Who needs a high risk merchant account high risk payment processing solutions?
- On top of that, many industries categorize banks and mainstream payment processors (PayPal, Stripe, Venmo) as high risk.
- They may not seem all that risky to other people, but typically these industries have a higher credit card chargeback ratio than what the banks have decided “the norm” to be (which is extremely low).
- And if your business falls into that category, getting a payment gateway and a merchant account becomes even harder.
- Mainstream high-risk payment processors typically follow the same guidelines as banks. They will don’t let you open a merchant account if you declare your high-risk business.
- If you do get around this somehow, you might be able to use such a service for a while. But it comes at great risk to you and your business. Hence, these services can shut your account down with no warning, and immediately cut off your cash flow.
- To add insult to injury, they can even freeze your funds until you clear any wrongdoings. Losing revenue and access to a chunk of your cash reserves this way can quickly kill any business.
What to do to secure your business and its cash flow?
Rather than trying your luck with the banks playing roulette with services like PayPal, get a high-risk merchant account. This will ensure that you have a stable high-risk payment processor and can sleep soundly at night. Thereafter, your customers will still be able to buy from you and your revenue will keep flowing in.
5 Star Processing can be your high-risk payment processors
Our high-risk payment processors come with the expertise of working with high-risk industries. We have chosen to specialize in this area, and have customers ranging from guns & ammo stores. It includes also gaming, adult entertainment, lending, and credit repair.
Call us today for more information on high-risk payment processing solutions
If you have questions, about high-risk payment processing in general or specific to your business, please call 5 Star Processing now at (888) 253 9692 or send us an email to [email protected].