High Risk Processing
You are in need of a credit card processor but all the credit card processing
companies have turned you down… There might be many reasons for that,
but if the companies refuse to service your business classifying it as high
risk there is still a way for you to start processing credit cards online. You’ll
have to consider getting ‘armed’ with a high risk credit card processing
High risk merchant processing, also called high risk processing,
is a type of credit card processing where additional fees are applied according
to the risk involved in processing your high risk business.
When accepting credit cards it’s not you who is risking but the high
risk processing service provider; that is why the high risk processing service
provider charges you extra – for the risk they have to take.
High percentage of charge backs is regarded as high risk in high risk processing.
The following online services are generally considered high risk:
- online dating services
- PC software and hardware sales
- adult services
- travel agencies
- prepaid communications (phone cards, internet cards, etc.)
- astrological services and all types of psychic services
- alcohol and tobacco sales
- online auction services
- online gambling and casino services
- online pharmacy services (including weight loss pharmaceuticals, and body
The high risk services list may vary from one high risk processing company
The setting up of a high risk processing account is not a matter of a few days.
The bank the high risk processing service provider is working with will have
to check your and your business’ background - credit card processing history,
legal and criminal records, and other information. So it may take from a week
to a few months! You can help the high risk processing company acquire the needed
information for the bank by providing it yourself.
When your business becomes quite stable and your incomes are high enough you
may be eligible to shift from high risk processing to normal credit card processing.
That will certainly cut back on your credit card processing expenses.
Some companies, like GSPay.com, make high risk processing very easy to get!