Getting a High Risk Merchant Account

The idea of starting a business is thrilling, but getting it off the ground is hard work. You might be faced with a wide range of obstacles, especially if you’re planning to start a high risk business. You might be considered a high risk company if you have poor credit, a prior bankruptcy, or a lien. However, high risk companies are not just those with low credit scores. In fact, any online company is considered high risk. So if you’re planning to launch an e-commerce company, you’re considered high risk. In addition to internet businesses, a high risk company includes travel agencies, internet auction sites, companies offering memberships, and telemarketers, to name a few.

Whether you’re starting an online company or a telemarketing business, you will need to open a high risk merchant account in order to accept and process payments for your products and/or services. However, opening a high risk merchant account is easier said than done. Most merchant account providers and banks turn their heads on high risk account simply because they are not worth the investment. But there is hope. It is possible to find a merchant account provider that accepts high risk clients. As long as you do your research and don’t settle for just any company. Here’s how to open a high risk merchant account without getting hit with high fees.

Focus on improving your credit: Even if you’re high risk business, you might get approved for a merchant account if you have a good credit score. Work on improving your credit by getting rid of any bogus negative reports on your account. It’s also important to remove late payments, liens, or past bankruptcies before applying for credit.

But what if you have bad credit? Just because you have bad credit and you happen to be a high risk merchant, doesn’t mean you can’t get a merchant account. In fact, there are plenty of merchant account providers that tailor to companies in your exact situation. Find a company that deals with high risk businesses that are usually turned away by other companies. It’s also important to look for a company that has a high approval rate. This means they accept businesses with bad credit, including companies with prior bankruptcies.

Save money on finding a merchant without hidden fees. Just because you have a high risk business or bad credit, doesn’t mean you have to pay more in fees. Research various companies in order to find a merchant account provider without hidden fees. It’s also important to find a company with low, or discount rates for each transaction. It is possible to find a merchant with discount rates even if you have bad credit. Finally, try to find a company that offers free setup, free application processing, and free software and equipment.


Today’s guest article was approved by Payment Solutions, Inc., a leading credit card processing company that offers traditional and online credit card processing services for all types of business, including small business credit card processing.  Visit the website to learn more about their low rates. accepts high-risk businesses and companies with low credit.

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