Certain industries and businesses can be deemed riskier than others, making it difficult to find financial institutions willing to work with your company. Often the ones that are willing to work with you may be looking to take advantage of your situation because they know you likely don’t have many other options. So, before you make a decision, it’s crucial to do your research on your high risk merchant account provider to ensure you get the best rates and treatment. Here are a few tips for finding the best high risk accounts.
A high risk merchant is a business deemed too risky for most traditional payment processors. This could be due to the potential for chargebacks, which can be a headache for many merchant service providers. Or it could be due to an increased likelihood of default or fraud due to the nature of the industry.
Examples of industries considered high risk include:
Working in one of these industries doesn’t mean you can’t find quality payment processing, but you’ll likely have to look for high risk accounts that are willing to work with your given industry. However, you must be careful when choosing a high risk merchant account provider because not all are entirely reputable or offer the best rates and level of quality.
Finding a quality merchant account provider isn’t always easy, but they are out there. You must do your research and make sure you aren’t getting hit with exorbitant fees or paying for a service that won’t benefit your bottom line. Here are a few things to look for when researching high risk accounts.
Services Provided: Pay attention to what services they provide and ensure that they accept all methods of payment your customers use. A good high risk merchant account provider should have relationships with multiple banks and know which banks fulfill your business needs best.
They can assist with both online and offline payments and provide you with a range of options, including credit cards, check processing, and even digital methods like contactless payment or crypto-currency. Also, consider whether they offer additional features like reporting and analytics, software integrations, or fraud protection.
Customer Service: It’s also essential to find a high risk merchant account provider that offers responsive support and customer service. If you have a high rate of chargebacks or other issues with processing payments, you’ll want to be sure that you can get the help you need when you need it. Some merchants offering high risk accounts may be happy to collect higher fees but not provide support when you experience difficulties. So pay attention to the quality of their customer service and make a note of any support options they offer.
High-risk merchant account providers are fairly easy to find if you know where to look. You can find a variety of options with a quick Google search or by asking other colleagues in your industry. However, you should still do extensive research to ensure you find the best high risk accounts for your industry and unique business needs.
At Group ISO, we have over 20 years of experience as a high risk merchant account provider and offer competitive pricing and dedicated customer support. We work with a wide variety of industries that are often rejected by traditional payment processors and provide a fast approval process. We believe in total transparency when dealing with clients and will promise to offer you the best rates possible for the quality of service you receive. No matter your industry, we believe all businesses should have access to high-quality merchant services. Get in touch today to schedule a consultation or request more information.