If you have tried to find a merchant account for your high-risk business, you know how difficult this task can be. It’s not as simple as filling out a quick application and setting up your account – or is it?
There are many reasons a business might be considered high-risk. If your business is a startup, traditional providers will be hesitant to work with you. If you have bad credit or no credit, you will also be seen as risky. Past bankruptcy and tax liens are also a big problem.
In some cases, things completely out of your control cause your business to be high-risk. Certain industries are categorized as high risk, for one reason or another. Running a gaming website, for example, involves legality and regulations; some countries allow businesses to operate without a license, while others do not. A high-rate of chargebacks is also one of the main reasons processors turn businesses away.
Without a merchant account, your business will be unable to process customers’ credit and debit card transactions. In our increasingly digital world, operating without one is simply out of the question. So, where can your business find a merchant account? Thankfully, there are options still available to you. These services are not only industry-leading merchant account services, but they also allow you to offer multiple payment gateway options to your customers.
High Risk Merchant Accounts
The key is to find a company that specializes in offering high risk merchant accounts. This high risk processor should have years of experience in working with business types and industries other processors consider “too risky”. They will have a team of experts that can help you successfully set up your account and sort out any obstacles your business type experiences.
Before choosing a provider, be sure to compare your options. Go over your processing needs with each of your options. You will need to think carefully about the services and equipment your business needs and keep the fees and rates in mind. Which of the options is tailored to meet your business’ unique needs?
Don’t sign a contract until you have received in-depth details from the payment processor. Pay close attention to the features, restrictions, termination fees and limitations of the merchant account. You want to choose the option that is cost-effective, offers the most support, keeps your business’ unique needs in mind and provides the merchant services your business needs to grow.
Depending on the high risk provider you choose, you can have your account setup in as little as 24 hours, after completing an application that takes just minutes of your valuable time.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing and high risk merchant accounts company eMerchantBroker. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.