Do you want to know what to expect after you’ve been tabbed as high risk? This article will tell you how to find a quality credit card processor for high risk transaction processing. Also, you’ll know the most important points concerning high risk credit card processing and businesses.
High Risk Credit Card Processing
If your company is involved in a high risk industry and there’s a risk of financial failure, expect your business to fall under high risk classification. Banks and merchant account providers will tab your business as high risk based on a higher rate of chargebacks and fraud.
Here’re some high risk credit card processing tips to take into consideration:
- Don’t try to hide the products/services you sell
- Prove you’re well-capitalized
- In case you lack enough capital resources, submit previous processing history when applying to a processor
- Go for a processor that allows for processing an unlimited volume of transactions and helps you scale accordingly
So, take the time to find a true high risk payment exert that can match hard-to-approve businesses with banks for high risk credit card processing with the cheapest rates. Make sure your potential processor:
- Has an extensive partnership network
- Has consultants who can offer tailored solutions to any business needs
- Offers business funding solutions, check processing, fraud prevention and chargeback mitigation services, payment gateways, and more
- Doesn’t offer unclear hidden sales tactics, confusing or contradictory information, and hidden fees.
- Offers a dedicated account representative
And more.
When You’re a High Risk Merchant
Below you can find a list of the products/ industries that processors usually classify as high risk:
- Adult
- eCommerce
- Health/wellness
- Financial services
- Gambling
- Legal services
- Software
- Tobacco
- Travel and hospitality
If your business is in the high risk industry, make sure to comply with the corresponding local, state and federal laws, … Read the rest
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