Like so many things in life, size
matters for small businesses, especially those with high risk merchant
accounts. Whether your business sells nutraceutical supplements or collects
consumer debt, monthly earnings is important in determining accessibility for High Risk Merchant Account Payment
processing.
Businesses with payment
processing revenue lower than $1.2 million annually will find specific problems
acquiring a high risk merchant account
with a reputable payment processor because most providers are focused more
exclusively on bigger businesses.
While understanding the world of
high risk merchant payment processing can be both confusing and somewhat
intimidating, a little information can go a long way to help small businesses
secure a high risk merchant account and stay in good standing with a payments
processing provider.
High Risk Merchant Account: Payment Processing Overview
For payment processors, a company
that applies usually has less than $100,000 in earnings. This is not an
official number, but one that is often used to target customers. That said,
acquiring a trusted and reputable credit payment processor is vital to the
success of any high risk merchant
and business owner; a high risk merchant account would be required for such
businesses as multi-level entrepreneurs (MLM), online nutraceutical companies,
and debt collectors.
These tips can help you secure a
payment processing provider that will help your high risk business succeed.
Prove Substantial Capitalization
One of the best ways to secure a
payment processing provider, even for a high risk merchant, is being
well-capitalized. With substantial capital funds, banks and underwriters are
inclined to provide you with payment processing services. For a business,
substantial available funding signals that your operations will be financed and
some other issues regarding fulfillment or payment processing could be
addressed in a timely manner.
When seeking high risk merchant
account payment processing solutions, businesses without money in the bank are
at a particular disadvantage. Despite almost six figures in monthly revenue,
many banks and underwriters will deny most high risk merchant account
applications for said businesses; this includes businesses such as online
gaming, online dating services, and pawn shops.
Past Processing History
For businesses that don’t have
capital resources at their disposal, processing history is another option for
procuring a credit card payment processing provider. The reason for this is
that being able to see how you’ve processed previously removes a great deal of
the mystery for the payment processing company and sponsor bank, which allows
them get more comfortable with underwriting for your business.
Companies that were dropped by a
prior low risk payment processor can be hesitant to share their past processing
statements. Businesses that are currently shifting from a low risk category to
needing a high risk merchant account provider should not be concerned with
sharing processing statements.
Businesses that provide
processing to high risk merchants tend to be comfortable with previously
terminated agreements with payment processors. Sometimes, in reality, the
processing history that led to a high risk merchant account being terminated is better than stating that the
business is a startup.
Shop Around for High Risk Merchant Account Payment Processors
For companies in high risk
businesses, shopping around for a high risk merchant account payment processing
provider is crucial. Most readily available payment processors (like those at
your local bank) frequently deny business in high risk industries.
Therefore, if your organization
qualifies as needing a high risk
merchant account, your options will be limited, and so you are going to
have to shop around to find a particular high risk merchant account payment
processor experienced enough to underwrite your business.
Choosing the Best High Risk Merchant Account Payments Processors
High risk merchant account
providers have to be mindful of their relationships with payment processors.
The more stable their processing background, the easier maintaining payment
processing will likely be.
Choosing a payment processor that
concentrates on high risk clients can help these businesses develop a
reputation that makes securing more volume simpler in the future. Niche focused
high risk merchant account payment processing providers may supply services to
help mitigate risk of fraud, chargebacks, and other nuisances.
The Leader in High Risk Merchant Account Processing
GrezPay is the industry leader in
high risk merchant account payment
processing. Our company works with high risk merchants that range from
companies that bring in millions of dollars each month, to startups that are
brand new.
Payment processors that
concentrate on high risk retailers, such as GrezPay, provide alternatives to
help limit risk, fraud, and chargeback. In fact, we can get you pre-approved in
as little as 6 hours for difficult to obtain high risk merchant accounts.
Our team of experts say yes to
virtually any business type, business model, and even those restricted product
types — all through GrezPay high risk payment gateway and direct network of 20+
banks and PSP’s.
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