Starting a business venture is as challenging as it is exciting. To keep up with the latest customer trends, your business needs exceptional payment processing services that offer multiple payment options. You also need capital to put your plans in motion and get started off on the right foot. But what do you do if you discover your business is considered “high-risk” right from the start? What does that mean, and where can you find solutions? The answer all lies with a high risk provider, like eMerchantBroker.
High-risk vs. Low-Risk Merchant Accounts
First of all, it’s important to understand the difference between being a low-risk and a high-risk merchant. While there are many other factors involved, a low-risk merchant typically experiences low chargeback ratios, low reputational risk, minimized returns and a predictable/low amount of transactions processed monthly.
A high-risk merchant, on the other hand, experiences high reputational risk, high transaction amounts and volume, high levels of fraud, bad credit history and excessive chargebacks. The travel industry, for example, is considered high risk due to the various factors that often lead to cancellations. Real estate, firearms, antiques, SEO services, health and wellness products, auctions, credit repair, hotel and motel, electronics and many others fall within this category.
My Business is High-Risk – What’s Next?
If your business does fall within this category, don’t worry! There are still options available to your company that will not only help it grow and thrive, but also protect it from the challenges your industry and business type face. The first step is to seek out a high risk merchant account.
The advantage of securing a high risk merchant account from a high risk provider is that these processors specialize in working with “high-risk” business types. The process is also known for being simple and hassle-free, unlike traditional options. All you need to do to start the process is fill out an application online with a reliable high-risk payment processor. Once you’ve been approved, you can start processing payments online or mobile.
Top Advantages of a High Risk Merchant Account
There are many other benefits to utilizing the services of a high risk processor, but here are a few of the top advantages:
- Worldwide coverage – Access and reach larger markets across the globe through the ability to accept transactions in multiple currencies and sell to outside, low-risk countries.
- Chargeback protection – Partnering with a high risk providers gives you the support and tools you need to prevent chargebacks and be proactive when they do occur.
- Scale your business – If you have been prevented from selling products or services that are not allowed with a low-risk merchant account, a high risk processor can help you scale your business and seize more opportunities.
- Increased profits – Along with a wider possibility of products and services you can sell comes the chance to increase the profits coming into your business.
Need Support? EMB is Here for You!
With an A+ BBB rating, EMB can be trusted for all your high risk credit processing needs. The process couldn’t be more straightforward: fill out a simple and quick online application, and receive approval in as little as 24 hours. Your sales representative will then assist you in setting up your merchant account so you can get back to business. Our highly trained staff is here to answer all your questions about pricing, contracts, and other services. Give us a call to find out more!