High risk credit card processing has always been an issue for merchants. However, this year it looks like many merchant account processors and banks are opening their doors to high risk merchants. While this is good news for merchants, you still need to be careful to check out rates and the “fine print” before deciding on a high risk credit card processor.
While mainstream merchant account processors and banks might have a more recognizable name, tend to charge higher processing fees and have stringent regulations for their high risk merchants. For instance, if you acquire one too many fraudulent claims, they could drop your account. This would leave you without a way to process plastic card payments, and it could cost you a chunk of your business. You need to search out a high risk merchant account provider, which you could easily do via Google. However, not all high risk merchant account providers are created equally, and if you look at their rates and fine print, you will quickly notice.
While high risk merchant account providers have a better rate of tolerance when it comes to fraudulent claims, many tend to charge higher rates, due to the “high risk” genre. One of the best, and fairest, is EMB, or eMerchantBroker.com. With EMB, the rates are “industry standard”, so you will not be shocked with your fees. EMB also offers a chargeback suite, which can help you when it comes to fraudulent claims. With the chargeback suit, the merchant and EMB can determine if the claim is fraudulent, or just a regretted charge. It can also help keep your chargeback fees – the fees that come from a fraudulent charge – down. This is fantastic, as chargeback fees can be upwards of 270% of the original charge.
High risk credit card processing has come a long way. In 2015, more mainstream processors and banks are allowing these accounts, but they tend to come at a higher cost. Your best bet, as a merchant, is to seek out a high risk merchant account processor, such as EMB.
About the Author:
Hello, I’m Blair Thomas and I’m an electronic payment expert and the co-founder of eMerchantBroker.com from Los Angeles, CA, the #1 high risk merchant account processor in the country. I enjoy hiking, dining and discovering new music. When I’m not working in the electronic payments industry, you can most likely find me producing and writing music. Add me to your circles at Google +
