Finding the correct merchant account provider can be a daunting task for high-risk businesses. Many providers simply don’t want the hassle or risk associated with these accounts. These banks and payment processors will subsequently opt against offering their merchant services and that’s why you need a skilled merchant account provider. Experienced payment processors are experts in providing high-risk merchant accounts to businesses of all types and sizes. They understand that every business is different and will work with each client to create a custom solution that meets their payment needs. This blog discusses what a high-risk merchant account is, what merchant account providers offer, and why you should ultimately sign up with Seamless Chex.
A merchant account allows businesses to accept credit and debit card payments through a third-party processor. A high-risk merchant account is a payment processing solution for businesses considered high-risk by the merchant processor, bank, and/or payment service’s standards. Several factors contribute to a business’s high-risk categorization; these can stem from:
- The industry the company is in
- The sales methods used
- The creditworthiness of the business owner
- The average transaction amount
- The chargeback rate
- The volume of sales
Other factors that can result in this categorization, but these are the facets of risk that are widely recognized within the payment processing world. Regardless of the reason, your business must find a merchant account provider specializing in these types of high-risk transactions if you want to succeed in online sales.
What do High-Risk Merchant Account Providers Offer?
High-risk merchant account providers are vital for risky industry types. They understand the various intricacies of each high-risk business, establishing tailored accounts for specific industries and their subcategories– e.g., Adult, CBD Products, Credit Repair, and Fantasy Sports. These payment processors enable companies that operate with reputational risk, higher-chargeback rates, and others to accept Automated Clearing House (ACH) payments, credit cards, eChecks, and other electronic payments. High-risk merchant account providers function to keep your business supported. These processing features are all accompanied by higher levels of protection as well. High-risk merchant account providers utilize payment gateways, compliance measures, and security software specified for high-risk transactions.
Where to Find a High-Risk Merchant Account Provider
Now that you know more about high-risk merchant account providers, why not give Seamless Chex a try? Seamless Chex is a merchant account provider specializing in high-risk merchant accounts, understanding the unique challenges and risks associated with high-risk businesses. They have the experience and expertise that will help you grow your business. Their payment experts know how to deal with high chargeback rates, work with banks, and prioritize a business’s sustainability. Seamless Chex offers tailored solutions for each of its clients and is happy to work with you to ensure that you get the best possible service. Contact a Seamless Chex expert today to learn more about how they can help your high-risk business grow.