High-risk merchant services providers
Of course, even if you’re in one of the high-risk industries identified above or you’ve been identified as a high-risk merchant for some other reason, you still need a merchant services provider.
Not just any merchant services provider will do, either. Investigate the company you’re considering partnering with as thoroughly as they’ll investigate you to determine suitability for a high-risk merchant account. Check out websites, online reviews, and company reputations, and review any proposed contract with a lawyer.
Negotiate, if there’s any wiggle room to do so, for shorter terms, lower fees, and smaller reserve requirements. You may not be able to get all the concessions you seek, but you might be able to work a little extra breathing room into the equation for the sake of your business.
At the end of the day, Bankcard is here to help businesses like yours grow. Bankard can help high-risk businesses get approved for merchant accounts when many others cannot. Plus, you not only get approval, but you also experience the freedom of remaining approved when you’re matched with services willing to work with you as a high-risk business. Be among the 98.7 percent of companies who’ve been approved for a high-risk merchant account with Bankcard. Get the merchant account services you need.
Whether you’re involved in a high-risk industry or have other reasons for being identified as such, see what it’s like to have the right service, the right knowledge, and the right tools at your disposal to help grow your business. Contact us today to learn more about the many services offered to you and other high-risk businesses.
High-risk account providers
You are now aware of the term “high risk” if you are processing credit cards. High-risk businesses can be rejected for merchant accounts or even shut out from receiving payments. Understanding whether your business is in a high-risk sector is important. You need a high-risk merchant account more than you think.
Cutting-edge high-risk credit card processing solutions ensure you have the latest software and hardware. Merchant services that are tailored to your high-risk business needs help you avoid the uncertainty associated with high-risk payment processing when you open a merchant account. A few of the things you will enjoy are:
- Rapid approval
- Up-to-date security features
- Mobile, online, and in-store payment options
- Solutions you can customize
- Fast processing times
- Responsive and supportive customer service
Some businesses are more likely to default than others because of the inherent risk. Bankcard specializes in getting high-risk merchant accounts for new and established businesses. Contact an account manager to find out exactly what makes your business high risk and how you can secure affordable high-risk credit card processing.
Why do business owners opt for high-risk merchant account services
High-risk accounts can be especially burdensome for the following reasons:
- Average transaction amount
- Industry
- Typical chargeback amount and frequency
- Time from purchase to receiving product or service
- Subscriptions
The classification automatically deems businesses high risk and can make finding a merchant provider challenging.
Larger organizations need high-risk merchant accounts to sell their higher-priced goods. If you are classified as high risk, you may struggle to find a processor willing to open an account for you should one of your existing ones close due to fraud. You don’t need to let your industry or classification dictate what type of account you should be approved for. Talk with the professionals at Bankcard and experience financial freedom and expert advice for all industries.
Moderate-risk businesses might not qualify for a standard merchant account, so consequently, their credit card processing fees tend to be higher than those associated with typical accounts. There are, however, other types of businesses that are defined as high risk. These businesses may qualify for an account, but documents proving why they classify as high risk must be sent to and reviewed by the bank that’s offering the account.
High-risk merchant accounts for all industries
Bankcard has the experience and skill to create a high-risk merchant account for you, regardless of your industry. Thanks to Bankcard’s experience in multiple high-risk industries, you can enjoy a service tailored to your specific business needs, no matter how many employees you have. Identifying a provider who understands your needs and finding an account that actually works for you are two different things. Bankcard’s knowledge and long-time relationships with financial institutions means you have better access to the service your business requires.
If you operate as a high-risk merchant and want to qualify for a merchant account, follow these best practices:
- Communicate with your provider. Communication is the key to establishing a productive working relationship with a high-risk merchant service provider.
- Be ready to learn. Don’t assume you know how it works.
- Clearly communicate with customers. Not every chargeback is the result of disreputable actions. Many chargebacks happen because a customer isn’t satisfied, and you can help mitigate these types of chargebacks. Make sure customers can clearly understand your return and shipping policies and that you have these policies posted in a conspicuous manner.
- Discover what you can control. While you can’t change a payment company’s view of your specific business or industry, you can take steps to place your brand in a more positive light, such as clearly illustrating the steps you’re taking towards such things as chargeback mitigation and fraud prevention.
- Make sure you have all the requested documents at the time of application. Bank statements help show where your money comes from and where it’s spent.
- Provide documentation of your current cash-on-hand levels. This helps show your cash flow responsibility.
- Be transparent. Don’t try to conceal information during the application process. Try to give the merchant account provider as much information during this phase as possible so that they can make an informed decision about your application.
