Have you been refused a merchant account because of the bank’s request that your business is too high risk? Was it unable for you to get an account without limited trading conditions? Or, have changes in your business caused your bank to close your existing merchant account?
iPayTotal creates customized merchant banking solutions for businesses like yours every day. How can they do it? By providing a state-of-the art payment gateway and partnering with an extensive order of banks that understand the real payment processing that high risk merchant accounts need.
Why do I Need a High Risk Merchant Account?
Everyone knows that skydiving is a high risk. But what do you think about accepting credit cards online, over the phone, or via mail order? You don’t have to forget about this high risk, cause traditional domestic banks may not approve your merchant account application if:
- The credit card receipt is not signed by your customers. (Card-not-present processing.)
- Your business is a start-up with an unchecked credit history.
- Bad credit takes place in your business.
- You need to process a high volume of credit card transactions. (Over $25,000 a month.)
- Your business has grown from the smallest to medium or the highest volume.
- Your business operates in certain “ventures”, like online pharmacies.
- You offer a free trial followed by a recurring monthly payment.
- Your average transaction is over $500.
- Seasonal or occasional sales influence your business.
- You sell to international customers, or plan to process payments in foreign currencies.
- You have a history of excessive refunds.
In case if your merchant account was closed by a bank in the past; if you’ve ever provided opposite information on a merchant account application; or if you’ve had problems with customer service, you may also experience a hard time while getting a merchant account.