High Risk Merchant Accounts
Are you tired of being turned away? If so, then you’ve come to the right place…
Are You a High Risk Business Needing a High Risk Merchant Account?
Most businesses should aim to have a merchant account, so they have the facility to accept debit/credit card payments for the products and services they offer, so they can grow in volume, profitability and reputation.
However, many business owners have discovered that, because their business type is considered “High Risk”, they do not qualify for traditional merchant account services via the mainstream merchant account providers.
Business owners can spend many tireless hours scoping the web for a merchant account provider after they have been told that they cannot be helped because they have labelled your business as “High Risk”, because your business type is too risky, simply down to the location of your business, products or services that you’re offering or chargeback rate is too high.
If you’ve been turned away or declined, or shut down by your current provider for reasons that you are aware of or your previous provider just closed you down without any notice and explanation and you’ve been left asking yourself “why?” and deeply frustrated then we could possibly help as we deal with these cases on a daily basis.
High Risk merchant account providers work in a similar way to the standard mainstream merchant account providers as they work through applications on a case by case basis unlike PayPal and Stripe. Although a PayPal and Stripe card processing account can be setup within hours, the application process is not very thorough, which is great if your a business that needs to accept card payments as quickly as possible but if you’re selling products that are deemed as “High Risk” then you could find yourself in a position where these providers have given you 14 days notice or worse case scenario, they’ve shut you down immediately without any reason and still holding onto your hard earned money, and this money could be held for up to 6 months and in some cases, years! This of course, could be highly detrimental to your business.
What Is a High Risk Merchant Account?
High Risk Merchant Accounts are accounts that are set up by specialist financial institutions to provide credit card processing services to those business types that fall under certain high risk business categories.
Below are some examples of the businesses that would typically require a high risk merchant account in order to process credit card transactions. The perception of ‘high-risk’ can vary from one bank to another.
- Debt collection
- e-Cigarettes / Vaping
- CBD Products
- Replica items
- Online tech support
- Travel industry
- International ecommerce
- PPI claims and other claims management businesses
- Web hosting and much more
Why choose us?
Here at We Tranxact, we have links into more than 60 different providers globally.
We are trained and experienced with most high risk business types and we look at each application on a case by case basis as every application is different. We take the time to understand your business, listen to your needs so we can present your application effectively to the most appropriate provider(s). We need to make sure that we present an application that is as low risk as possible and profitable to the merchant banks, which is basic business sense.
More importantly, we go that extra mile as we see each application as a challenge and we have built that mentally to never give up as this would be a failure on our part. Business owners rely on us to help their business as most of them have come to a dead end and losing hope and we aim to build up that hope as we understand that without our help they may not have a business at all.
If we cannot help you then we will be upfront and honest with you and advise you the best we can.