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High Risk Credit Card Processing

Are you looking for high-risk merchant account services for your business? These days all businesses should have the ability to accept credit cards. Some businesses, however, have a more difficult time being approved for merchant accounts because banks or processors consider them to be “high-risk” merchants.

If you’ve been told that your business is risky and/or have had applications declined, don’t lose hope. At The Transaction Group (TTG), we specialize in working with businesses in industries that face challenges in obtaining high risk merchant account services.

Together with our banking partners both in the U.S. and offshore, TTG offers merchant accounts for high-risk industries, business owners with bad credit, and international businesses.

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About High Risk Credit Card Processing

It’s sometimes obvious which types of businesses would be considered high risk. Adult related services, tobacco products, and online gambling are just a few.

Typically, e-commerce businesses are considered riskier due to the fact that their online sales are ‘card not present’ transactions. These online eCommerce transactions are more susceptible to fraudulent activity.

high-risk-merchant-accountMany times, it’s the historical rate of chargebacks that occur in a specific industry that determine risk. Merchants selling non-tangible goods tend to experience higher rates of chargebacks because the customer feels they have not received what they’ve paid for and decide to dispute the charge. These businesses can include tech support services, travel & tourism among many others.

In some cases, businesses carry a high-risk classification simply because they are associated with another industry. Although E-cigarette and marijuana paraphernalia merchants are not selling a product that is directly harmful to one’s health, they are regarded as having a riskier profile due to their association to tobacco and marijuana. 

Other factors that determine level of risk can include the business’ location, marketing tactics, and personal credit score of the business owner. It’s not hard to imagine why businesses located in certain countries, those with questionable sales tricks, and business owners with credit challenges are considered risky.

High Risk Merchant Account Rates & Fees

Unfortunately, merchants with a higher risk profile will pay rates slightly higher than standard or low-risk merchants. The reason is that processors who approve high risk businesses for merchant accounts carry some risk. Banks can have heavy penalties for processors whose merchants have high chargeback ratios.

Over time, however, a good credit card processing history may offer some leverage for negotiating a better rate.

Sometimes businesses make the mistake of choosing a processor that quotes what may seem to be the lowest rate. Often, it’s not the best deal. Additional fees or hidden fees can end up costing a merchant more money.

TTG delivers the most competitive rates and fees with fast approvals. We’ll take the time to answer your questions and explain exactly what to expect with a new merchant account so that there are never any surprises.

High Risk Industries

If you’re wondering whether or not your business is in a high risk industry, see the comprehensive list below. Of course, this list is not a complete representation:

  • 1-800 phone chat sites
  • Adult or pornographic material
  • Annual contracts
  • Antique stores
  • Bad credit
  • Bankruptcy attorneys
  • Business brokers
  • Business opportunity services
  • Calling cards
  • Casino, gambling or gaming
  • Charter services
  • Check cashing services
  • Cigarette & e-cig vendors
  • Coins, collectibles & memorabilia
  • Collection agencies
  • Coupons or rewards-points program
  • Credit or debt repair
  • Credit counseling & protection
  • Debt collection
  • Diet, herbal, & nutritional vitamins & supplements
  • E-Books & software downloads
  • Escort services
  • Fantasy sports sites
  • Federal Firearms License (FFL) dealers
  • Financial advising & planning
  • High average ticket products or services
  • International merchants & non US citizens
  • Life coach services
  • Lotteries
  • Magazine & subscription sales
  • Mail order
  • Multi-level marketing (MLM)
  • Online dating sites
  • Pawn shops
  • Penny auctions
  • Pharmaceuticals
  • Talent agencies
  • Tech support, IT & SEO services
  • Telemarketing
  • Time shares
  • Travel agents & tourism services
  • Vape or Vapes vendors

Need More Information About High Risk Merchant Accounts?

If you have questions about accepting credit cards at your business we’d be happy to help. Since 2004, we’ve been assisting businesses worldwide with their payment processing needs. Not only do we offer services for businesses in the U.S. but we have solutions for international businesses as well.

If you’re already processing, allow us to save you money over your existing rates and fees. On average, we can save merchant up to 20%!

Contact us today at 888-383-8056 or ‘Apply Now’ to start your high risk merchant account application. We’re looking forward to hearing from you.

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