Running a business can be tough. It can be especially challenging when you are unable to process your customers’ credit card payments online. With the rapid growth of e-commerce, having a qualified credit card processor online is not only important, but it is also a necessity.
Whether you are an online coach, an e-commerce store, or an independent software vendor (ISV), JJS Global provides merchant account customized for your specific business.
Is Your Business High Risk?
There are obvious reasons why certain businesses are considered high-risk when it comes to processing online payments including having a bad credit history or no payment history at all. However, many businesses today are automatically considered “high-risk” because of the nature of the business, making it difficult to secure online credit card processing for their customers.
Here are a few common examples:
- Unregulated Industries like nutraceuticals are considered high-risk despite the growth in the industry because of a lack of regulation. It is easy for manufacturers to make false claims about their ingredients and how they will impact consumers. This makes banks and financial organizations reluctant to offer merchant accounts to such businesses.
- All Card-Not-Present Transactions, or anytime the card owner and the retailer are not in the same place, are considered high-risk by credit card processors due to the high potential for fraud. Unlike in-person transactions, retailers are unable to verify the person using the card. Credit card fraud in online retail transactions also opens up potential chargebacks filed against the merchant.
- Online Coaching Transactions are considered high-risk by merchant account providers for a number of reasons. One of the reasons is because most, if not all, transactions occur online. Another reason that is unique to the online coaching industry is the expectation of self-improvement, as a result of taking the online course. When a customer does not receive what they perceive should be the end result, they are more likely to ask for a refund. This means a higher than average amount of chargebacks filed against the merchant. As the results of the coaching are objective, it is hard to be decisive about when a chargeback is warranted and not, and this makes it a risky industry for banks.
- Independent Software Vendors (ISVs) looking to become a payment facilitator as part of integrating payment processing into their software are also considered a high-risk industry. The desire to integrate payment processing seems like a logical choice for ISVs. But payment facilitators are required to find banks to underwrite merchants, provide merchant accounts, and handle the flow of funds. All of which can be challenging for ISVs. In addition to the financial risk and time required to handle payment processing, an ISV would have to take on the burden of staying on top of and meeting regulatory and compliance requirements.
JJS Global’s High-Risk Merchant Account Features
With the continued growth of e-commerce, the need for an online credit card processor continues to grow as well. JJS Global helps provide businesses in high-risk industries with merchant accounts with the following features to help them provide their customers with the convenience of making payments using a credit card:
- Virtual Terminal
- Recurring Billing
- Mobile Payments
- Free Shopping Cart
- Batch Uploads & API Integration
- “Buy Now” Button Generators
- Fraud Protection Tools
- Email Invoicing
- VbV & 3DSC
- Customer “Vault”
- AVS & CVV Rule Matching
- PCI Certification
- Load Balancing
Need a qualified credit card processor?
While being marked as a high-risk business can feel like the kiss of death, especially when you find yourself going from vendor to vendor looking for a reputable credit card processor, it isn’t impossible.
JJS Global’s believes that legal and legitimate businesses deserve a fair chance to accept credit cards online.
Talk to a member of the JJS Global Team about how we help your businesses process your online credit card payments and keep your business running as it should. Simply give us a call at 224-535-9462 or email us now.
Do you qualify? If you need a high risk merchant account, or simply want to know if you can get a better deal with a US-based merchant processor, get pre-approved today!
Want To Avoid Chargebacks, Held Reserves & Closed Accounts? No Problem.
Need a High Risk Merchant Account? If your business is legal, we can probably help. Click the button now to get pre-approved today.