Businesses are categorized as high risk for a number of reasons. Most of the time it is the merchant’s industry in which they operate however, sometimes it is the business itself. The most common high-risk industries include; nutraceutical, pharmaceutical, credit repair, PC support, Forex, online tobacco, and e-cigarettes. No matter where your company operates, including the USA, these industries are usually considered medium or high risk and require a specialized payment processor.
Specific businesses can find themselves classified as high risk by banks and payment processors in a handful of different scenarios. These situations can be due to the merchant’s actions, including poor business and financial decisions that have led to this labeling. This can include; bad personal credit, a previously terminated merchant account, bad reviews, high chargebacks, and high-risk sales models.
Merchant accounts are available to companies based domestically and offshore; no matter their reason for being high risk. Historically, businesses considered high risk by their industry found approval to be easier than businesses with a poor history. High-risk industry businesses that operate with low chargebacks and minimal negative reviews are generally more sought out and the approval/boarding process is much easier because these are considered a better risk for the payment processor.
Some of Global Pay LTD’s High-Risk Industries Include:
Global Pay LTD will help your company with establishing high-risk payment processing services and guide you throughout the complete process. After a short application, our team will be able to determine the best solution available to fit your company’s needs. Full disclosure of business operations and history will ensure that the underwriting process is properly done and the best payment processing solution established.