If you are starting a new business or if you have a history of a lot of chargebacks, you may be put into a high risk category when looking for a credit card processing company. In some cases, it could simply be because of the type of industry you are in. Being high risk means that a traditional bank may not provide you with a payment gateway. In spite of the category, you can still get high risk credit card processing.
Industries Typically Affected
Some industries or types of retail stores will always be considered high risk and it has nothing to do with your credit. The size of the transactions may also be a factor. Some industries that are automatically placed in this category include:
- Credit repair
- Electronics
- Debt consolidation
- Web design
- Guns & firearms
- Drop shipping
- Bail bonds
- SEO & SEM services
- Property management
- Dating services
- Non-profit
- And more.
Solutions for High Risk Companies
Determining whether or not your business is high risk does not mean that you cannot get a card processing system. Some companies specialize in helping businesses in high risk categories get the payment processing solutions they need.
Even if other banks will not accept your business because of the high risk involved, solutions are still available. Processing companies may use a specialized formula to help determine your risk level and try to provide a workable solution. These companies often have relationships with multiple banks that may help you.
You can also find companies that work with people that do not have good credit scores. You could also be a new business that does not have any credit score. We recommend working with qualified high risk merchant account providers to make sure you’re secured. Being high-risk can be struggling, but finding the right provider can make your life easier (and save you money in the long run).
Payment Options Available
Whatever kind of payment processing options you need, you can find them. You can get simple credit card processors, desktop processors, wireless, and virtual. Ideally, you want to be able to process as many types of payments for your customers as possible, so that your business can continue to thrive.
It is also beneficial to get the newest and latest models. In order to accept even more payment options, you can get devices that can be used to accept EMV (Europay, MasterCard, and Visa), as well as NFC (near-field communications).
Integration
When getting multiple devices, be sure that you can put all of your credit card processing systems into a single integrated system. Peripherals and other options can be added to meet all of your needs, helping you to simplify receiving payments and automate your record-keeping. You can add receipt printers, inventory management software and accounting tools such as Zoho, Salesforce, and HubSpot.
The devices and software should also be able to protect you and your customers from fraud. They need to be PCI compliant and use data encryption to help protect you from scams and to resolve fraud. If there is a problem, you need to be able to back up your data so that it can be recovered. A virtual credit card processor can be used if your card processing machine becomes temporarily unusable.
