Your Guide to High Risk Credit Card Processors
When you’re starting a business you need to secure a credit card processing service in order to accept credit and debit card payments. If your business has been tagged as high risk, don’t worry, there’s a solution. You can find high risk credit card processors to partner with. Keep reading to learn more about high risk accounts and credit card processing.
Why High Risk
There are numerous reasons a business may be considered high risk. One is location. If your business doesn’t posses a physical location and operates solely online, you may be considered high risk. This may seem odd, considering how many businesses operate only online. However, banks may consider your business likely to fold or fall victim to online fraud if you only operate online.
You may be considered high risk if your business sells high ticket items or moves high volumes of goods. Again, this may seem counterintuitive to why your business would be considered high risk and need to use high risk credit card processors. These kinds of businesses are considered high risk because they are at higher risk of chargebacks and fraud, and processors may be hesitant to form partnerships.
Ultimately, your business may be considered high risk if it operates in a high risk industry or if the risk of financial failure is high. Even if your business is considered high risk you can find credit card processors that will partner with you.
A Bit More
Many high risk credit card processors will charge a bit more for their services, or they may require a hold on funds in your merchant account before they are released to your business account. These processors will use these features to mitigate the risks involved. However, one of the most effective ways to operate a high risk business is to choose a payment processor that offers state of the art security.
Keep it Safe, Keep it Secure
Top notch security can help your high risk business avoid some of the associated pitfalls connected to your industry, chargebacks and fraud. Using a high risk credit card processor that utilizes PCI Level 1 compliance, fraud scrubbing, and SHA-256 SSL encryption can keep you in business.
Allied Wallet utilizes these security features and more to protect your assets. Chargebacks occur when funds are forcibly returned to customers. The best high risk credit card processor will help you avoid chargebacks by minimizing fraud and processing cards when expected.
Choose Allied Wallet
Allied Wallet offers payment services for high risk businesses. We specialize in online only sales, and have credit card processing solutions tailored to fit your business. Our industry leading security minimizes your risk of fraud and chargebacks. Call us today to learn more about our credit card processing services.