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High Risk Merchant Account - Credit Card Processor

Business Opportunities or BizOps Merchant Accounts: What to Know

ByMickael GibraelHoursPublished:March 17, 2021March 25, 2021HoursUpdated:March 25, 2021

BizOps is a growing industry, yet BizOps businesses are often considered high-risk merchants for payment processing. This frequently puts them in a difficult position when it comes to driving growth and revenue because they cannot accept credit and debit cards. And when they do find a payment processor, the transaction costs are usually sky-high. The 2016 ICF Global Coaching Study, conducted by PriceWaterhouseCoopers LLP’s Research to Insight division, found the estimated 2015 global coaching revenue was $2.356 billion USD, an increase of 19% over ICF’s 2011 estimates. Let’s take a closer look at BizOps and and high-risk payment processing.

What is BizOps?

BizOps is an industry abbreviation for Business Opportunities. It’s a form of direct selling, which refers to selling products or services to the consumer in a non-retail environment. BizOps businesses operate in a variety of formats, including those that sell consulting, coaching, or training programs. Most times, these programs are geared toward helping individuals understand how to make a certain type of income. Many BizOps models train individuals on how to earn a living while working from home, which gives the programs mass appeal.

Topics covered in BizOps programs can include: gaining fresh perspectives on personal challenges, enhancing decision-making skills, improving interpersonal effectiveness, increasing confidence, improving productivity, reaching your goals, as well as other self-improvement themes.



Why is BizOps Considered High-Risk for Payment Processing?

A majority of card-not-present transactions take place when products or services are sold over the telephone or online. This in itself makes BizOps businesses high-risk for payment processing. Buyer’s remorse can result in excessive chargebacks, especially from customers who do not receive the dramatic results they expect. BizOps businesses are also considered high-risk because unpredictable business growth makes it hard to forecast income. More so, seminars and coaching tend to be larger-ticket purchases (those greater than $100), which pose larger risk to be charged back by dissatisfied customers.

Unlike businesses that accept smaller daily payments (like a restaurant), BizOps professional development companies typically accept a large number of credit card payments related to a single upcoming training. If the event is perceived to have gone poorly, there is significantly more potential for a sudden flood of chargebacks all at once.

Many BizOps merchants who are just starting out may not have the appropriate levels of support to deal with consumer complaints and inquiries, increasing the risk of refunds and chargebacks. Furthermore, continuous training and development programs use subscription/recurring billing practices, which are themselves considered high-risk.

What to Look for in a Payment Processor

If you are a BizOps business and you are looking to secure a high-risk payment processor, it’s important that you understand what to look for in a merchant services partner. First and foremost, you need a merchant services provider that specializes in high-risk payment processing, as this will help you save both time and money. You will also want a merchant that has services and products—like a payment processing gateway—that easily integrate with other aspects of your business, like your preferred CRM, eCommerce software platforms, and more.

Additionally, the merchant should offer a virtual terminal to support card-not-present transactions. Another critical factor to consider is whether the merchant offers chargeback protection to fight against fraud. Lastly, make sure to choose a merchant that offers ACH processing, automatic renewal/subscription payments, mobile payment processing, and a payment gateway that allows you to process larger ticket items.

When you’re on the hunt for a high-risk payment processor that specializes in processing payments for BizOps businesses, you will definitely want to partner with BankCard Services. We offer a wide range of payment processing services that are specifically tailored to companies in high-risk industries and those with high-risk business models. From easy integration with your current systems to your chargeback and fraud protection, we have you covered. Contact us now!

Find the best merchant services solutions to fit your high risk business. Get Started.

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