24 / 04 / 20
In the credit card processing world, some business types are considered “risky” due to high chargeback rates, lots of fraud, or being in a heavily regulated industry. Here are some common misconceptions about high risk payment processing:
1. “I won’t be able to get processing since my business is high risk.”
False! Although some payment processors don’t work with high risk businesses, card processing is not completely out of reach. Aliant is proud to be a high-risk merchant account provider that specializes in exactly what these companies need.
2. “My risk designation is my fault.”
False! Some businesses are considered high risk because of the industry that they’re in- not the owner’s personal credit score. If your business is an industry that’s known for increased chargebacks or fraud, there is a good chance that you will be placed in the high-risk category.
3. “Agreements with a merchant services provider will always be unfavorable.”
False! While high risk companies can generally expect to pay higher fees, they shouldn’t feel like they have to agree to poor terms in their contracts. In fact, merchants can often negotiate for greater sales allowances, the ability to process greater foreign sales, allowances, the ability to process foreign currencies, and other advantages, so don’t write off a high-risk agreement as a lost cause right away.
4. “Price is everything when choosing a provider.”
False! If our terminals go down and your provider has no resources to fix them, you’ll end up spending the money you saved on repair costs and lost business. Consider a company’s customer service record, additional services, and other factors before signing a contract with a high risk payment processor.
Learn more about high risk payment processing.
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