High-Risk Credit Card Processing: What Every Merchant Needs to Know

Oct 13, 2021

Are you in an adult, online gambling, pharmaceuticals, or firearms industry, or in a similar space dealing with higher levels of chargebacks and fraud? If yes, your business is high-risk to banks, and you should think about a high-risk merchant account for your online transactions. Below, you can discover the most important specifics concerning high-risk payment processing and know where you can find the best payment processing for your hard-to-approve business.

Best Payment Processing for Your High-Risk Business

When choosing the best payment processing services for your high-risk business, be aware that not all high-risk merchant account providers are the same. By the way, high-risk merchants are very often interested in merchant account-related costs and an international high-risk payment gateway

Thankfully, a seasoned high-risk specialist like eMerchantBroker.com knows the pain points of hard-to-approve merchants. EMB can help you avoid halting your business activities because of the challenges related to being high risk. Voted the #1 high-risk processor in the U.S., EMB guarantees the best payment processing, including international credit card transactions, with the cheapest possible rates for your high-risk transactions. EMB carries an A+ rating with the BBB.

High-Risk Credit Card Processing You Need

You can’t march towards your goals unless you have the right services for your eCommerce business. Things get worse for those who are in a high-risk industry, especially now when the world is facing the devastating impact of COVID-19. 

Here’s what you can come across:

  • Longer contracts
  • Tiered pricing
  • Chargeback fee
  • Automatic renewal clause
  • Early termination fee
  • Liquidated damages clause
  • Rolling, upfront, or fixed reserves
  • Account freezes or terminations

So, it’s crucial to know who you’re partnering with while running a business. That’s why you should take the key factors into account when opening a high-risk merchant account so you can successfully enter a new stage of your journey. 

  • When applying, know all your company’s needs.
  • Work with a true expert and professional team. 
  • Make sure the high-risk processor supports multiple payment methods.
  • Pay attention to the offered pricing structure and flexibility.
  • Find out whether the processor charges early termination fees and watch out for automatic renewal clauses.
  • Look for exceptional protection techniques against frauds and cybercrimes capable of preventing and immediately catching distrustful activities.
  • Make sure you’re offered superior chargeback protection. 

Key Points to Know About High-Risk Credit Card Processing

Running a high-risk business isn’t easy. To make things less complicated it’s vitally important to work with the right provider of high-risk credit card processing services. Know what key factors to pay attention to when applying. 

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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