What Makes a Merchant in Need of a High Risk Merchant Account?
How do you know if your business has been categorized as a high risk merchant and why is it important to make sure you have the right high risk merchant account for your business? Not understanding the difference or the importance could have a detrimental impact on your business. Businesses that are categorized as high risk have to know who the right high risk merchant account providers are, and those processors who are willing to process transactions for your high risk business. Due diligence on a high risk merchant account comparison with reputable companies, like GoPaymentPro, who are offering high risk payment processing solutions, like merchant accounts and payment gateways, to those businesses that need it most.
These high risk merchant account providers are high risk payment processing companies that are willing to accept the liability for the increased risk associated with those categorized as high risk businesses. Surprisingly, most merchants who do fall into this class are unaware of it. For a complete list of merchants who need a successful high risk merchant account application approval and to see if your business might require a high risk merchant account, please click here. Also, for an overseas merchant account for high risk business, consider if you might need high risk offshore merchant processing accounts.
How to Get Approved for a Merchant Account for High Risk Business
Some merchants believe that they can get a high risk merchant account instant approval, but this option just simply doesn’t exist – as the approval process is an involved one. High risk merchants can improve their chances of getting approved by highlighting the best features of their business. A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring, and for the sake of longevity and financial success should keep themselves away from the idea of a high risk merchant account instant approval.
Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval.
Finally, high risk merchant accounts should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk. Click here for information on international businesses who need offshore high risk merchant account providers and gain insight on how to get approved for a high risk international merchant account.
Processing for High Risk Merchants
Many businesses often don’t even realize that they are a high risk merchant until something goes wrong; their accounts get frozen for insufficient funds, or worse, the chargebacks start stacking up and the account is completely shut down. The merchant is then left wondering how to get themselves out of a predicament they didn’t even foresee coming.
When your business is categorized as a high risk merchant it can be difficult to know where to go to get the payment processing you need to successfully receive credit card purchases. If you’re unsure if your business is considered low or high risk – click here for a full list of high risk merchants.
When it comes to businesses that are high risk, this means that there are significantly more regulations to adhere to, restrictions that limit access to resources that would be available to low risk businesses, and far more hoops to jump through before being secured with proper payment processing.
GoPro is a leading the industry for payments companies who are considered to be a high risk nutraceutical merchant account provider.
How do you go about getting a high risk merchant account for your nutraceutical business? Glad you asked. It’s really a relatively simple process; first off, choose a merchant account payment processor provider. You need to choose a reputable company like GoPro, who has direct relationships with bank sponsors that can provide you with payment processing – but the key element to this is understanding that you need a high risk merchant account provider to be successful in your industry.
Nutraceutical merchants often have trouble finding online credit card processing due to potentially high chargebacks and continuity billing models; most banks consider nutraceutical merchants too much of a risk. But GoPro understands the unique needs of the nutraceutical industry and we have multiple domestic and international options to keep your business in tip-top shape.
When it comes to the Adult Entertainment Industry, GoPro is leading the way for payments companies who are considered to be a high risk adult merchant account provider.
Getting a high risk merchant account for your adult entertainment business doesn’t have to be an impossible task. Without knowing where to start, it can seem overwhelming, especially if you weren’t previously aware that your business was considered to be high risk. First off, choose a merchant account payment processor provider.
You need to choose a reputable company like GoPro, who has direct relationships with bank sponsors that can provide you with payment processing – but the key element to this is understanding that you need a high risk merchant account provider to be successful in your industry.
It can sometimes be a challenge to find a suitable adult merchant account for your adult entertainment business. However, with an adult merchant account from GoPro, you can qualify for an account with one of our domestic or international acquiring banking partners at a competitive rate. Whatever form of entertainment your business offers, GoPro likely has a solution for you that can get you processing payments in as little as 3 business days.
Vape / E-Cigg
GoPro pride themselves on being the #1 payments company in the industry of high risk vape and E-Cig merchant account providers. With regulations on payment processing getting more and more strict, you will need a solution you can rely on.
Have you been faced with the tough task of finding a payments processing solution due to the crack down on vape and E-Cig sales? Have no fear about getting a high risk merchant account for your vape or E-Cig business, because it can be a relatively simple process. First of all, choose a merchant account payment processor provider. You need to choose a reputable company like GoPro, who has direct relationships with bank sponsors that can provide you with payment processing – but the key element to this is understanding that you need a high risk merchant account provider to be successful in your industry.
E-Cigarettes and Vapes are considered to be high risk in the online merchant account world and credit card processing solutions can be difficult to find. The vaping industry has propelled into a billion-dollar industry; expand your market share with an online presence. GoPro has multiple options for you and makes it simple to obtain a vape merchant account in as little as 48 hours.
When it comes to credit card payment processing, you might have difficulty getting approved for a high risk merchant account due to of any number of factors that categorize businesses as high risk such as fraud, bad credit, or a high ratio of chargebacks.
The best high risk merchant account providers will have top-of-the-line security and a proven track record of keeping business and customer information safe and secure, as well as having a system in place to help mitigate a high ratio of chargebacks. Choosing the most reliable high risk merchant account from a reputable high risk payment processor, like GoPro, is critical to your business’s longevity and long-term success.
Retailers that are categorized as high risk merchants need to be aware of the hurdles they might face on their journey to securing a payment processing company. GoPro specializes in the high risk industry and understands all the ins and outs connected with businesses of this type. GoPro knows how to handle credit card payment processing for virtually any business model and offers options for chargeback protection along with a merchant account for high risk business.