High-Risk Merchant Services

High-Risk Merchant Services

Not all businesses have the benefit of being considered ‘safe’ in their affairs. But for the businesses that don’t, there are options out there. A merchant service for these ‘high-risk’ businesses is an account designed to do this. To provide those unlucky enough to be in this situation with a solution. But how do you know if your business is likely to be considered ‘high-risk’?

Here are some general guidelines.

  • A higher level of annual turnover
  • A high level of clawbacks/refunds
  • A bad credit history
  • A high average payment figure
  • One of many different types of business (See Below)

Is my business likely to be high-risk?

If you are in one of the following sectors, there is a higher chance that you are considered a high-risk business. Please note that this list is not exhaustive but it a fairly good

  • Airlines & Jet Charters
  • Alcohol & Liquor
  • CBD Products
  • Coins & Collectibles
  • Computer Software
  • Crypto & Digital Currency
  • Dating Services
  • Debt Collections
  • Document Preparation
  • E-Cigs and Vapes
  • Electronics
  • Event Ticket Brokers
  • Extended Warranty Providers
  • Fantasy Sports
  • Financial Planning
  • Firearms & Ammo
  • Forex Trading
  • Furniture Stores
  • Health Fitness Clubs
  • High Average Ticket
  • Life Coaching
  • Lingerie
  • Loan Modification
  • Lotteries or Sweepstakes
  • Marketing Services
  • Membership Programs
  • Merchants with Bad Credit
  • Modeling & Talent Agencies
  • Moving Companies
  • Multi-Level Marketing
  • Nutraceuticals
  • Online Gambling
  • Online Gaming
  • Pawn Shops
  • Payday Loans
  • Pharmaceuticals
  • Replica Accessories
  • Self-Defense Products
  • SEO Services
  • Social Networking Sites
  • Sports Betting
  • Student Loan Relief
  • Subscription & Recurring
  • Supplements
  • Tech Support
  • Telemarketing
  • Telemarketing services
  • Third-party Manufacturing
  • Tickets & Events
  • Timeshares
  • Tour operators
  • Transportation
  • Travel Agencies
  • VOIP Services
  • Web Design
  • Weight Loss Programs

Here are some general guidelines.

  • A higher level of annual turnover
  • A high level of clawbacks/refunds
  • A bad credit history
  • A high average payment figure
  • One of many different types of business (casinos, electronics etc.)

 

Do I qualify?

If you think that you may qualify as being a business which falls into this category, an account such as this may be suitable. It comes with the knowledge of what kind of business you are are and how you are likely to operate. In some cases, it may be one of few options available to you. The downside of this is that there is likely to be higher fees and further restrictions to compensate the risk your business may pose.

More and more businesses are tending to fall into this category with the rise of electronic transactions and mis-selling leading to more refund requests. This is why you may expect to find more understanding and help with this type of account. If you are struggling with your finances and looking for help, this may be an option that is well worth considering.

Final Thoughts

Your business may be considered high-risk through no fault of your own. Many of the businesses that fit the bill are merely considered non-essential and therefore more likely to fail or not worth the investment. This can of course make other unwilling to work with you ensuring your financial success. You may feel that you have few ways to turn looking for help in this regard. Merchant services may be one of the few avenues open to you. If you feel that you’re struggling and can’t find help, keep them in mind.

Other relevant articles

https://consumer-rights.org/news/how-to-complain-to-my-bank

https://consumer-rights.org/news/business-banking

https://consumer-rights.org/news/standard-merchant-services

 

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