Have you had your merchant account shut down because your provider suddenly felt that your business was “high risk”? Never fear…you are definitely not the only one. Thankfully, traditional providers are not the only option you have. Alternative lenders – like EMerchantBorker.com – specialize in working with business types considered to be “high risk”. A high risk specialist is more than willing to offer you the payment processing solutions and business funding you need.
So how does the process work? After you’ve failed to acquire or have had your merchant account shut down by a traditional, low risk provider, you will begin your search for a new partner. You need to research which provider can offer you the best options and solutions – ones that meet your business’ specific and unique needs. For example, a high risk merchant’s biggest concern is chargebacks.
In working with a high risk specialist, you need to make sure they address each of your concerns specifically and match each one with a solution. EMB, for example, has partnered with Verifi and Ethoca’s Alert System to offer merchants an industry leading Chargeback Protection and Prevention program. Verifi reduces the risks involved by improving chargeback prevention and combating fraud – all while not affecting customers and sales. In addition, Ethoca’s Alert System reduces card-not-present fraud. A bridge is created between the merchant and the card issuing banks, placing the power back in the hands of the merchant so you can prevent chargebacks.
A high risk provider that is also a full service provider – like EMB – can also offer you a high risk merchant account, business funding and electronic check processing (iCheck) solutions. Other advantages of working with an alternative provider is the simple, hassle-free application process. Banks require seemingly endless amounts of documentation, only to later find out that you’ve been turned down. With EMB, on the other hand, there are minimal documentation requirements, and merchants hear back in as little as 24-48 hours.
If you’ve lost you merchant account and are now struggling to find another option, consider what working with a high risk account specialist can do for you. You just might find a better, more secure payment processing solution and business funding options than you ever had before. For more information, contact our team of experts today!