Thursday, March 26th, 2020
How to Get High Risk Merchant Services Tips
High risk merchant services differ from traditional ones in more than one way. To obtain a high-risk merchant account or business funding more easily, get equipped with the right information and knowledge. This article is here to help you choose an exceptional high-risk provider.
High Risk Merchant Services
When you apply for merchant services, the provider assesses the level of risk associated with your business. Higher risks will classify you as a risky business. The “high risk” label implies certain specifics and nuances that you should know before applying for this type of merchant services.
When Applying for Merchant Services:
- Represent your business to your processor without any lies
- Show your previous history
- Renegotiate later
- Take action to prevent chargebacks
- Avoid providers requiring long-term contracts
- Go for a provider that values service
- Choose the right processor for your business needs
To find the right company proving high risk merchant services, just work with a reliable merchant-services comparison expert like BestPaymentProviders.co.uk in the UK. Best Payment Providers UK is focused on terms, complaints, and integration, as well as reviews contracts, rates, fees. BestPaymentProviders.co.uk guarantees the most trustworthy snapshot of providers at the time of writing.
High-Risk Business: Why?
- Higher rate of fraud and chargebacks
- Operates in a riskier or volatile industry
- Offshore business
- Associated with a company considered a scam
- Poor credit score
- Has a very high average ticket
High-Risk Merchant? Expect:
- Higher monthly/ transaction fees.
- If you’re running a business in a low-risk industry but have poor credit, you may initially be charged higher rates. However, by always paying your bills on time, your credit score will go higher, and you’ll stop being classified as high risk.
- Longer settlement periods.
- Higher transaction fees.
- Higher reserve.
- Higher monthly/ annual fees.
To wrap things up, your “high risk” label is going to put several obstacles on your way. If you’re interested in credit card processing or business financing services for your high-risk business, you’d better turn to a respectable merchant-services comparison specialist. This is the easiest, fastest, the most hassle-free and reliable route to make the right choice concerning merchant services for your company.
Topics discussed in this article:
- Get a Merchant Account
- Get a Merchant Account for your high risk business
- High Risk Businesses
- High Risk Merchant Services