Opening A High Risk Merchant Account for Your Small Business

by | Sep 9, 2020 | Business

If you want to open up a business that is considered a high risk industry, then this is a must read article. As several people begin to open up a business to live their life-long dreams of being a business owner, one must consider the type of payment processing system you would need to operate your high risk business. 

If you’ve been considering opening your own high risk business for a while, you should be prepared to do a lot of research about start-up costs and opening your own high risk merchant account. Deciding who will help you with your high risk merchant account and payment processing is one of the most important steps to consider. 

Keep in mind there can be a lot of fees involved with having a merchant account and accepting credit or debit cards for payment. Some of the fees involved with a merchant account can include:
     • Annual Fee
     • Monthly Minimum Fee
     • Authorization Fee
     • Transaction Fee
     • Statement Fee
     • Batch fee
     • Customer Service Fee
     • Early Termination Fee

This long list of fees is quite intimidating for a new business owner. However, there are some companies who can offer merchant accounts and payment processing services without all the costly fees.

Your local bank isn’t the only business who can create a merchant account for you. You can also open a merchant account with an independent credit card processing company. Some of these companies offer credit card terminals and inexpensive payment processing options to compete with banks.

If you’re looking to open your first merchant account, reach out to a couple of companies before you make the final decision. Take your time and do your own research. There are plenty of companies to choose from who specialize in setting up high risk payment processing accounts. You might find that the companies who specialize in helping businesses owners with high risk merchant account have much lower fees as well.

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