High Risk Merchant Accounts Meet Specific Needs
In order to accept and process credit and debit card payments from your patrons, you need to have a merchant account. However, just like credit cards, there is a risk evaluation in determining whether or not you can qualify for a standard account. Given that being able to accept credit card payments is crucial in today’s economy, you might need to consider applying for a high risk merchant account in order to get started.
High risk merchant accounts are designed to serve several purposes. You may have a brand new business with less funding and credit than required for standard merchant accounts. The other primary reason for needing a high risk merchant account is if your business is in an industry where there is a significantly higher chance of fraud or chargebacks. These include such operations as adult entertainment and gambling, multi-level marketing, dietary plans and supplements, bail bonds, pawn shops and subscription services, among others. It is especially difficult to be approved for a standard merchant account if your business operates exclusively online, as you are also vulnerable to having your accounts hacked.
If you have applied for and been turned down for standard merchant accounts, you need to carefully investigate high risk merchant accounts. Many providers of these types of accounts charge significantly higher fees due to the risk they are agreeing to. Be sure to read the terms carefully so you don’t get caught by surprise by excessive charges or other restrictions that may hamper your ability to operate and grow your business.
At Vision Payment Solutions (VPS), we understand how frustrating it can be to find a reliable, affordable high risk account, and that’s why we offer several options for those who need an alternative way to establish a merchant account. We’ll review your situation with you and show you the options that will work best. Although there are some businesses we cannot assist, we have plans that can work for nearly every company that cannot qualify for a standard merchant account. We can even customize the programming to fit your company’s specific needs, making it simple and quick to process credit and debit card payments.
We provide complete solutions for your credit card processing needs, regardless of your risk assessment. Give us a call today at (877) 674-2286 or visit our website, visionpayments.com. We’ll be happy to help you find the affordable, reliable products for your processing needs today and into the future.