Merchant accounts are necessary for any business that wishes to accept payment by debit or credit card, but some will require the special use of a high risk merchant account. High risk merchant accounts are categorized by their connection to those products and services that are associated with dangers, controversy, or transaction difficulties.
High risk payment processing is typically reserved for the following types of businesses:
• Adult businesses
• Pharmacies/Medical suppliers
• Mail Order/Telephone Order (MOTO) companies
• Cigarette and alcohol retailers
• Travel agencies
• Online businesses
We service all of these businesses and more by providing them with reliable high risk merchant accounts.
The rates and fees associated with high risk merchant accounts are typically higher than those of a standard account to account for the calculated risk involved in these transactions. Just because a certain type of business is considered "high risk," however, doesn't mean they shouldn't have the option of accepting debit and credit cards.
High risk credit card processing is much like any other type of credit processing. A merchant account is set up with an acquiring bank, and they hold the power to either approve or disapprove requested transactions. Rest assured, however, that approval is the norm, and payments will only be disapproved if there is very good reason to do so.
What makes high risk credit card processing different than other types is simply the hesitancy of acquiring banks to open high risk merchant accounts. Many businesses find that it is near impossible to open a high risk merchant account domestically, but they will have more luck finding an international or offshore account provider.
The Challenges and Benefits of High Risk Payment Processing
As with anything in life, there are pros and cons to opening a high risk merchant account.
The largest challenge associated with high risk merchant accounts is the rates and fees. They are sure to be higher than a typical account, but some account providers will take this standard too far, asking for upwards of eight percent in some cases.
The only other challenge is finding an account provider that caters to high risk businesses. If you are here, however, then you have already bypassed this challenge! It is time you start learning about the benefits!
The most obvious benefit to a high risk merchant account is the ability to accept debit and credit card payments safely and conveniently. The world no longer runs on cash; it runs on plastic. Denying your business the ability to securely complete credit card transactions could greatly hinder your potential for profit.
There are also many benefits of working with us to meet your high risk credit card processing needs. Unlike the majority of our competitors, we do not view our high risk clients as being any different than those considered low risk.
Our support staff works just as hard with you as with any other business to ensure that things go smoothly. Our standards of quality do not decrease when dealing with high risk merchant accounts. If anything, we use our involvement with these companies to prove our worth as account providers, working around the clock to ensure that all of your high risk payment processing needs are met with speed and efficiency.
Not only can we help you set up the ideal high risk merchant account for you, but we can set up multiple accounts when necessary. Some businesses benefit greatly from having "back-up" accounts, which allow them to spread the risk involved with their transactions over multiple networks. This ensures that business runs smoothly, even if something goes wrong with one of your accounts.
Not only are we ready and willing to work with high risk businesses, but we have a lot of experience doing so! We can have your high risk merchant account set up in as little as five business days, assuming there are no delays associated with your application.
Your business always comes first with us, and you will find that our standard of service and professionalism will consistently prove this point. We work closely with each of our clients to discuss their specific needs and goals, setting up accounts in a way that is best suited to meet them.
Contact us today to learn more about how to meet your high risk credit card processing needs!