All You Need to Know About High Risk Merchant Services
Many businesses require a merchant services to operate optimally, but unfortunately many businesses get refused by the traditional banks and providers. The reason for this is down to their area of expertise; see, banks and providers refrain from offering high risk merchant services to companies that present a potential risk to them. For example, if your business is in the alcohol, drugs, gambling, payday loans, nutraceuticals or tobacco niche, then you’ll most likely get denied by the typical banks and providers.
These risks are calculated with a number of a different factors; the industries reputation for fraud, your credit rating and whether your business is offshore all comes into consideration. Now, sourcing a provider that is willing to meet your needs and supply you with a merchant account is important to the vast-majority of vendors. But, if your business operates in one of the ‘high-risk’ sectors, this won’t east. However, this doesn’t mean that it is impossible!
Let’s just start by getting some of the negative aspects out of the way. If you’re attempting to get a high-risk merchant account set up, then you should expect to pay a multitude of setup fees. In addition, you should also be prepared for a minimum monthly transaction number, higher transaction fees, a rolling reserve, a longer settlement period and a hefty annual fee. So, that’s the downsides covered!
Moreover, despite the associated drawbacks, there are many processors out there today that make it easier to set up a merchant account. Many of them will work closely with you, so that your needs can be met and your budget isn’t blown. The majority of the time if you are a high risk merchant, you’ll tend to work with a high risk merchant services. Although these are not your traditional bank, they do possess worldwide banking networks to ensure you get up and running quickly.
This is essential, as in such a competitive world such as the one we live in today, being fully operational with an appropriate merchant solution is crucial. If there was a significant period of downtime whilst you got your merchant account set up, that would result in a loss of revenue and potentially a loss of customers. So, when searching for a high risk merchant service, bear in mind their process and the time it takes.
One of the leading services in the current market is High Risk Merchant Account LLC; their service makes it simple for you to receive debit and credit card payments with your online business, even if it is classed as high risk. To sum up their service…they have expert payment advisors who know the industry you operate in, so can easily arrange a merchant account that best suits your needs. Additionally, they currently have more than 2,000 organizations from a range of different sectors, such as financial services, healthcare, accounts receivable, energy, utilities and media under their wing. All of these companies utilize their exceptional billing solutions and merchant account support so their business can grow.
Contact Us: If you are experiencing difficulty in getting approved for high risk merchant services, call us today We can help.
High Risk Merchant Account LLC
915 Folly Road, Suite 49
Charleston, SC 29412