High risk businesses find it difficult to get approved for a merchant account from traditional banks and other financial institutions. Banks and most payment processors usually shy away from high risk businesses because of the risks and higher chargeback rates associated with this type of businesses.
High Risk Merchant Accounts from EMB
Fortunately, there are reputable payment processors like merchantbroker.com that specialize in the high risk sector and offer the best merchant account services and most competitive rates in the industry. EMB is voted the #1 high risk processor in the US and boasts an A+ rating with the BBB. EMB is rated A by Card Payment Options and is named one of Inc. 500’s Fastest Growing Companies of 2016. With EMB, you can get a reliable and low-cost high risk merchant account for your business.
EMB has years of experience in the electronic payments industry and has helped thousands of “hard to approve” merchants get a domestic merchant account. EMB’s full suite of electronic payment processing solutions guarantees virtually any merchant can accept credit cards and checks electronically. EMB offers:
- Fast approvals in 24 – 48 hours
- No setup fees for most merchants
- High Risk merchants approved
- High volume solutions: load balancing gateways and multiple MIDS
- Chargeback protection and chargeback prevention programs available
- iCheck Check Processing service, featuring quick payments
Chargebacks are a major problem for high risk merchants and are one of the main factors in lowered approval ratings. EMB has partnered with Ethoca and Verifi to make chargebacks a thing of the past.
High Risk Merchant Account Benefits
High risk merchant accounts come with a number of benefits. Below you can find 3 high risk merchant account benefits.
- Lower Risk of Account Termination
Low risk merchant accounts have their own risks. If the merchant account owner deals with too many chargebacks, the account can be terminated. As for high risk merchant accounts, the provider already knows the risks behind the account. When a chargeback happens or a fraudulent card is used, the provider has the company take some measures to prevent fraud.
- Better Security Measures
High risk merchant accounts use reliable detection techniques during the transaction process to determine if the card is legitimate. These techniques help protect the business, the merchant provider, and the card’s original owner from theft.
- Access to Larger Markets
Opening up a high risk merchant account allows to create a website for sales online and over the phone. Such website can serve as a virtual catalog for offering products to anyone with an internet connection. Without a website, a business can reach larger markets and will restrict itself to a local market.
Being a high risk business doesn’t mean you can have any benefits. High risk merchant accounts boast several benefits that are important for your business and can help you grow and increase profits.