We specialize in High Risk Merchant Account, high risk ach processing, and high risk merchant services. We approve practically every business type, even if you have been turned down for payment processing. With decades of experience, our team is here to help. Even if you have been shut down by your current processor, we have a solution for your particular situation. We’re available to answer any questions and provide ongoing continued support for our valued customers.
Don’t hesitate, call us immediately for assistance. Our dedicated staff is standing by to assist you. Our typical turn-around time is 3 business days and in some cases the same day. We look forward to working with you Apply Today.
What is a High Risk Merchant Account
Industries like online travel, nutraceutical, CBD and telemarketing are obvious examples of highrisk merchant industries. Unfortunately, as there is no industry-wide standard used to determine high risk merchants, some surprising businesses like travel agents, retail and even life coaches fall into the highrisk category.
Generally speaking, your credit card processing company is responsible for any risks in your transactions. While your transactional history may be healthy, and proof that your business is successful, your processor may be reluctant to accept you as a client if they believe your business puts them at risk. This is why the high-risk designation is incredibly subjective, with each processor and bank working with their own standards of classifying businesses as such.
Many small business owners only hear the term “high risk merchant account” when they learn they have been deemed a credit risk by their bank. This revelation usually feels a bit mysterious at first and, in some cases, you may feel as though you and/or your business have been judged unfairly. But this isn’t the case. From the perspective of your bank/merchant provider, “high risk” means your business is exposed to increased risk for chargebacks and has nothing to do with the performance of your business or what it has done.
Factors for High Risk Merchants
As noted earlier, identifying a business as high-risk is relative to the bank or processor involved. But there are a number of factors these financial institutions consider before they deem a business high-risk. They include:
• High Probability of Chargebacks
Chargeback thresholds is one of the most important factors high risk merchants must take note of. Though highriskmerchant processing accounts are more flexible with industries that frequently deal with disputed transactions, service providers have an excessive chargeback ratio threshold they simply will not cross. Avoiding chargebacks as much as possible will boost your chances of getting your merchant account approved.
• Previous Account Terminations
If your previous merchant account provider terminates your account, your business is placed in the TMF list. Basically, the TMF list is like the blacklist of merchant account processors. Your presence in this list indicates that a provider has terminated a merchant account with you, meaning you are a credit risk. To avoid this unwelcome challenge, ensure you remain in good standing with your previous provider. Violation of company rules, outstanding debt, fraudulent activities and high chargebacks can get you on this list. If you are already on the TMF list, you have two options: wait 5 years for your name to be cleared off the list or search for a merchant account provider that is willing to accept TMF merchants.
• High Ticket Transactions
One of the benefits of opening a high-risk merchant account is the freedom it gives you to produce high sales volumes. However, if you report sales volumes that do not “agree” with your average ticket transaction size, your application will likely not be approved.
• Prohibited Industry Type
By default, some payment processors and traditional banks turn down businesses placed under the high-risk category. This is the financial institutions’ way of protecting their interests. If your application has been declined for being in the prohibited industry category, do not take it personally, but explore other options by doing a quick internet search for high risk merchant services providers.
Getting High Risk Merchant Accounts Approved
As you already know, opening an account with a processor who understands your business needs is key to your success, whether you manage a small brick-and-mortar store or a large online market.Preparation is important to get your merchant account application approved.
Here are four steps that you need to apply ensure your merchant account is approved:
Researching several merchant account providers before you apply will help you understand the options before you. Find out if:
1.The providers have relevant experience specific to your industry.
2.They consider your business low risk or high risk. A little preemptive homework can help you achieve this.
3.You need a robust point of sale system with your merchant account or any of the related technology such as a tablet set or terminal.
While doing your homework on the different providers available to you, simultaneously organize the financial records of your business. Have you had excessive chargebacks while using credit card processing which laded your business on the Terminated Merchant File (TMF).Have you sorted your taxes? Are there any outstanding debts?
