High Risk Merchant Accounts
What is a high risk merchant account?
A merchant account is a type of account, approved by a certain bank, that allows its owners to accept credit cards as a form of payment for their goods and services. However, the type of business applying for the merchant account may influence its risk factor, and some banks may not approve what is considered by them a high risk merchant account. It is important to understand that not all banks would like to work with any industry and therefore our job, here at MagicPay, is to find the bank that will work with your type of business.
What kind of accounts are considered high risk?
Although certain industries (listed below) are considered high risk, some industries that may be on the “safer side” may still be considered by some banks to be high risk, and that may be due to previous bankruptcies the owner of the firm may had in the past, unsatisfactory credit history, length of company in business and so forth. So, shortly, even businesses that most banks consider low risk may by considered high risk at some cases due to the individual situation of each company.
Below is a list of industries that are considered high risk by some major banks and financial institutions.
Online Gun Accessories
Poor Credit Merchant
Real state rental