The Essential Guide to Credit Card Processing for High-Risk Businesses

When it comes to dealing with credit card payments, some merchants are considered “high risk”. This label means that legal business owners are given fewer choices for payment processing. 

The solution to this is to find a reputable credit card processing provider capable of handling high-risk merchants.

In this article, we’ll discuss the essential aspects of high-risk businesses and credit card processing, drawing from our experience in providing high risk merchants services for more than 30 years. Keep reading. 

What Does High-Risk Business Even Mean?

“High-risk” business might sound like the end of the line for any business, thankfully, it is definitely not. A high-risk business is simply an activity perceived by financial institutions to have elevated risks of failure. As banks don’t like to lose money they are cautious about who they do business with. 

The label often depends on the type of industry you’re in (for instance prepaid debit cards, casinos, online gaming, guns, subscription services, airlines, accommodations, ticketing agents, cryptocurrency, etc.) and your specific situation (credit card history or past profitability, etc.). 

You might enter a business without even knowing it’s been labeled high risk only to be shunned by conventional credit card processing companies or shut down out of the blue (which is the worst possible scenario).

The Solution: Credit Card Processing for High-Risk Businesses 

Electronic Transfers are an ideal solution for payment processing. They are a widely renowned payment processor, even among high-risk merchants and storefronts. They’re capable of balancing any potential consequences of dealing with businesses that are labeled as ‘high-risk’.

For example: 

• “Guilt by Default” factor: Some financial institutions might view your business as shady, and may not trust your marketing tactics and overall intentions. You won’t have this problem with specialized processors.
• Tighter compliance regulations: You will most likely have to face tougher compliance requirements, whether they are at the local, state, or federal level. Specialized providers know the rules well and can help out when needed.
• Higher costs and hidden fees: Usually a high-risk merchant account is more expensive. Choose your credit card processor carefully to avoid higher fees, processing charges, and lengthy contracts with potential surprise fees for early cancellation.
• Possibility of merchant account reserve: Banks may request you to save some profits in a reserve due to your business being seen as risky. Not ideal as most businesses prefer immediate access to all their earnings.

Working with high-risk credit card processing companies comes with major advantages: 

• Quick setup: High-risk processors help businesses start accepting payments fast.
• Variety of payment options: They offer different ways for businesses to accept payments.
• Global reach: They can handle payments from customers all around the world, helping high-risk businesses reach more people and earn more money.
• Specialized services: special help is available to those businesses that need it.
• Risk management: High-risk processors know how to deal with payment risks in order to avoid problems like chargebacks and fraud.
• Customer support: These companies can provide clients with extra help if, and when, they have questions or issues with payments.

Credit Card Processing With Electronic Transfer Inc.

Establishing a strong and trustworthy relationship with your merchant account provider is a must if you want to have the back you need to run your business smoothly. You should have full confidence in your provider and their services. 

Electronic Transfer has a solid reputation, an A+ rating from the BBB (meaning we demonstrate exceptional ethical practices, transparency, and responsiveness to customer concerns as well as stellar reviews and offer the efficient services to speed up credit card sales processing and ensure all your business transactions operate like clockwork. so you don’t have to worry about payment processing issues.

11 Reasons to Choose Electronic Transfer Inc. As a Partner

Here are many good reasons to choose Electronic Transfer as your high-risk credit card processing provider:

1. Our online payment system is designed to make it easy for businesses to accept payments securely over the Internet.
2. You can reach and do business with customers worldwide thanks to our platform. .
3. Our advanced security features like encryption and fraud detection see to it that your customers’ private information is always safe.
4. Our system works well on mobile devices, allowing customers to make purchases easily from their phones or tablets.
5. Online purchases are easy and provide customers with a hassle-free shopping experience..
6. Real-time reports and analytics to help you make better business decisions.
7. Businesses with subscriptions can use our platform  to effortlessly manage recurring billing
8. Our knowledgeable support team is ready to assist you with any questions or technical problems you may encounter.
9. The payment process is customizable to match your brand and up your customers’ experience.
10. Our pricing is both affordable and transparent so that you know exactly what you’re paying for without any hidden fees.
11. We follow strict security standards like PCI Compliance to ensure that your transactions are secure and protected.

Our credit card processing services are totally free. You just have to fill out this quick form or call to get started – no pressure. Our prices are easy to understand, so you won’t get any unexpected charges, set-up costs, or monthly fees. Our rates are lower compared to others, so you get to keep more of your money. And the best part is that Electronic Transfer keeps things simple –  our secret to staying in business for over three decades.

Wrap Up 

You don’t need to be labeled as “high risk” to choose high-risk credit card processing. Many businesses are securing bigger payoffs as the high risk credit card processing providers are less likely to shut you down due to excessive chargebacks. For businesses considered “risky,” this may be the only option. Having a high risk merchant account offers numerous opportunities that are worth considering, so if you need any questions, feel free to give us a call and we’d be happy to answer them.