It’s happened to many businesses. Don’t worry – it’s not just you. You’ve applied with a few credit card processing companies, and time after time, you’ve been turned down. Endlessly, the label “High Risk Merchant Account” has been thrown around in the paperwork. How can you dump that label for good and begin processing your customers’ credit cards? It’s easier than you think.
Understanding the Label
A high risk merchant account is one that the processing company doesn’t trust. There could be a number of reasons for a label like this one. It’s possible the processing company is just a bit risk averse. It could also be the industry you serve. Non-traditional sales and marketing tactics can make a company concerned about your ability to do business.
Working within an industry that has a high instance of chargebacks may be the key behind the label too. Adult entertainment companies, for instance, are often labeled that way. Gaming companies are too. And collection agencies. One other reason you may have gotten that label is your own personal credit profile. If you’ve worked with a processor in the past and gotten a high number of chargebacks or you simply have bad credit, a traditional processing company may not be willing to work with you.
Start Doing Business Now!
Fortunately, the label doesn’t have to stay with you for very long. Even if you’ve been turned down by several companies, it is possible to move forward and begin processing your customers’ cards right away. Y2Payments specializes in working with customers who have been previously labeled as high risk by other processors.
To avoid a label like “high risk” in the future, there are some steps you can take. Working with Y2Payments is a good step forward, but another one is to ensure that you avoid chargebacks if it’s possible. You lose profit. You lose merchandise, and you’re responsible for the chargeback fee. it really is a lose-lose situation, and ensuring that it doesn’t happen to you is a must in the world of credit card processing. And Y2Payments has an exclusive chargeback handling algorithm that can eliminate them.
To learn more about how we can help, no matter what your industry or current risk profile, contact us today.