In the processing world, some business types and industries are considered “risky.” Are you one of them? Have you already been turned down by a few credit card processors? Did they tell you that you’re deemed a “high-risk merchant?” Well, all is not lost. Luckily there are plenty of high risk merchant account providers that specialize in exactly what you need.
The first thing that you need to understand is that while one provider might consider you high risk…another may not. It all depends on their risk department (underwriting) guidelines. If the guidelines are strict, then you won’t get approved. If the guidelines are relaxed, then you’ll have yourself a merchant account. It’s that simple.
Furthermore, if the provider you apply to specializes in high risk merchant services, then you’ve already won the battle. Congratulations, they’ll probably approve you. BUT, keep in mind that there are some providers that don’t specialize in high risk, but still have relaxed guidelines.