High Risk Merchant Account Services – An Easy Approach with MagicPay

High Risk Merchant Account Services – An Easy Approach with MagicPay

High risk merchant account services is a very broad subject that is subdivided into multiple categories. An account can be considered high risk for its industry type, volume, business model, its owner’s credit and company history. As there are many businesses that are not considered high risk may find themselves looking for a hard-to-board merchant account. Reasons may be unrelated to their industry type.

MagicPay Merchant Services specializes in high risk merchant account services. It provides reliable, quick and simple solution for merchants in almost industry. We simply believe that if you are a legitimate business, you should be allowed to accept credit cards as a form of payment. We believe that credit card processing is essential to business success these days. It is our daily job to make sure that businesses of any kind will have cash flow available for them in a reliable, secure and affordable matter.

As you will approach MagicPay and inquire about obtaining a high risk merchant account services solution for your business with us we will ask you a few questions to check the best solution for you. As our company works with multiple banks we have a variety of options available to merchants of any kind.

So what are the categories or the reasoning for marking a business as high risk?

HIgh Risk Merchant Account Industry

The most common reason for an account to be considered high risk is simply because of its industry type. Certain industries may be restricted or prohibited by many merchant services companies. Examples are travel and collection agencies, rental cars and vacation rentals. Other industries may have a controversial reasoning such as online pharmacies and adult entertainment. If your industry is considered to be restricted or prohibited by common merchant services providers then you are a hard-to-board merchant, also called high risk merchant.

Company History

Many companies may not be in the high risk merchant category but may have a processing history problem that may put it there. Examples can be PCI Compliance violations, high chargeback ratio (over 2%), or being terminated by the merchant services provider for other violations. One of the most common problems is merchants that are on the TMF Match list. These merchants were put by their merchant services company on the TMF (Terminated Merchant File) list, which is like the blacklist of merchant services companies.

Personal Credit and History

Another common reason that merchants may need to seek a high risk merchant account services is personal credit. Poor personal credit history may reduce your chances of getting approved with traditional merchant services companies. This will make it a little harder for individual merchants to get approved. Criminal history of any kind may also be of a concern to underwriters and depending on the record found may result in their final decision on a certain account.

Conclusion

With all that been said, even if your business is considered high risk, there are still options available for you. These options are affordable and easy to obtain if you are advised correctly. MagicPay Merchant Services is here to assist you in obtaining your low or high risk merchant account. With years of expertise in the merchant services field we understand your needs and concerns and provide results.

Our merchant account programs are easy, affordable, quick, reliable and most of all, secure. Some of the main advantages of getting an account with MagicPay are listed below:

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