High-Risk-Merchant-Account Processing Payment SavvyOne fact about High Risk Businesses is that a majority of merchant account providers will turn them down.

Most merchant account providers believe that the high risk industry is just too difficult to work with. In almost all cases, they will instantly decline the merchant account due to the high risk factor. Truthfully, there are a lot of businesses and industries that normal merchant account processors refuse to help. The reason is that these type of industries are included in the high risk category and many merchant account processors are wary of anything associated with a risky business.


High Risk Credit Card ProcessingMerchant Account Providers are liable for your risk

As a respectable and dependable merchant, it can be quite frustrating to have processing companies tell you that the business you are in means that the risk is just too high. Although you might know and have the books to prove that your business has been reliable, many will shy away because of the future damage it might cause. If a bank gives an account to a merchant that later has financial trouble, it can be damaging to the provider. Hence, why many banks feel they need to look out for high risk merchants to protect themselves.


High Risk Merchant AccountsWhat makes a business “high risk”?

There are actually a lot of factors at play as to why some businesses are considered to be high risk and others are not. Generally though, the two most important factors and conditions is the reputation of the industry that you are in and the sustainability of the businesses itself.

The respectability of the industry basically means the way that business is conducted and its image. For example, most online businesses are considered to be high risk because of the potential to have high traffic and the higher susceptibility to consumer data theft. When consumers are ordering online there is always a danger that data can be stolen and account providers can not ignore this unfortunate fact.

Another problems is the view of your industry. One can understand that gambling establishments can be seen as being a high risk due to their historic connections to being part of sketchy industries. But does anyone think that selling online supplements and health products are viewed as being part of a high risk industry just like gambling? Any business that has elevated levels of fraud or possibly consumer distrust means that a bank or other processing agency could consider it to be high risk.


Frequent Chargebacks Merchant AccountsCharge Backs and Sustainability 

Any business with a relatively high charge back rate such as a travel business, are also high risk merchant accounts. If customers are often canceling transactions and requesting refunds, it is a exposure to possible fraud. Merchant account providers do not want to see a large amount of charge backs because from a business stand point, it’s the bank putting it on the line when a refund is issued. There is a reason why most providers back away from businesses like this.

Another factor into whether or not you are a high risk merchant is how long the business has been around. If you are within the first few years of a business or in a relatively new industry, it can be difficult to prove your sustainability over time without a track record. Any provider is looking for a business and an industry that is going to succeed and they need the data to back that up before they work with you.


High Risk Payment ProcessorWhat can a high risk merchant account do?

Luckily, there are a number of providers that specialize in this type of account. Payment Savvy is one of them. We understand the risks that are involved in your type of business. We understand the problems of running a high risk business that might have complications like not using credit cards.

A lot of providers try to take advantage of the situation and the fact that a lot of people will not work with high risk merchant accounts.  There are some providers out there that will get you a high risk account, however, they will most likely give you monstrous rates, which we feel is very unethical.  That is why at Payment Savvy you will not have to worry about getting taken advantage of. We understand your needs and we want your business to succeed.

Contact us today

And get started on your approval for a high risk merchant account. We’ll provide all the services that you need to make your business a success.

Here is a list of just SOME of the high risk merchant accounts we work with:
  • Amusement and Recreation Services
  • Bail Bondsman
  • Car and Truck Rentals
  • Check Cashing Services
  • Collection Agencies
  • Consumer Finance
  • Detective and PI Agencies
  • Ecommerce and downloading software
  • Gun and Firearm Stores
  • Inbound/Outbound Telemarketing
  • Infomercials
  • Insurance products
  • Investment Opportunities
  • Installment Loans
  • Mortgage Services
  • Multilevel Marketing
  • Nutraceutical Merchant Accounts
  • Pawn Shops
  • Travel Agencies
  • Used Car Sales
  • Wholesale Club

No matter what your high risk industry or business is, chances are that we have worked within the industry in the past or are currently working it now. There is a reason so many businesses have trusted Payment Savvy with their high risk merchant accounts. They know that we provide them with a high level of service, provide complete services, have tremendous value, and they know that they can trust our experience.

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