Are you tabbed as high risk? Well, expect to have a difficult time getting approved for traditional credit card processing arrangements. This article will tell you what misconceptionspeople have about a high risk merchant account. So, you’ll know how to qualify for onewithout challenges.
High Risk Merchant Account: Misconceptions
Aren’t you a low risk merchant? Are you interested in a highrisk payment processor that’s ready to work with your type of business? Below you can find the most widespread misconceptions about the high risk category.
- “High Risk” Label Is the Same With All Merchant Account Providers
In fact, different financial institutions/processors view at the risksassociated with your business through different lenses. However, chargebacks and fraud play a decisive role in this regard.
- Your Credit Score is the Final Word
In reality, there’re high risk payment specialists that don’t consider your credit score a critical factor since they’re more interested in your industry’s record.
- Price Isn’t Decisive
High risk merchant accounts are more costly as compared to traditional ones. However, a cheaper rate doesn’t always mean better services. So, be smart about the rates when applying and ask your processor details concerning the rates you’re offered.
- Acquiring Debit/Credit Payment Processing Services for Your Business Isn’t Achievable
The truth is that there’re trustworthy high risk payment processing specialists and alternative online lenders that’re dedicated to providing high risk merchants with the safest and cheapest high risk merchant account you really deserve. This is also true of new businesses or startups.
- If You’re High Risk, This Won’t Change
In fact, agreements and policies regarding the industry can undergo changes over time.Sometimes, high risks merchants can even turn to their bank for reclassification.
- There’s Nothing Good About Being High Risk
In reality, a highrisk account can protect your business from the risks related to your industry.
As you see, there’s nothing daunting about being eligible for high risk credit card processing services if you have the right information about them. So, just shop around to find the right high risk specialist to enjoy the best for your business.
Author Bio: Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country that’s dedicated to offering the safest and cheapest high risk merchant account in the space. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.