In the modern world of business, you cannot do without a merchant account to successfully run and grow your business. Below you can read some important issues related to finding a processor and opening a merchant account for your business if you’re classified as high risk.
If you’re looking for a payment processor to open a merchant account for your business, you need to decide whether to apply for a domestic or offshore merchant account. This is an extremely important issue for a high-risk business, which could have a major impact on the merchant’s long-term credit card processing prospects.
On the one hand, choosing an offshore merchant account means you should pay much higher processing fees. On the other hand, applying for a domestic one and enjoying all of its benefits may prove to be a short-term experience since soon your processor could find the risks associated with your industry unacceptable.
So how to make the right choice?
With almost all high-risk processors, there is a lower limit on the processing volumes of the merchants they would consider working with. That limit doesn’t refer to well-established merchants, the ones that have been running their business for years. However, with emerchantbroker.com, the #1 high risk processor in the US, merchants of any type and size can easily get approved for high-risk merchant accounts.
Businesses with years of experience and, importantly, volume realize how crucial it is to keep decline and chargeback rates as low as possible. If you, as an experienced business, can keep these under control, and if you aren’t categorized as “unqualified” by Visa and MasterCard, you should apply for a domestic merchant account and you’ll be able to find a processor without any challenge.
In case, you are classified as “unqualified”, you should apply for an offshore merchant account. However, EMB, a reputable high risk merchant services provider, has helped thousands of “hard-to-approve” merchants get a domestic merchant account without challenges.
When it comes to businesses that are new, an offshore account wouldn’t be the right option as inexperience and lack of existing volume would disqualify you immediately. However, if you’re not black-listed, chances are you can find a processor that won’t mind working with you.
The application process would differ from what low-risk businesses go through, with some minor additions like requests for financial statements and tax returns. If there aren’t any problems with your paperwork, you’ll be approved for a merchant account. Be aware, there are cases when the processor decides that the given business is too high-risk and gives a termination notice.
Turning to EMB, which is rated A+ by the BBB and A by Card Payment Options, you can get the lowest possible rates and the best services in your high-risk industry.