It doesn’t seem like that very long ago that businesses were just discovering the benefits of online lending, alternative providers and high risk merchant accounts. Today, as the world transitions out of the pandemic, business owners need funding more than ever before. The effects have been heavy and many companies are struggling to regain their footing.
You might be one of the many business owners wondering how to get a high risk merchant account in 2022. So much has changed. So, how has it affected your ability to secure a high risk merchant account? If you’re new to the option, you might be wondering what it is and how it can help you.
The following tips will help you better understand this financial tool and how it can help your business in 2022.
What is a High Risk Merchant Account?
A high risk merchant account is a carefully combined group of services that allow high rish business types and industries to still accept credit and debit card payments from their customers. These accounts are often more expensive than traditional accounts, but they also offer key features like chargeback protection and prevention programs that these businesses really need. They are also easier for high risk merchants to qualify for; these providers understand that high chargeback rates, limited time in business, and poor credit are a challenge and specialize in providing solutions.
What Makes a Business High Risk?
Upon hearing that your business is “high risk”, your first thought might be that this makes your business seem less trustworthy than others. On the contrary, it simply means that processors see a more significant number of conflicts and challenges in your industry and are hesitant to take that risk on. It in no way reflects on your company’s worthiness and success. For example, some industries experience more chargeback volume than others, which makes many processors shy away.
How to Quickly Obtain a High Risk Merchant Account
If you’re reading this, you’ve likely found yourself in one of two positions. You are starting a business and need to secure a merchant account but are having trouble doing so. Or you suddenly found out your provider is dropping you and you need another account fast.
Fortunately, there are many merchant account providers out there today that specialize in working with many different business types and industries. The key is to do a lot of research and compare your options. Some companies will understand the obstacles you face more than others. It’s also important that they have an industry-leading reputation and years of experience.
Once you’ve made your choice, the next step is to fill out an application. Many high risk merchant account providers will make this step available online. You can complete it within minutes, get a response and gain access to an account in as little as 24 hours with many providers today.
Payment processing is an essential component of operating any store today. Whether you’re a startup or a well-established business, you can have your system up and running within days with the right provider.
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.