FIRST CARD PAYMENTS
Top Rated High Risk Merchant Account
Quick Setup & Low Fees
First Card Payments specializes in credit card processing services for high risk merchants. Increase your sales and pay less in processing fees. Contact us for a free consultation.
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High-Risk Merchant Accounts
What It Means & How This Affects Your Business
Every bank operates with a set of guidelines used to determine if a potential merchant’s business is high risk. All these guidelines vary from bank to bank. As a leading credit card processing company, our experts share more insight into why certain businesses may require high-risk merchant accounts.
If your bank is unwilling to accept the risk associated with your industry, you will need a high-risk merchant account.
Banks weigh the risks associated with a business. If the bank you choose for your merchant account believes that your business is prone to too many chargebacks, customer complaints, and falls within the grey area of the law–CBD for example–then your business will be considered high risk. Banks are often hesitant to manage high-risk merchant accounts.
This is a subjective process and every bank’s underwriting department follows a specific set of guidelines that the bank has outlined.
After over 20 years of experience providing high-risk merchant accounts for businesses, we understand exactly how the system works, working with banks and ISOs to ensure that your business is allowed to open a merchant account. We have relationships with more than 30 financial institutions, ultimately allowing us to apply for a high-risk merchant account from the best banks likely to approve your company with the best rates and terms.
Why Are Certain Businesses Considered High-Risk?
There are many reasons why businesses are considered high risk, including:
- The business might be on a TMF/ MATCH list or the industry you’re in is known for high chargeback ratios.
- Perhaps you have a type of business that sells expensive items – furniture, jet charters, seminars, or tax resolution services, for instance.
- Maybe the business guarantor has personal credit that isn’t the best, tax liens, or other financial issues.
- Membership and subscription businesses with automated recurring billing.
Allow First Card Payments to obtain the high-risk merchant accounts your business needs. We will handle all the messy work so you can put your energy towards the success of your business.
We serve the following high-risk industries:
- Adult Businesses
- Auto Transport
- Auto Warranty
- Bad Credit
- Bail Bonds
- Betting Advice
- Business Opportunities (“Biz Op”)
- Casino and Gambling
- Cigarettes, Pipes, Tobaccos
- Collection Agencies
- Collector Coins & Stamps
- Credit Repair
- Debt Consolidation
- Diet Programs
- Debt Relief
- Document Preparation
- Educational Seminars
- E-Cigarettes & Vaporizers
- Escort Services
- Extended Warranty & Protection
- Forex Websites
- Fortune Tellers
- Gambling Advice
- Gift Card & Certificate Websites
- Gun & Firearm Stores
- Hair Restoration Services
- High Volume Merchants
- Internet Art Sales
- Internet Electronic Sales
- Internet Jewelry Sales
- Jewelry Sellers
- MOTO (Mail Order, Tele Order)
- Moving Brokers
- Multi-level Marketing (MLM)
- Online / Internet Gambling
- Online Exercise Equipment
- Online Herbal & Vitamin
- Online Legal Forms
- Online Dating
- Online School & Education
- Online Pharmacy
- Online Legal Forms
- Online School & Education
- Online Smoke Shops
- PC/Tech Support & Software
- Penny Prepaid Cards
- Poor Credit Merchants
- Recurring & Re-bill Models
- Refinance Kits
- Social Networking Websites
- Subscriptions & Memberships
- Ticket Broker Sales
- Time Share Sales
- Travel Agency
- Water Purifiers
- Web Design & Hosting
What can you do after you’ve been classified as a high-risk business by a bank?
So you picked a high-risk industry–now what? It’s a bit like being told by your gardener that you have weeds in your garden. You know they are there and the next step is to deal with them. This is not the end of your business, at all. There’s a simple and guaranteed solution: you have to obtain a high-risk merchant account and get approved quickly so you can continue operating without all that downtime.
One of the real challenges high-risk businesses face is finding a high-risk merchant account provider that won’t take advantage of the situation. Many merchant account providers understand the predicament you’re in and are going to charge you higher fees. This is a point worth repeating.
Yes, 9 out of 10 companies you go to for your high-risk processing will take unfair advantage of your situation; with a high-risk classification, they will charge you much higher than normal fees. While you may think you have no other choice, you do!
We have secured rates that average 25% lower than our competition for 99% of our clients. Over the last 20 years, we have not only gained valuable experience and developed our expertise but we have also cultivated relationships with over 30 banks and ISOs. When you sign with First Card Payments, you are signing with a partner. We will use our knowledge, leverage, and our reputation to ensure you get the best possible transaction fee structure.
Advantages & Disadvantages of a High-Risk Merchant Classification
- You may be forced to pay higher transaction fees
- Processing takes longer
- Your business account may be scrutinized more than low-risk businesses
- You are allowed a higher chargeback ratio compared to low risks businesses
- You can set up recurring billing with more peace of mind
- You can have multiple backup merchant accounts (MIDs)
- Your backup accounts provide an extra layer of security, ensuring that business operations are not interrupted for long
- First Card Payments will put clients on a chargeback protection service to ensure chargebacks remain at an acceptable level and your business accounts remain health
The silver lining of having a high-risk merchant account is that the additional measures ensure your business remains healthy!
Reasons Your Business May Require a High-Risk Merchant Account
These are some of the potential reasons a business is considered high risk:
- CNP: Card-not-present transactions
- Sales of future services, applicable to industries such as travel and hospitality
- The industry is not permitted in all 50 states, most notably, marijuana businesses
- Business is on a MATCH list (TMF)
- Offshore operations
- Owner or business itself has a poor track record
- Poor credit
- Prohibited merchant type
Whatever the reason, no matter how difficult the situation may seem, we can help. We work with our clients as if they were our partners. We consult on all matters pertaining to high-risk merchant accounts. We want to build a long-lasting relationship with all of our clients and witness the success of your business.
Allow First Card Payments to obtain the merchant accounts your business needs. We will handle all the messy work so you can put your energy towards the success of your business.