Introduction to High Risk Merchant Accounts
Many businesses find themselves categorized as needing a high risk merchant account, often leading to rejections from traditional credit card payment processors. This guide explores the challenges these businesses face and potential solutions.
Factors Contributing to High Risk Classification
Businesses may be labeled as high risk due to:
The nature of their business
Higher vulnerability to chargebacks
Potential for financial holds
Risk of excessive charges or unreasonable processing fees
Challenges in Obtaining High Risk Merchant Accounts
High risk merchants often face difficulties in the underwriting process, leading them to seek alternative payment processing options such as:
Offshore merchant accounts
Specialized high risk merchant account providers
PayKings: A Solution for High Risk Merchants
PayKings offers support for a wide range of high risk merchant account businesses, with years of experience in approving accounts for hard-to-approve retailers.
Key features of PayKings' service:
Fair pricing
Superior customer care
Solutions for both conventional and high risk merchants
Transparent process and pricing
Quick approval process (as fast as six hours)
What to Expect from PayKings
PayKings offers a comprehensive suite of services for high risk merchants:
- Ability to process debit and credit card transactions
- Small business funding options, including:
- Cash advances for quick access to working capital
- ACH business funding options
- Partnerships with chargeback shield protection companies
- Quick and easy approval process
- Free and hassle-free application process
- Secure payment gateways, including PayKings' own gateway
- No application or setup charges
Conclusion
While obtaining a high risk merchant account can be challenging, specialized providers like PayKings offer solutions tailored to the needs of high risk businesses. By understanding the factors that contribute to high risk classification and working with experienced providers, businesses can secure the payment processing capabilities they need to operate and grow.