When applying for merchant account services, you would need to provide your resume, business marketing plan, a copy of a personal utility bill, documentation for the business, bank statements, the company’s memorandum of association and processing history. In providing your company’s processing history, you need to include screenshots of your website(s), the name of the acquiring bank, reference letter from your personal bank and amount and volume of transactions, chargebacks and refunds.
Getting all your financial records can take some time, so it would be wise to start early.
•Find A Component High Risk Merchant Processor
Having a middleman is a really good idea at time. Knowledgeable and experienced agents who work in the payment processing industry will be happy to discuss your options and possible solutions to any issues you face. An experienced agent will know hundreds of providers, with their strengths and weaknesses. Since there is no one-size-fits-all approach to merchant account services, working with a professional is a great way to ensure you secure the best possible provider for your business. After getting your application for a merchant account approved, ensure you read the agreement first. Be sure there are no extra costs, hidden fees or any details different from the already agreed conditions. If you are in doubt while reading the agreement, you can always hire the services of a lawyer who has mastery over the language used in the merchant account contract. Reviewing your merchant agreement after approval can help you escape potential pitfalls going forward.
Why Choose HRMA-LLC
High Risk Merchant Account LLC (HRMA-LLC ) has distinguished itself as an industry leader in the merchant account processing space. With decades of experience in handling highrisk merchant account services, we can approve literally every business type, even if your application was turned down for merchant account processing or you have just been shut down by your processor. What’s more, we are always available to answer any questions and offer regular support for our clients.
When you contact us, our team evaluates your situation, and based on your current business needs, offer professional advice that can help you navigate through the challenge. We understand practically all kinds of issues business owners could face when seeking high risk merchant account approval and are able to assist you in obtaining solutions specific to your needs.
Do you perform high ticket transactions? Have you suffered account terminations in the past? Working with a diverse blend of merchant acquirers with interest in high risk industries means we can support high volume merchants and even those who have suffered setbacks with their processors. We understand the unique challenges of high-risk merchant accounts such as aggressive monthly volume growth and chargeback ratios, and how these can ruin your relationship with your bank, causing merchant account closure or the application of stringent measures in order to protect the bank against losses.
Hence, we are committed to going the extra mile for you, exhausting every opportunity to resolve issues and get your merchant account approved. We bring our experience to bear and utilize our expertise to exceed your expectations.
Fearing the challenges associated with being deemed high risk, some business owners misrepresent their business. But operating a highrisk business is no damnation. It does not prevent you from getting a merchant account. So rather than seek to go through shortcuts and ultimately risk the credibility of your business, transparency will help you find the best provider that satisfies your payment processing needs.
When applying for an account, do not be in a hurry, because getting stuck with a provider that nickels and dimes you can expose your business to avoidable risks, and even cripple its growth. Regardless of industry your business is in, you will be able to find a merchant account provider that works for the growth and progress of your business.
Our goal is to approve all merchants, regardless if you have been shut down or turned down in the past. We understand mitigating circumstances such as chargeback ratios and exponential monthly volume growth can devastate a bank relationship, causing a merchant closure or substantial holds place on an account to protect the bank from losses. We are dedicated to making every attempt to resolve issues and get your account approved. Our commitment to excellence and going the extra mile to exhaust every opportunity is our mantra. We strive to exceed expectations and utilize our expertise and competence to deliver unsurpassed customer satisfaction.
With our team’s unique experience in the payment space, we bring the vital expertise to get your account approved quickly and painlessly. Our staff is committed to providing unsurpassed customer service and strive for 100% customer satisfaction. Give us a call today to discuss all of your credit card processing needs.
GET STARTED TODAY !!!!!
At High Risk Merchant Account LLC, your business success is our ultimate goal. Our dedicated staff is standing by to assist you in navigating the payment processing space. With decades of experience, our team is committed to providing competent knowledgeable advice and a plan of action to get your merchant account approved quickly. Call us immediately to get on the fast track for High Risk Merchant Account approval. Our typical turn-around time is 3-5 business days and in certain cases the very same day. We look forward to working with you! Apply Online Today