Getting a High Risk ACH Processing Account
One of the most tedious and sometimes painful processes in starting any business is often figuring out how you’re going to process payments, in particular cashless transactions like credit ad debit cards. There’s a lot of red tape to cut through, and sometimes the paper work can be a bit overwhelming. This is especially true for businesses that have been deemed high risk, either by the ACH provider or even by various laws. The laws and regulations aren’t just federal but also tend to vary from state to state, so this makes for even more headaches when trying to comply so you can be approved for an ACH processing merchant’s account. Being deemed high risk doesn’t merely make it hard to be approved, but also it often makes it more expensive. You’ll probably see higher rates and more fees if you’ve been deemed high risk. Look into Getting a high risk ACH processing account.
What determines if you are high risk as an individual business though? It’s usually as simple as having the wrong kind of business type. There are many types of business both old and new that can carry this label, and these also tend to vary. A lot of risky financial businesses can include payday lenders and even collection agencies, especially collection agencies requiring a system to debit phone payments and have them processed the next business day. This can also apply to a lot of new business types such as electronic cigarette outlets and hookah dealers. The business type is not the only factor that determines this, however. It can also be the size of your average transactions, for example if you’re customers make an average payment that can go as high as $1,200 or even higher, then you will once again be deemed high risk.
Being in a high risk industry can tend to be difficult and even overwhelming when it comes to this process, and can even seem like a death sentence to some business owners. However, it is not the end of the world. If you decide to stand alone you will have a very hard time and can expect to pay a lot of high fees. There are however, services that can help you through the process. Not only can they help you get through the paperwork and follow all of the proper regulations to get approved but they can even utilize various industry connections to get you lower rates. So when you’re acquiring your high risk ACH processing account consider utilizing some of these opportunities. No one is too good to need help, and this is no exception. Through the investment you can save time, money, and a lot of future headaches.
High Risk Merchant Account LLC
915 Folly Road, Suite 49
Charleston, SC 29412