If you try setting up a merchant account for an otherwise lucrative business you might, like many UK businesses have found your business is a high risk when it comes to merchant services and have been refused accounts due to the nature of the business, or the way the product or service is carried out. There is an alternative, there are merchant services providers who have an appetite for high risk sectors at competitive rates so don’t waste your time completing applications with mainstream acquiring banks that will simply decline your application, offer poor rates or apply too harsh restrictions and deferred payments.
Which Business Types are Offered High Risk Merchant Accounts?
The following business types are categorised as high risk by merchant account providers, you can expect to pay higher rates and abide by certain stipulations if you need a high risk merchant account. However, many mainstream merchant account providers will offer rates on card transactions or online purchases that are overly high or they may even refuse to give you a high risk merchant account due to the nature of your business.
When it comes to solutions for businesses who need a high risk merchant account without overly-high rates on card transactions, online payments and all merchant services, even if you already have a high risk merchant account, chances are you can save money by switching to a high risk merchant account with lower rates.