Specialized High Risk Merchant Accounts
WE NEVER PUT YOUR BUSINESS IN A “HIGH RISK” BUCKET
PERSONALIZED HIGH RISK MERCHANT ACCOUNT
When your business falls into the “high risk” category for any reason, you will need a high risk merchant account. In light of this, having a high-risk merchant account is critical to being able to process payments consistently. Without it, you are subjecting your business to frozen funds and a terminated merchant account. A lot of payment processing companies like Stripe, Paypal, and Square will do this if they see you are processing within an industry that is considered “High Risk”. Your customers will not be able to purchase your product without processing, and will likely go to your competition for their needs. You need to make sure that you are partnered with a company that is an expert in securing high-risk accounts and keeping them processing payments. We offer stable high-risk accounts to support merchants in all kinds of industries and circumstances.
WHAT DOES HIGH RISK Merchant Account MEAN?
Here at Zen Payments, we believe that good merchants should be able to process payments and secure a merchant account, regardless of industry. There are many reasons a business might be labeled high-risk by banks and other payment processing companies including:
- HAVING BAD PERSONAL CREDIT
Bad credit can affect your ability to secure a merchant account because the bank will be less likely to lend funds.
- HIGH FRAUD CHARGEBACK RATES
Any business is subject to losing their merchant account if chargebacks Exceed a certain rate. The higher your chargeback rate the more “High Risk” you become. Fraud will also cause you to be declined, this is why we undergo an underwriting process to ensure that you are who you say you are.
- HIGH REFUND RATES
Refund rates speak a lot about a business. If your business processes more refunds than sales in a month, who do you think is on the hook? The bank. Banks want to see a low refund rate to ensure you run an honest business that they won't be on the hook for.
- OFFERING SUBSCRIPTIONS OR CONTINUITY PROGRAMS
This is directly relevant to chargebacks. There are annual, semi-annual, and monthly subscription-based services. Sometimes people don’t realize they signed up to be billed indefinitely which ultimately leads to more chargebacks for your business.
- OFFERING FREE TRIALS FOR YOUR PRODUCT OR SERVICES
Offering a free trial is something that is becoming more common within certain industries. The stipulation behind MOST of these trials however is that you enter a card number to be billed at the end of the trial. For many subscriptions, people forget about these payments, and that results in increased chargebacks. Regardless of trial or subscription, we have you covered!
There are even instances where you can be deemed high risk just for processing cards, not present transactions. We work with high-risk businesses every day, and have been helping them secure merchant account subscriptions for the last 15 years! We pride ourselves on working with merchants that other processors refuse to work with.
High Risk Merchant Account Industries
Listed above are reasons why a normally low-risk client could become high risk. However, you could be an honest merchant, have great credit, and even have a low chargeback rate but still be high risk due to the industry that you are in. Some industries are seen as high risk because of strong regulation, or the fact of it being considered disreputable to the bank. When you are on the high-risk merchant list, there are more hoops that you have to jump through in order to obtain a high-risk merchant account. We have been helping businesses obtain merchant accounts for over 15 years, and have streamlined the process for our high-risk clients. Some industries that are on the high-risk merchant list are:
If you are in one of these industries, having reliable reputable payment processing is game-changing. We know the trials each of these industries face individually, and our in-house team has the solutions you are looking for.
HIGH RISK DOESN'T HAVE TO BE EXPENSIVE
Most payment processors will charge their high-risk merchants an arm and a leg per transaction. This isn’t the early 2000’s, you don’t have to worry about paying some unfair rate simply because you are high-risk. We have been providing merchants the best rates for the last 15 years, and pride ourselves on helping businesses flourish. We want to consult with you and make sure that you are sent to the best bank for you and your business. By opening a high-risk merchant account with Zen Payments, you gain access to our dependable merchant services that can help you mitigate the risks associated with running a business in a high-risk environment. We work with a network of banks that allows us to find the best fit for you and your business. Fill out an application with us and get started processing today!
At Zen Payments, our high-risk merchant accounts come with the services you need to succeed so you can enjoy running your business with reduced stress. Through our chargeback protection programs, payment gateways, and 24/7 support services we help our clients with all of their processing needs. Give us a call and let us set up your high-risk merchant account today!