Getting a Credit Card Processor for a High Risk Business

Aug 18, 2022

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 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. 

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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