Market Wire, March, 2010
High risk merchants are service
providers with businesses that have a high turnover, an increased risk of
fraud, and high credit rate. Merchants who run high risk businesses have a
hard time finding a company who will approve them for credit card
processing. But the good news is Worldwide Merchant Services, LLC is a high
risk merchant account provider and they are able to place all high risk
merchants due to their network of banks worldwide.
There are many examples of high risk merchants such as Telemarketers,
Internet and eCommerce Businesses, Travel Agencies, Online Casinos, Dating
and Adult Websites, Affiliate Gateways , and so on.
But owning a high risk business does not mean the business is unable to get
approved for a merchant account and be happy with the rate and terms. There
are a few steps the business can take to help get approved swiftly and
start processing clients right away.
First, ensure that the business owners are up-to-date on their credit
history and honest about any bankruptcies, liens, judgments, and previous
merchant accounts .
By acknowledging past financial hardships, the company’s credibility with
the merchant provider rises and the chances of becoming approved are much
greater.
Secondly, be aware that if the business’s credit is subpar and has had a
few speed bumps with previous merchant accounts, it might be required to
setup a reserve account, which protects the processor from any future
losses. The reserve account for your high risk business will be calculated
as a percentage of a projected average of total sales
online approval credit cards