We have been talking about multiple aspects of the high-risk merchant account industry for many years and have almost sure reached on most, if not all of them, of the most decisive issues. Here are some more tips on high risk merchant accounts.
High-risk merchant accounts are a collection of financial services that offers companies to receive card payments from clients. Credit card processors assign merchants to one of two categories: high risk or low (normal) risk, based on a number of factors. High-risk merchants face reduced choices in processors, plus raised fees and harsh contracts. Being labeled as high-risk looks bad. But in some cases, it can be your best option.
It’s practically impossible for commerce merchants to work without accepting credit or debit cards. Before you can take “plastic,” you have to use a payment processor who acts as a link between you, banks, and credit card networks.
A lot of financial processors do business only with with low-risk businesses, who they see as a low risk investment. That means businesses considered high-risk will have a very poorr selection of potential processors to choose from. Any processor you approach will take a careful, detailed look at your business to determine if you fall under their definition of “high risk,” based on the financial risk your company represents.
Here are some high risk credit card processors : Focusing primarily on high-risk e-commerce businesses, eMerchantBroker claims they approve 99% of all account applications. The company has a positive reputation for transparent customer service and reliable support.
Instabill was one of the better high risk merchant account providers we came across in our search. Their customer support agents were very clear and forthcoming with information. One thing to note is that Instabill is not cheap. For example, a Tech Support business would need to pay 4.95% + 0.25 plus the interchange fee for every transaction. That is significantly more than what non-high risk merchants charge, and even slightly higher than other companies on this list. However, this is unavoidable in high-risk industries. The reason we were pleased with Instabill’s offer was due to how easy it was to get pricing information in the first place – something that can’t be said for a lot of their competitors. Instabill does not post any of their prices online, since the cost will be highly dependent on the industry and bank involved in setting up the merchant account. However, you can get a quote by speaking with a sales representative and obtain a quote very quickly.
We used all of the high risk credit card processors, to be able to compare and our pick was HRMA-LLC. They cover all business types, have a vast experience in the field, fast customer support and low fees.
Do you have a business related to auto warranty industry ? HRMA-LLC can help you. Read more info at High risk merchant account processor.