4 Signs a High Risk Merchant Account is Right for Your Business
When a traditional processor turns your business down for payment processing, where can you turn? High risk businesses that face issues of acceptance often seek out the services of a high-risk processor. Most providers simply do not engage with high-risk products and services due to the financial risk. Without a processor, these businesses are left with no way to safely process their customers’ credit and debit card transactions. High risk processors provide a quick solution.
If you’re not sure if working with a high processor is the right choice or even what your business needs, consider the following list of top benefits of high risk merchant accounts:
- You’ve been told your “high-risk”
As mentioned above, if you have been told your business is “too risky” because you operate in a high risk industry or fall under one of any number of explanations that would classify your company as high risk (e.g. bad credit, fraud risk, chargebacks, etc.), partnering with a high risk provider could be the answer. Airlines, automotive brokers, cannabis dispensaries, real estate, traveling agencies and any weapons associated businesses – to name a few – are all industries and business types that high risk providers specialize in providing services for.
- You experience excessive chargebacks
One of the biggest signs that your business would benefit from a high risk merchant account is experiencing high incidences of chargebacks. A high risk processor can help you monitor, protect and even prevent chargebacks. A reputable high risk provider will have years of experience in helping businesses manage chargebacks and offer chargeback protection and prevention programs that help you be proactive so you can protect your business from any form of fraud.
- You need to increase security
If your business is “insecure”, you are taking a huge risk in losing your business and customers’ sensitive information. The advantage of high risk merchant account services is that they regularly employ reliable detection methods during the trade process to learn whether the card, along with the trade in general, is valid. These measures protect your business, the merchant provider and your customer from fraud or theft.
- You’re hoping to seize market opportunities
Would you like to expand your business presence online? Working with a high-risk merchant account provides the opportunity to create or upgrade to an online sales website. Rather than being held to a local market, unnecessarily preventing growth and revenue, you will be able to expand your horizons – the sky really is the limit. Securing safe credit card processing will help you generate new customers who prefer the convenience of credit/debit cards.
Before jumping in with a high risk provider, make sure they specialize in working with your business type and industry. The key is to partner with the ideal provider for your specific business model.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.