Do you operate a business in an industry typically regarded as “high risk” due to complex legal concerns or a high risk of chargebacks and friendly fraud? There are many companies in this position, with a diverse range of affected industries, from health and beauty to adult entertainment to tech support and SEO. Often, it is incredibly difficult for these businesses to find payment processors to work with them at all. When you do find an opportunity to open a high-risk merchant account, the chance is likely to come with a number of strings attached – and ones you may not like to discover at that. Before you put pen to paper and sign any contract with a payment processor, be sure you know what to watch out for during your search.
Many businesses put themselves at unnecessary risk. Without realizing what it means, business owners tend to rely exclusively on a single provider for their credit card processors. This reliance can potentially lead to hazards that impact your business’s ability to function if you take a gamble on the wrong processor and end up being left hanging. Fortunately, there’s a way to navigate this hurdle: work with multiple payment processors to handle your merchant accounts. Below, we examine the five most important ways that you benefit from using more than one processor.
The recent coverage of the health issues purportedly associated with e-cigs and vapes, lawmakers, health officials, and parents have made things pretty tricky for e-cig, vape, and CBD merchants. Many of these businesses have lost their e-cig and vape credit card processing services and merchant accounts altogether. The current controversy surrounding vaping has further complicated an already-difficult industry when it comes to getting the vape merchant account solutions you need.
For any business, chargebacks are a fact of life. Chargeback management is complex, costly and challenging, especially to small businesses. Many business owners open a merchant service account in order to effectively manage chargebacks and payments. However, if your bank or other financial institution turns down your business for merchant services, you should consider a quality high-risk merchant account for managing business chargebacks and payment processing.
You don’t need to run a high-risk business to experience payment processing problems. Your incoming payments can be slow, flat, or even ground to a halt for a number of reasons: payment delays, payment defaults, slow processing, rejected transactions or hidden fraudulent activity.
Premier One Payments understands the difficult area of student loan relief and more specifically the risks that accompany credit card processing. As a student loan relief business, having the ability to accept credit card payments online and over the phone is of the utmost importance for you, your company and your clients. Increase income and grow your customer base by accepting credit and debit card payments from students to help them in the loan consolidation process with a student loan merchant account. Opening a student debt consolidation merchant account with Premier One Payments allows you to safely and securely process all card payments for your services.
Many companies, although founded by hard-working entrepreneurs, are forced to endure the stigma of being designated a “high-risk merchant.” Moreover, many of the businesses saddled with that label aren’t even aware of it until they look into partnering with a payment processor and find out they’ll be hit with high fees to maintain a merchant account or be refused service outright.