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High risk merchant account


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How to get a high risk merchant account

Published in: Business
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High risk merchant account

  2. 2. What Businesses are Considered High Risk ▪ Firearms and gun parts ▪ Adult novelty items ▪ Nutritional supplement ▪ Vape, eCig business ▪ MOTO ▪ eCommerce ▪ And many more…
  3. 3. What does it mean to be categorized as high risk? Here are some reasons you might be branded a high risk merchant: ▪ Your services are of dubious authenticity to some (for example, if you’re a psychic, if or you sell non-FDA-approved nutritional supplements) ▪ It’s hard to prove you rendered your services (for example, because they aren’t tangible and their effects aren’t immediately apparent) ▪ You have a history of chargebacks (for example, because people may be embarrassed to reveal they used your services – or, because they forget they have) ▪ There’s a chance people or organizations could be shunned for doing business with you (for example, if you sell tobacco, vapes, adult novelties, pharmaceuticals, firearms…
  4. 4. What is Operation Choke Point? ▪ A legislations that went into effect late 2014 that made it harder for high risk businesses to accept credit cards as a form of payment.
  5. 5. Can banks terminate your account? Short answer: ▪ Yes! What can you do? ▪ Search for high risk processors
  6. 6. What do I do?!
  7. 7. Get ready! ▪ Prepare your paperwork ▪ Submit your history ▪ Use an accounting system; Simply using an accounting system, like QuickBooks, allows you to manage your finances better and to get qualify for lower processing rates Step 3 Use an accounting system Step 2 Submit your business info Step 1 Find a high risk processor for YOUR industry
  8. 8. Managing Charge-Backs
  9. 9. Avoid ChargeBacks! ▪ Require more info at the time of sales ▪ Pass enough info to customers’ statement to avoid confusion ▪ Beef up your security
  10. 10. Stability History Charge-Back management PCI Compliance Online Gateway 24/7 Support What to look for? Getting a new high risk merchant account can be difficult and time consuming. So, be sure to start with a good research and a full understanding of what you need. In general, every high risk business needs to make sure that the processor understands their business and have experience handling such businesses.
  11. 11. Click here to learn more