High Risk Merchant Account | Where Do We Start?

Jun 25, 2018

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.

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 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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