Some of the Most Interesting Businesses Are High Risk

Apr 14, 2015

If credit and debit cards were accepted 2,500 years ago and you told a psychic or astrologer that their account would be high risk you may have been laughed right out of the village. Astrology was accepted into daily lives as early as civilizations in Mesopotamia, and with the Aztecs, Romans and Greeks. To these early people high risk may have meant signing an agreement when Mercury was in retrograde.  Times change and the use and respect for psychics and astrologers along with it. This is why you need a high risk specialist for an astrology or psychic merchant account.

In defense of the credit card industry, if you choose to defend them, there have been a host of ‘charlatans’ in the last century or so that provided entertainment in the traveling circuses. You also had the crooked gypsy fortune tellers or psychics that would go from town to town and squeeze money out of unsuspecting clients. Every industry has its problem children and the area of psychics and astrologers are no different.

Even if the merchant is set up for entertainment purposes only, he is considered high risk. He may not be promoting himself as Nostradamus, but the banks and traditional credit card processors do not care. They are only interested in the risk level and there are high numbers of chargebacks with these accounts. A customer may call an on-line site or take a membership where the daily horoscope is emailed. The customer does not like what the service is telling him so he says they are selling the wrong information or advertised their words to be the absolute truth. There are many examples of why a customer would say he has been cheated.

So where does this leave the legitimate psychic or astrologer? Are they destined to accept cash and checks forever? They just need the help of a high risk specialist like E-Merchant Brokers that opens astrology and psychic merchant accounts every week of the year. If the merchant keeps the chargebacks under a 3% threshold, there are no problems. There are also services offered that can help with keeping chargebacks lower.

For a high risk merchant there is no risk is applying for an account. There is never an application fee and approval can be as quick as within 72 hours. Funds are generally in your checking account in one business day. And the processing rates are some of the lowest in the high risk industry. Also, the merchant is not required to have his own Visa and MasterCard license.

If you are seriously considering an astrology or psychic merchant account do not look to the stars. Look to EMB. For quick approval, contact us today. 

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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