You will find it more difficult to get a merchant account if your business is classified as high risk. However do not be dismayed there are plenty of merchant account providers that deal with high risk merchants. Below is a list of businesses that are likely to be found as high risk merchants.
Business can also be considered high risk if they have a poor credit history or bad credit. High risk merchant accounts have several characteristics to provide the merchant service provider. High risk businesses may find they are charged a higher setup and transaction fee. They may also have a longer settlement period on money coming into their account after a transaction.
If you are a high risk business looking for a card service provider it is important you look around and try to find a high risk provider who are experienced in working with businesses like yours. This is crucial as they will understand the nature of your business and the obstacles your business faces. When comparing providers it is important not to only look at initial fees and costs. You must ensure you understand all charges and terms the merchant account providers is providing.
Are you a high risk merchant looking for a merchant account provider in order to start accepting card payments? Let us help you with a free quote, Get in touch through our quote form and one of our advisers will contact you to help you find the best provider for your business needs.