High risk merchants are well aware that getting the right merchant account is far away from being simple. Traditional banks and most other financial institutions aren’t willing to provide payment processing for industries classified as high risk. So how are you going to obtain a high risk merchant account easily? What is high risk payment processing? Just read below and you’ll know.
High Risk Merchant Account
Overall, the landscape of high risk eCommerce is undergoing constant changes all the time. Why your merchant account is labeled as high risk? Well, there’re several traits that define a merchant account as high risk.
Today, high risk merchant accounts are classified as high risk due to several reasons. So, let’s discuss some important points that can put you under the high risk category:
- Online or card-not-present (CNP) businesses are high risk. Why? They are associated with fraud more than card-present (CP) businesses.
- Industries that deal with a high rate of chargebacks and returns are high risk. These include tech support, subscriptions with free trials, and more.
- Businesses related to adult/emotional content, gambling, etc. are high risk because of reputation concerns.
- The lack of credit card processing history is another factor.
- High cost such as timeshares or airline tickets can also put you under the high risk category.
- Subscription-based products/services including online dating or magazines.
- If you’ve suffered a terminated merchant account by a bank, you may also fall under the high risk category.
- Flawed, imperfect credit, bankruptcy are other factors.
- High volume businesses are also high risk. Nutraceuticals are an example.
- You may be regarded as high risk because of the country or specific region you’re targeting.
Are You High Risk? What Can You Do?
Are you a high risk merchant? What options do you have? Are you planning to turn to get an offshore merchant account as one of the ways out? Be aware that based on your risk profile, meaning your credit card processing history, industry type, payment methods, you may face fewer tax restrictions by getting an offshore merchant account.
Overall, if you’re not in a traditional brick and mortar business, you should be well aware of the risks involved with the high risk industry and reasons why your merchant account may be shut down. One of the most crucial steps you can take is to find a reliable and experience payment processor to work with.
Consider applying to eMerchantBroker.com, the #1 high risk credit card processing company in the US. EMB carries an A+ rating with the BBB and an A rating with Card Payment Options. With acquiring banking partners overseas, eMerchantBroker.com offers many diverse banking solutions, including both domestic and offshore high risk merchant processing.
EMB knows best of all what your high risk business needs. EMB talks to each business owner to make sure he/she gets the best for his/her own specific business wants and needs. With EMB’s offshore and international banks, you can go with payment processing solutions that will allow you to accept multiple currencies and expand your businesses without challenges.
eMerchnatBroker.com offers high risk merchant accounts to merchants of any type and size. You can enjoy fast approvals, domestic and offshore banking and live support with EMB.
No matter you’re selling designer shoes or downloads of digital music singles, you can’t do without merchant account services. If you want to accept credit or debit card payments from customers, you should do your best to obtain a valid, secure merchant account.
If you don’t have such financial account that enables money to be transferred from card issuing banks to merchants’ business bank accounts, you can’t work online. So, be well informed about what you should do and find a respectable high risk merchant services provider to turn to. Get your high risk merchant account and start accepting credit cards online so to take your business to the next level.