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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.
Many processors will simply refuse to approve you for a merchant account, while others will charge you significantly higher rates and fees than you would otherwise have to pay.
Unfortunately, there are also plenty of merchant services providers that deliberately market to high-risk businesses that are struggling to get approved for a merchant account, only to rip them off with outrageously high fees and rates, as well as draconian contract terms.
Finally, we’ll give you some tips for avoiding the not-so-high-quality providers that prey on high-risk merchants.
These lengthy contracts have been very unpopular with merchants, and the trend within the industry is moving more toward month-to-month agreements so you can cancel your account at any time without incurring a penalty.If that’s not bad enough, you might even have a liquidated damages clause in your contract that raises the price of breaking it even further.While the processing industry is generally moving more toward lower monthly and annual account fees, you won’t be so lucky as a high-risk merchant.Although very small businesses can get by with a payment service provider (PSP) such as Pay Pal or Square, once your business reaches a certain size, you’re going to want to upgrade to a full-service merchant account.While it would be nice if credit card processors treated all businesses equally, the fact is that they don’t.
There’s also a third category of providers who specialize in placing high-risk businesses.