How to get approved for a high-risk merchant account
High-risk merchant accounts typically offer a customizable price and service package. This type of account is a good fit for a variety of businesses, including those with a wide risk factor. Since they are heavily tailored to unique business needs, rates, terms, and fees aren’t typically available to the general public. Contact Bankcard for more information.
Are you interested in finding the best merchant account for your company? There are plenty of opportunities out there, but first, finding a strong payment processor is important. Familiarity with your industry can make this process easier, improve how efficient it is, and better help you find what you’re looking for. Some payment processors specialize in serving specific industries like yours, and this is helpful. This task is even simpler if you’re already aware of established industry channels.
With a high-risk merchant account, there are several payment processors to consider before submitting your application. It’s important to have a conversation with the processor to find out what you can expect from being associated with them in the future and whether they offer a partnership plan for a start-up company.
When choosing a high-risk merchant account provider, consider the following:
- Does the processor have experience with other businesses in your industry?
- How long do you have to wait for access to funds?
- Is your agreement subject to change?
- If you experience a higher number of chargebacks, could your processing fees go up?
In some instances, it can be beneficial to set up multiple high-risk merchant accounts with payment orchestration.
No need to stress over chargebacks
Chargebacks happen to all merchant accounts. You just need a plan for how to deal with them. Having a simple integration can provide another level of protection so customers know it’s easy to fix the issue without hassles from their bank.
Our merchant services options deal with a broad range of deterrents, from business type and public credit to the risk of high chargebacks. With a variety of banking relationships in place to mitigate charges, your new suite of multiple tools can provide peace of mind when dealing with merchant services in general.
If you cannot obtain a merchant account because of bad credit, there are ways to work around it. Imagine the flexibility of a merchant account services partner that specializes in processing transactions for high-risk merchants, using various strategies to make sure you can keep processing customer payments. The best part about your account is that it’s flexible; your account managers submit your applications with banks that are less likely to reject you based solely on your credit. The whole process becomes much easier when you don’t have to worry about your score or the potential for chargebacks.
Certain risks merchants take on may put them in the high-risk category, making them banned from certain credit companies. For example, a merchant who has been found to violate certain policies will have a tough time applying for an account with any company. In addition, if there is fraud or behavior that falls under the same category, it becomes extremely hard to get approved anywhere. But you shouldn’t be rejected based on your credit score, previous chargebacks, or past behavior that was out of your control.
Businesses may be wary of high-risk merchant accounts, but they can also open their doors to card payments if accepted by an appropriate bank. With the right financial provider, setting up an account is quick and easy, often taking less than 30 minutes. Bankcard works with you to get you the right type of merchant account, helping ensure you keep your chargeback rate low with chargeback mitigation, and can also help negotiate your chargebacks if and when they do occur.
Painless payment processing for your high-risk transactions
Not every bank is the best fit for your business. However, payment processors have access to networks of banks that are known for being more risk tolerant and create better overall partnerships for businesses in high-risk industries.
Bankcard provides high-risk merchant accounts for businesses whether they’re already in the industry or just starting out. As a trusted company with decades of experience, Bankcard takes care of all your card processing needs.
Whether you have existing equipment from an old merchant account or not, you can enjoy free rate quotes and customized equipment and services, such as a variety of terminals, POS systems, and PCI-compliant online credit card processing.
Ask about a capped reserve amount
Merchant accounts that have a capped reserve ensure the owner doesn’t have to pay exorbitant credit card fees. The owner can set a predetermined reserve amount, and once that amount has been reached, the processor will stop collecting a percentage of money from each transaction.
Lower your chargeback potential
Afraid of credit challenges, fraud, or bad credit when analyzing high-risk merchant accounts? Bankcard reduces these risks and can set you up in minutes. Your new suite of tools can help you avoid such issues in the future.
Bankcard is your resource when you need to get approval for a high-risk merchant account. With the use of the platform, Bankcard can get all types of industries approved within days and has flexible options for businesses in different stages of growth.
Review your rate for free
Looking for lower processing rates? Imagine a high-risk merchant account on your own terms. Enjoy the freedom of a custom merchant account that meets your business’s needs and can help you to save money.
Mitigate risks and potential chargebacks
Afraid of credit challenges, fraud, or bad credit when searching for high-risk merchant providers? Bankcard reduces these risks and can set you up in minutes. Our suite of tools can help you avoid issues in the future.
Online or in-store
Bankcard is your resource when you need to get approval for a high-risk merchant account. With the use of this platform, Bankcard can get all types of industries approved within days and has flexible options for businesses in various stages of growth.
Get ready to become a high-risk merchant account holder today
Imagine what you could do with a customized high-risk merchant account package tailored specifically to your business, one that can integrate with your other tools for a seamless experience. Reach out to Bankcard today.