Credit Card Processing For High Risk Merchants
Being guaranteed merchant account approval is difficult enough when your customers aren’t looking to gamble, look at scantily-clad women or buy Cannabidiol (cbd) oil for anxiety. It’s ironic isn’t it? By far the most lucrative and popular products on the market are the ones that are the most difficult to sell for anything but cold, hard cash. But as these ‘questionable’ hobbies and substances are regulated and become legal and taxable, the surrounding economies have done nothing but flourish. The citizens don’t go crazy smoking pot, gambling and buying porn- quite the opposite in fact. Regulation and funding from taxes even create resources and help for people with problematic habits. So, why is it STILL so difficult to obtain credit card processing for high risk merchants? We think it’s ridiculous that these lucrative entrepreneurs are being considered ‘high risk merchants’ at all, so you are more than welcome to come to us for your high risk payment processing solutions!
Are You Considered a High Risk Merchant?
Gaming Businesses
Online casinos, free online casino slot games, online sports/betting and poker sites, mobile and online gaming sites are high-risk for the merchant account providers because it is essentially paramount to gambling itself, even for the best online casino. Between high turnover, offshore accounts and the potential for money laundering and a high risk of insolvency, the high-risk processing increases liability on the part of the processor.
Adult Entertainment
Pornhub, Redtube and XXX sites might be the norm in some places, but nudity isn’t allowed in every part of the world. The legality isn’t the only issue these particular companies might face. Even where good old consensual adult naked playtime is perfectly above board, some credit card processing providers don’t feel comfortable being associated with the taboo. Some people believe that what goes on behind closed doors should stay there, and they want no part in letting people spend their hard earned money watching amateur porn, no matter how much revenue it brings in.
Medical Marijuana
The benefits of medical marijuana and Cannabidiol (cbd) oil for pain and anxiety are without question, with little or none of the side effects of the endless dangerous pills being pushed by doctors and the pharmaceutical industry. Cannabis, however, isn’t legal in every country, state, or city. Hemp makes paper and fabric; it has absolutely no effect on the brain or body, but even companies that specialize in that alone are having a hard time finding guaranteed merchant account approval. Even in areas where marijuana has been legalized, merchants are finding that financial institutions are still refusing to provide credit card processing services. Intellectual property problems, brand protection and high taxes, increasing the risk of the business itself, are additional deterrents to financial institutions.
Subscription Services
Subscription services attract merchant providers because they charge the customer at regular intervals. They can be problematic when customers have a number of subscriptions at one time, forgetting about a few and later demanding refunds. They may have the opportunity to call the credit card company, challenging the subscription to get their money back.
We understand what it means to provide credit card processing for high risk merchants, and we will do everything in our power to give you the opportunity to expand your business model to include merchant services. Everyone deserves access to the products and services they want and need the most for their health, entertainment, convenience and sanity, and you deserve the opportunity to provide them. Contact us for the greatest chance at guaranteed merchant account approval for your high risk merchant account.
Originally posted 2020-02-18 19:07:42.