HIGH RISK
WHAT IS A
HIGH RISK MERCHANT?
A high-risk credit card processing gives businesses the ability to accept credit and debit card payments like a traditional merchant services account but specifically approved for higher-risk businesses. While there is not a universal list of high-risk businesses, there are a few common traits these businesses tend to have. This includes poor credit scores, recurring or subscription sales, a history of bankruptcy or fraud, a history of high returns or chargebacks, or products that might be illegal in certain areas or countries.
WHAT ARE EXAMPLES OF
HIGH-RISK MERCHANTS?
WHAT IS THE DIFFERENCE
BETWEEN LOW-RISK AND HIGH-RISK MERCHANT SERVICES ACCOUNTS?
In terms of functionality, there isn’t a big difference. Many low and high-risk credit card processing accounts use the same equipment to process payments. Upon applying for high-risk credit card processing, there is typically a need for additional information like bank statements and financials. There might also be requests for product listings and ingredients in the cases for CBD & Vape. The other difference is that the sponsoring banks take on more “risk” by approving these types of accounts so the acceptance rates are typically slightly higher on average than traditional low-risk accounts.
MY ACCOUNT HAS BEEN CLOSED BY A TRADITIONAL PROCESSOR. CAN I STILL GET A HIGH RISK ACCOUNT?
In many cases, yes! Although the larger traditional banks might not want to sponsor the business, there are plenty of other options to get an operational merchant services account in a high-risk industry.
HOW FFSB2B CAN
GET YOU STARTED
To learn more about starting a High-Risk account, schedule a consultation today by calling
FFSB2B on 724-746-9860 or fill in the form below!
