Is your business ready to find a credit card processing company and secure merchant services? If so, you’ve likely started sifting through heaps of information about the top options on the market today – an overwhelming task for any business owner, regardless of how long you’ve been running your operation.
Every processor has its own rules, contracts and terms. One of their biggest concerns is whether a merchant is part of a high risk industry. High risk industries are typically turned away by traditional processors, making it difficult for these merchants to secure the services they need to operate smoothly. Approval is difficult, the terms are tight and the price is high.
If you’ve found yourself in this position, here’s everything you need to know about being “high risk”, along with how you can secure the credit card processing you need to be competitive.
What Does It Mean to be High Risk?
Merchants are pushed into this category for a variety of different reasons. For example, a high rate of refunds and chargebacks make most providers incredibly nervous. Other reasons include being placed on the MATCH (terminated merchant) list, fraud risk, high volume of transactions and high average transaction rate. This is where a high risk provider can make a huge difference in your business’ payment processing.
What is High Risk Credit Card Processing?
Companies faced with any of the challenges above can benefit from high risk credit card processing and merchant accounts. These services provide the dependable payment processing services you need to accept and process credit card payments and offer the variety of payment options customers expect to see in our digital world today. The ability to accept credit cards is key in convenience for customers, and it also ensures you to stay competitive in the market.
What to Consider in Your Search for High Risk Processing
Today, there are many high risk credit card processors. Knowing which one will be right for your business is one of the most challenging parts of securing credit card processing. After all, this company will be responsible for monitoring transactions and helping you manage your future finances.
Before you choose, do your research. Make sure the provider has a strong support system in place and will be there for you whenever a problem develops or you have questions. As a high risk merchant, you also need a provider that has years of experience in providing these services and working with your business type and industry. Finally, make sure they provide flexibility. They should be prepared and able to meet your business’ needs in fees, terms and services.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.