The Advantages of a High Risk Merchant Account

Jun 26, 2017

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 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.

  1. 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.

  1. 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.

  1. 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.

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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