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How To Tell If Your Business At High Risk

When opening a merchant account, it may seem odd what services are considered high risk and what are not. Sure, if someone has bad credit it would make sense to call him or her high risk, but entire industries are labeled risky! Major payment processing companies have decided what is high risk and what isn't randomly. Here's 3 things that might mean your business is considered high risk in the payment processing world.

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  1. Personal History

You'd be surprised just how much your personal history influences your business future. It doesn't just stop at personal credit either. If your business is located anywhere outside of the United States, you're automatically high risk! This also applies to non-US citizens or even US citizens who deal with people overseas! Who knew that so many payment processing solutions could be judgmental! Even if you accept multiple currencies, you're instantly a high risk business. It doesn't matter if the only other currency you accept is stronger than the US dollar: if payment processing companies can get away with charging you more, they will!

  1. Sin Services

If your business is considered to be too risque to talk about it with your grandmother, most payment processing businesses will consider your work high risk. If you run an adult bookstore or video store, you're automatically high risk even though you use the same business model as the regular bookstore across the street. But it doesn't stop at adult stores. Gambling, self-defense products and tobacco products are all considered high risk. It gets worse: if you make lingerie you'll be instantly considered high risk, but if you make regular underwear you wont! There's simply no reason to label these businesses high risk other than to pass judgment on the owners!

  1. Electronics or Internet Services

If your business is based on creating or selling contemporary technology, you'll probably be labeled as a high risk client. Why? Probably because the higher ups in the payment processing world don't care to understand what you do. Never mind that technology has been one of the most dynamic and lucrative industries for most of the 20th and 21st centuries! From hardware to software, networking to programming, it doesn't matter to payment processing companies. Even businesses that do business through the internet are labeled high risk! Ebay stores? High risk. Search Engine Optimization? High risk. Social networking? High risk.

If your business is high risk, don't worry! There are plenty of payment processing solutions out there willing to work with you! Sometimes companies who specialize in high risk businesses give better rates than the larger payment processing solutions give to their best clients! Although there are a lot of people out there trying to leech all of the money from your business, there are fair payment processing companies!

 

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Posted in Publishing and Printing Post Date 04/24/2016


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