By Kent Pinkerton
Having trouble getting a merchant account? If so, then maybe you should check if your application falls under the category which merchant account providers (MAP) call "high risk." So what happens if you do fall under "high risk"? Here are some guidelines to help you understand high risk merchant accounts.
How does my merchant account become high risk?
Businesses with merchant accounts are considered as "high risk" in nature if they are conducting their credit card transactions "offshore." This means that they do not have any physical presence in any political jurisdiction. The best examples of these kinds of businesses are adult websites and online gambling. If your application falls under one of these categories, then your account is considered "high risk."
Applying for a high risk account
Unfortunately, applying for such an account is no easy task. Your application will need to undergo a very complex process before it gets approved by these providers. Expect delays and sometimes annoying paperwork to hinder your application process. But if you do not have the patience for such a process, there are various groups that are willing to help you get an account.
Not yet in the clear
But don't think that once your application is approved it already means that you are already cleared. Even if your application does get approved, you still need to pay a large fee for it. Since your account is "high risk," providers will charge you a higher rate. If you are lucky, there are some providers who won't charge you a high price for your application, but they may charge you steep rates in order to maintain your business.
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