High risk credit card processing is a category of merchant accounts that have higher than the average financial risk for processing banks.
A business’s credit card processing profile is usually considered high-risk for one of three reasons:
- Industry – companies that sell goods or services that are highly regulated or which fall into legal gray areas are almost always high risk. These include categories like cannabis, adult content, firearms, or travel.
- Business Model – businesses that accept payments online, use a recurring or subscription payment plan, or have long “delivery” times for their products are some of the most common high risk business models.
- Financial History – a company or business owner that has had financial problems or has run into trouble with a previous processing account may find that they need a high risk processing account to rebuild their reputation with the processing banks.
Generally, these categories are considered more likely to incur chargebacks, even if the specific business never has a charge disputed. Chargebacks are a financial liability to the business that took the original payment.
If the company goes out of business or is unable to cover its obligation to pay the costs and fees of processing credit cards, that financial responsibility becomes a liability for the processor. This explains how these accounts can become costly for the processor and why they are considered “high risk.”
Easy Pay Direct has a proven track record of helping business owners with high risk profiles get the right processing accounts at the right credit card processors for their business needs. Let us help make things easier for your high risk credit card processing account set up today!
Whether you’re a brick and mortar business or one that operates 100 percent online, you need merchant account services to help you process credit card payments and so much more. Your payment processor is as essential to your business as the products you sell or the service you provide. Without a solid credit card processor, your brick and mortar business simply cannot keep up with your competitors and online businesses cannot function at all, especially if your business needs a unique high risk credit card processing solution.
Unfortunately, businesses who offer certain products and services, including online businesses, are what many merchant processing service companies view as “high risk” merchants. If you and your business have been designated as a high risk merchant, don’t despair. There are many outstanding options available for high risk credit card processing. You just have to know where to look.
Fortunately for you, Easy Pay Direct offers a wide range of payment processing services, including high risk payment processing. If you’ve been turned down by other merchant processing organizations because they’ve decided you’re a “high risk” merchant, it is time to shift your focus to our high risk processing services. We have a lot to offer and know you’ll be happy with your decision.
Before we dig into the “nitty gritty” details, it’s important to understand a little more about high risk credit card processing and what it means for your business to be designated as a high risk merchant. Here’s what you need to know about high risk credit card processing companies and why they are in such high demand among merchants today.
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If you’re not swiping cards, there’s risk.
If you’re not operating a traditional brick and mortar business, it’s critical that you’re aware of the risks of having a merchant account shut down. As the major card brands have made it easier and easier for consumers to dispute charges, it has become more and more common to see merchant account providers hold funds, impose reserves, and close accounts. Unfortunately, any time the card isn’t present during a transaction – you are on the risk spectrum. Many people say “it’s not if, but when” you’ll run into merchant account problems.
How long would your business exist if you couldn’t accept credit cards?
We can help prevent it before it ever happens. We make it easy.
