dedicated to offering the most affordable rates and the most advanced security measures for risky businesses.
EMB is a BBB-accredited high-risk processor and merchant funding provider that knows the pain points of high-risk businesses best of all and talks to every single merchant to provide the right processing solutions for his or her business needs.
Choosing a Processor for Your High-Risk Business
When looking for a merchant account provider for your high-risk business, expect to find different pricing and contract terms. With proper knowledge, you make the right choice.