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How a merchant services provider treats a high-risk business can also vary widely.
Many providers, particularly those that try to offer merchant services at the lowest possible prices, simply do not accept any high-risk businesses at all.
In this article, we’ll discuss the factors that lead to a business being labeled high-risk and how this determination will affect your ability to get a merchant account.
We’ll also provide some recommendations for high-quality providers that specialize in servicing the high-risk sector.
While some business types, such as pornography or drug paraphernalia will almost always be placed in the high-risk group, others may or may not be, depending on your processor.
This is all a reflection of the fact that your processor is taking on additional risk by supporting your merchant account.
Remember that every provider has their own criteria, so while you might be considered a high-risk business by one provider, you might be approved for a regular, non-high-risk account by a different provider.
Here are the most common types of high-risk businesses: If you’ve been reading this so far and you’ve determined that your business is in the high-risk category, it’s time to face this harsh reality: merchant accounts for high-risk businesses inevitably cost more than those for non-high-risk ones. You’ll pay more in both account fees and processing charges, and you’ll probably be stuck in longer contracts as well.
This helps to reduce their exposure to fraud and keeps costs low for their existing clients.
Other providers will allow certain high-risk companies, but will charge you significantly higher rates and fees for your merchant account due to the elevated risk they’re accepting by giving you a merchant account.