Online Financial Firms In Demand Among High-Risk Businesses

Jul 24, 2020

High risk businesses have plenty of challenges when opening up their business. There are regulations to adhere to, they need to protect themselves from chargebacks and fraud, and they need to find a reliable merchant account provider, when most traditional banks and processors will not give them the time of day.

The good thing about our modern times is that innovation in technology is always evolving. Therefore, just as there are high risk merchants desperate for trustworthy, reputable, and knowledgeable merchant account providers, more and more merchant account providers are stepping up and providing top-notch comprehensive services.

Benefits Of A High Risk Merchant Account

There are many reasons why a high risk merchant account makes sense for high risk merchants. Perhaps they have not had a stellar credit in the past, such as defaulting on a bank loan. Or they have simply fallen on financial hardship such as being trapped in considerable debt. While most traditional banks will avoid high risk merchants like the plague, high risk merchant accounts are more lenient in that these accounts can help financially struggling companies stand strong again. By acquiring a high risk merchant account, these businesses have another opportunity to get things right and become profitable.

As a high risk merchant, your industry is likely to pose a risk to you and your customers, however, a high risk merchant account provider is equipped to handle the risk and equip you to guard yourself as well. 

An additional benefit is that high risk merchant accounts allow the merchant to accept many different forms of payment. This of course is highly beneficial as it can appeal to more customers. Customers are likely to shop with merchants who offer flexibility in the number of payment methods.

Finally, and most importantly, a high risk merchant account will be an instrumental partnership in the protection against chargebacks. High risk merchant account providers have every protection in place to avoid these fraudulent attacks. In many occasions, the provider will simply ask the merchant to open up a reserve fund, in which to cover the chargebacks. The amount of the fund is based on a “predetermined percentage” of your company’s monthly average sales.

EMB Can Handle All Of Your High Risk Processing Needs

EMB or is a leading high risk merchant account provider whose specialty is high risk businesses. They are equipped to process credit and debit cards via retail, mail, phone orders, and of course online. Not only do their offerings include affordable, reliable, and safe credit card processing, but they also provide ACH processing, its own secure payment gateway, crucial chargeback mitigation programs, integrated fraud protection, and so much more.  It’s everything you need to run a safe and secure online business, all in one package.  What more can you ask for?

The process to apply for a high risk merchant account could not be simpler. Just fill out the online application. Although you are not guaranteed approval, you will have a completely honest and transparent application process. You will receive your answer in 24 hours. Once you have been approved, one of their knowledgeable sales representatives will help you set up your merchant account. 

More Options Available For High Risk Businesses

Long gone are the days where high risk merchants were scrambling to find a reputable high risk merchant account provider, only to be sucked into draconian contracts, exorbitant fees, and other unfair practices. Today, more high risk merchants have a choice. They can do their due diligence to separate the wheat from the chaff and partner up with a stellar merchant account provider that will support them on their journey.

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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