Ultimate Guide to Choosing the Best High Risk Merchant Account for Your Business

1. Ultimate Guide to Choosing the Best High Risk Merchant Account for Your Business trinityconsultings.com info@trinityconsultings.com

2. Understanding High Risk Merchant Account High risk merchant accounts are a specialized payment processing solution for accounts that traditional processors would consider "too risky" to support as a merchant. These accounts are typically for industries that have either a high level of chargebacks, highly scrutinized regulatory oversight, or other reputational elements that the best high risk merchant account service providers do not want to associate with.

3. Industries That Involve High Risk Processing There are a number of industries which at their heart require high risk merchant accounts. Entertainment, cannabis, online gambling, nutraceuticals, and travel services have traditional acceptance challenges. Also included in this listing are businesses that are poorly rated credit providers, have elevated transaction volume or frequency, have a greater portion of international transactions, or have a well- documented ending of a relationship with traditional processors. Business models like subscription, debt collection, or affiliate/MLM loads are also highly charged and have a high level of chargebacks or disputes based on the business model.

4. Important Considerations When working towards an establishing a high risk merchant account, ensure the processor you choose has chargeback protection and a full suite of tools to manage fraud mitigation. Look for a processor with knowledge and experience in your industry and undertaking high risk merchant accounts. They will be aware of the different compliance requirements that are unique to your industry, and will have put together some succinct and applicable solutions. Think about the value of a comprehensive reporting capabilities and the ability to monitor your transactions in real time. Reporting & monitoring allows you to manage critical performance metrics in your business. In some situations you will have the ability to monitor transactions in real time, especially if the processor has their own proprietary tools that identify and fix problems before they become major issues in your business.

5. Key Considerations in the Selection Process Make sure to evaluate processing fees, especially with high risk accounts, as they tend to charge 3-6% per transaction plus other fees. While cost matters, it is important not to compare costs and choose a provider simply because their fees are lower, but instead for stability and reliability. All providers vary significantly in application approval turnaround. Some solutions are more focused on a faster application and approval process while others may have extensive underwriting. Your timeline is important. Customer service quality is important to consider because now you have the added layer of working with high risk processing. If you are working with high risk processing be sure to choose providers with 24/7 technical support and knowledgeable representatives for your specific application.

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