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Home » How To Get a High-Risk Merchant Account

how to get a high-risk merchant account

How To Get a High-Risk Merchant Account

By SecureGlobalPay | March 9, 2022

As a business owner, you want your credit card payment system to work smoothly and efficiently so you can focus on growing your business. If you are having difficulties getting approved, you need to know, how to get a high-risk merchant account. How do you find the best merchant processor to get a high-risk merchant account? SecureGlobalPay high-risk merchant account providers can help. Take your time, do your research, and make sure to pick up the phone to make some calls. Being comfortable with who you are doing business with is the only way to succeed in the high-risk space.

The last thing you want, is to end up being one of those horror stories you might have heard from other business owners. Often taking weeks or an update and possibly even months to get approved. Initially choosing the correct high-risk payment service provider is crucial.

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How To Find The Best Merchant Processor

Here are some tips to help find the best merchant processor and how to get a high-risk merchant account.

  1. Size is not important – neither is a fancy website or incentives that seem too good to be true (as they probably are). Smaller outfits are usually run leaner and are typically far hungrier and more eager to provide such a superb service that you will never want to leave.
  2. Customer service is of upmost importance – Glitches happen to even the best run businesses and can cause difficulties even for the Amazons of this world. Anything can happen in the payments space and you’ll want a provider that definitely prioritizes customer service more than anything.
  3. Specialization is critical – E-cigarettes and cbd offshore merchant accounts are extremely high-risk merchants for obvious reasons. So are furniture sales, even though they are a totally different industry. A high-risk merchant processor that is familiar with your Business type is the one you will want to work with.
  4. Good chargeback management and anti-fraud systems – If your business is considered high risk, chargebacks will be one of the main concerns that acquiring banks and card processors will have. Excessive occurrences and consistently high chargeback ratios could be disastrous if not managed properly.
  5. Affordable transaction charges and other fees – You will pay a little more for a high risk merchant account than for a regular “low-risk” one, this is obvious. Ensure all rates and fees are affordable and within your budget. Always make sure you understand what you are getting into before you sign on the dotted line.
  6. Fast payouts – Expect that it could easily take anywhere 2-14 days for processed payments to reach your account. Perhaps even longer depending on the business type and risk factors involved. Make sure you understand your funding times and any holdback or reserve policies you may have.
  7. Contract term and commitment – In most cases your chosen card payments processor will impose a minimum contract period. This is not rare. Make sure you understand exactly what you are getting into when looking into how to get a high-risk merchant account.
  8. Fair early termination charge – If you are obligated to sign up for a minimum contract period, make sure you fully understand what this cost entails and that it is also acceptable. Some unscrupulous providers levy hefty fees if you want to switch providers before the end of a contract.
  9. Rolling reserve – Card processing companies often protect themselves by retaining a portion of every transaction for a specified period of time before releasing it to you. This can have a significant impact on cash flow. Therefore it’s important to calculate how much the reserve is likely to be and for how long it will be retained.
  10. Chargeback resolution system – Merchants get frustrated when customers initiate chargebacks directly through the card issuing bank without first raising a complaint with the merchant. It means a black mark on your payment processing record. Too many of those and you can expect your funds to be put on hold and your account possibly being terminated. Make sure your customer support lines of communication are open 24/7 and look for a provider who will involve the merchant immediately when a chargeback is raised. By doing so, this will give you a bit more time and allow you an opportunity to resolve the issue quickly and efficiently. SecureGlobalPay is here to assist you and will show you how to get a high-risk merchant services account while also reducing your chargeback percentages.

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Choosing Between One of the Many High-risk Merchant Account Providers

Chances are, your application already been rejected by one or more of the many merchant high-risk merchant account providers. Right now you may be starting to panic a little as you have no idea on how to get a high-risk merchant account to accept bank card payments. This is not good and you need alternate solutions to accept payments while you look for that approval. There are High Risk Payment Processors out there that truly care about your business and offer alternative payment solutions like high-risk e-Checks and crypto. Take the time to find the right solution on how to get a high-risk merchant services account as it will make all the difference in the long run.

After all, if you can’t accept card payments and don’t have the proper card payment system in place, your business could be in jeopardy.

3 Key Ingredients in Finding the Top Merchant Processor for Your Business Type

Here are 3 important things to remember about high risk merchant processing

  1. Resist the temptation to grab the first deal that is offered to you – it could be disastrous
  2. The cheapest option may not be the best – cost alone is rarely the most important factor when choosing a High Risk Payment Service Provider
  3. Take the time to pick up the phone and talk to a live person. This will help you better understand how they run their operation and possibly, if they are even worth your precious time.

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How to Get a High-Risk Merchant Account Approved in the Shortest Amount of Time

How to get a high-risk merchant services account approved in the shortest amount of time is all about finding the right payment service provider. Industry professionals that have been providing merchant services for many years have the experience and the relationships, to help expedite your approval. 

Specialists focused on specific industries and became extremely familiar with how they operated.

Specialist Providers of High Risk Merchant Accounts Deliver Excellent service

Just as smaller to mid size merchant’s found it difficult to obtain finance back then, owners of businesses considered to be high risk, have had difficulty in getting accepted for merchant accounts and payment processing.

The reason is really simple. Providers prefer safe, low-risk businesses because they have lower risks of fraud and chargebacks. Those are the two elements that cost banks and card processing companies money.

So providing merchant account services for riskier businesses represented an opportunity for savvy providers.

By studying these high-risk industries, these payment processors built financial models of potential risks and what level of charges would be required to cover losses. Then they tailored their services by offering to take them on as merchants and will show you how to get a high-risk merchant account fast.

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Start Here to Find a Good High Risk Merchant Account Payment Processor

SecureGlobalPay, one of the top notch high-risk merchant account providers specializes in both domestic and offshore high-risk card processing. We have established a network of acquiring banks that accept businesses like yours. Accepting bank card payments for your hard to place to business has never been more important. Give the experts a call and let them show you how to get a high-risk merchant services account.

Our acceptance rates are high because we are one best merchant processors for high-risk. We take great care to match your business with a high risk merchant processor that is familiar with your industry. That’s the secret to our success.

Start the process today. Click here to access our online application form.

Alternatively, call 1-800-419-1772 to speak with one of our payment processing experts.

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Posted in Chargeback, Chargeback Protection, High Risk Merchant Services, High Volume, High-Risk Merchant Account, Merchant Account Fees, Offshore Merchant Account, Payment Gateway

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