High risk merchant account options
Payment Processing for High Risk Merchants
Businesspeople know that their companies will be severely stunted if they don’t have a way to accept credit cards. This leads entrepreneurs to seek merchant accounts – the accounts needed to take this form of payment. For most, the quest then turns to finding the one that offers the best rates. Some, however, have trouble finding anyone willing to deal with them. These are the “high risk merchants.”
What Makes a Merchant High Risk
In many cases, the problem is the business category involved. Most payment processors shy away from companies that are in industries like gambling, tobacco, firearms, gentleman’s clubs, and nutraceuticals. Some categories considered to be high risk are surprising: Furniture stores, for example, are on the list.
Another reason a merchant may be designated high risk is the company’s credit rating or the rating of the proprietor. Bad credit is a no-go for some processors.
What Can High Risk Merchants Do?
These merchants need to find providers that offer payment processing for high risk merchants. We offer processing for all of the business types that are typically designated high risk, and we accept people with bad credit as well.
Because of the increased risk, processing costs are typically higher than they otherwise would be. However, the same difference affects other merchants in high risk categories, so it shouldn’t cause a negative effect on your competitiveness.
To learn more about how you can process payments as a high risk merchant, just contact us. We’ll be glad to tell you all about our merchant account options.