High Risk Merchant Accounts and High Risk Merchant Services
A merchant account for high risk business is similar to a lending account for business owners considered to be high risk. High risk payment processing requires a high risk merchant account. Factors from your credit score to industry type can categorize your business as high risk.
When would I be in need of a high risk merchant account?
It’s important to make sure you understand when you need to and how to get a high risk merchant account for your business. Not understanding the difference or the importance could have a serious negative impact on your business. Several processors will hold funds for up to months at a time, or keep large percentages of your deposits in reserve to mitigate the risk on their side. Most merchants who do fall into this class are unaware of it.
Most common identifiers of a high risk business:
How to get approved
It’s not always easy to be approved for high-risk processing accounts. You need to have the right provider, and they need to be partnered with the right bank. Otherwise you’ll have constant issues with held funds and large deposit reservers. Luckily Bryte’s specialized risk department is here to help you get your account approved and processing quickly!
To get your account approved smoothly it’s best to follow these practices: