So, you’re opening a business and you need a way to take payments. You will need to find a payment processor – specifically a payment processor that is not PayPal. This can take as little as a Google search to find, but what are you really finding? And what are you looking for? Many startup merchants are not really sure, but you need to be. There are many things that separate the many types of payment processors, from mainstream to high risk, you need to know these differences.
High risk payment processing is something that you should look for if you are a startup, or if you are a merchants that has been stuck with a “high risk” label. This is something that happens to many businesses, from either their industry or their chargeback rate. High risk labeling can cause issues for a company, and having a mainstream merchant account can complicate things even further. This is because a mainstream merchant account provider doesn’t know the issues that can takeover a high risk merchant – and fast. Some merchants, such as e-cig vendors, have a higher risk of fraudulent transactions. This causes chargebacks, which in return costs the merchant and merchant account provider a lot of money and time. Merchant account providers without the knowhow can panic and close these accounts.
This is why you need to look for a high risk payment processor if you are a startup merchant, or just a high risk merchant looking for a better option. They understand the risks that come with these businesses, and many (like EMB) have staff that is experienced with high risk industries. The experience and education thee reps provide can help you better understand your business. Getting into the business world is tough, but with the right support you have a better chance of succeeding. Before you sign on with any merchant account provider, be sure to ask how experienced they are with your industry – and what their plan is when you incur a chargeback.