High Risk Payment Processors Are Trusted By Businesses

Jan 21, 2022

High-risk merchants face many challenges. Depending on the industry they serve, they may grapple with unusually high rates of chargebacks, friendly fraud, missed or late payments, just to name a few. All of these issues can lead to higher than average fees and require more time and energy from payment processors to successfully manage these high risk merchant accounts

These are just some of the reasons why both payment processors and financial institutions choose to simply avoid these types of businesses. They would rather just steer clear of all the risks associated with these businesses. 

At the end of the day, high-risk merchants need to find a reliable payment processing solution that will allow them to get paid on a consistent basis, safely, and on time by clients. It is only by securing a solid payment service provider that a high risk merchant can have seamless payments, optimizing business growth, and potentially boosting their profit margin.

Why A High-Risk Merchant Account?

As previously mentioned, high-risk merchants have to contend with a variety of issues, making themselves a less-than-attractive client for most payment processors. Another stumbling block that high-risk merchants must avoid are the unsavory, opportunistic high-risk payment processors that promise to rescue desperate high-risk merchants from potential failure. 

Unfortunately, this bail outcomes with a price. These costs come in the form of charging very steep rates, unfair if not abusive contract terms, and just overly marked-up prices for their services. 

What high-risk merchants need is a high-risk merchant account provider that understands the industry well. A high-risk merchant account is a necessary payment processing solution that is well-equipped to handle the higher risk for chargebacks, fraud, or a significantly higher volume of returns.

Although high-risk merchants do pay a higher amount of fees across the board for services, it should only be higher than the average, low-risk merchant account. 

Not Just A Contract But A Partnership

It’s easy to search Google and find high-risk merchant account providers with the highest reviews. It should not end here.

High-risk merchants should approach the search for the best high-risk merchant account provider with a more strategic plan.  Keep in mind that your payment provider is not just another service provider to make your business work and help you bring in revenue. It should be a mutually beneficial and collaborative arrangement.

Also, don’t be lured by who offers the best price point. Most high-risk payment providers use custom pricing to best suit your business needs and risk factors. It would be greatly beneficial if you take the time to book a consultation with the company’s representative to fully discuss these details.

In addition to price, other points of discussion during your first meeting should cover the following:

  • What type of experience does the provider have with your vertical and what type of support should you expect to receive during this partnership?
  • How long can you expect to wait to access your funds?
  • Will there be a reserve requirement?
  • Under what conditions can your terms of agreement change? If for example, your chargebacks supersede a predetermined threshold, are you required to pay higher fees?

All of these aforementioned details should be discussed thoroughly before a single application is submitted. 

Choose The Best Provider For Your Business

As there are many high-risk payment processors out in the market today, do not be lured by slick marketing tactics that can bind you to an unfavorable partnership. The right provider will have many years of experience dealing with your vertical, have the best banking partnerships to ensure the right fit, and offer the best customer service. 

All of these components will ensure that you will be paid on time, safely, and have peace of mind. This is the best partnership a high-risk merchant can have.

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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