Moving Industry Merchant Account
The moving and transportation industry has unique needs and moving businesses have to constantly face many challenges. One of these is the ability to accept credit and debit card payments. As a modern merchant, it is crucial to accept such forms of payments but unfortunately, getting a moving company merchant account is difficult because this industry is considered to be a high risk merchant industry.
Why is Moving Industry Considered High Risk?
There are a number of reasons why the moving industry is considered high risk. Some of the key reasons include the following:
- Large Average Tickets: Moving companies can have high average tickets mainly because the cost of moving and transportation is very high. When transactions are higher than $1,000, banks and payment processors are generally unwilling to take a chance due to the high risk of chargebacks.
- Risk of Disputes and Chargebacks: The second reason why moving industry is considered high risk is its very nature. Goods and valuables being transported often get lost or damaged, which can lead to disputes and chargebacks.
- Non-Retail Transactions: Moving companies take most of their credit card payments via their website or over the phone. Unfortunately, the risk of credit card fraud is very high with such transactions as compared to face-to-face transactions.
How to Get a Moving Company Merchant Account?
Of course, even if your business is considered high-risk due to the above-listed reasons, you still need a moving company merchant account in order to process credit and debit card payments. Not just any merchant account provider will do, either. You will need to find a merchant account provider that specializes in working with high-risk businesses.
Tips to Avoid Predatory High-Risk Merchant Account Providers:
Even though there are many high-risk merchant account providers available, unfortunately some of them engage in predatory practices. They charge inflated fees from merchants who are desperate to get a high-risk merchant account. And even with their inflated pricing, their services are usually low-quality. So, it is important that you do your research and investigate the merchant account provider that you are considering to partner with as extensively as possible. Following are some tips that will help you in this regard:
- Visit their website and make sure it is not dated or very basic.
- Use reputed review sites to look for independent reviews of their services.
- Explore their reputation and credibility for dealing with high-risk merchants.
- Read the contract and terms and conditions. If possible, go over these documents with your attorney to determine their suitability for your business.
How to Apply for a High-Risk Merchant Account?
Once you have found a reliable high-risk merchant processor that is suitable for your business, you can apply for a merchant account. The process is straightforward. Simply visit their website, fill out the online application, and digitally sign it. Then submit the form along with the requested details and documents. Once you are approved, the merchant account provider will have you set up and running, allowing you to accept credit and debit card payments in about 48 hours.
Merchant Services For Moving Companies
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About The Author
Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high-risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.