What to Do When Your Merchant Account is Shut Down | High Risk Account

Jun 24, 2016

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!

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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