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High Risk Merchant Industry News

High Risk Merchant Industry News

How to Get the Most Out of a Vape Merchant Account

Posted by Doug Fisten on Aug 25, 2016 4:32:09 PM

The vape industry has seen its fair share of turbulence this year. The FDA has swung their “golden gavel” proclaiming that this industry deserves the same scrutiny as the tobacco industry. Granted this is a sensitive subject that will be highly contested amongst some of the highest legal arenas in the United States; it definitively places anything vape related into the high risk merchant services category. Vapor merchants need to keep taking payments while they fight the good fight to keep this multi-billion-dollar industry alive and well. So how can vapor merchants get the most out of their merchant account? Let’s discuss it.

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Topics: vape merchant account

How to Get the Most Out of a Tobacco Merchant Account

Posted by Doug Fisten on Aug 9, 2016 4:26:39 PM

The tobacco industry is unique in that many of its owners and operators are aficionados. They indulge in the products they sell and are able to provide expert-level advise and recommendations to consumers looking to enjoy their goods. The tobacco business is an ultra-competitive marketplace. Tobacco merchants have little wiggle room before they price themselves out of the market. Some tobacco merchants have moved into making the purchase of their tobacco goods more of an experience by opening a cigar bar whereby consumers can relax, watch sporting events, listen to music, and pair their favorite tobacco product with an adult beverage of choice. Regardless of the type of business, tobacco merchants need payment processing services that are cost effective and help them run efficiently. It’s not always that simple though. Tobacco merchants are considered high risk merchants by the merchant services industry. So how can tobacco merchants get the most out of their merchant account? Let’s discuss it.

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Topics: Tobacco Merchant Account

How to Get the Most Out of a Firearms Merchant Account

Posted by Doug Fisten on Jul 28, 2016 5:41:36 PM

Firearms sales are surging. Federal data showed 2015 as a record setting year for the American firearms industry as gun sales hit their highest recorded levels to date. It’s no secret that most Americans love their second amendment right and love their guns even more. There are more firearms legally held per capita in the United States than in any other first-world country and it appears that these numbers will only continue to grow.  Firearms manufacturers, distributers, and retailers are experiencing such spikes in demand that they are having a hard time keeping up with supply.  Part of keeping up with the supply and demand is being able to accept payment for those purchases.  Firearms merchants need to be equipped with the proper merchant services to handle the sales. So with so many payment processing options for firearms dealers, how does a firearms merchant know what to do and where to go? Here are some tips:

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Topics: firearm merchant account

Will Switching My Merchant Service Provider Help My Adult Business?

Posted by Doug Fisten on Jul 22, 2016 4:59:32 PM

 

The adult industry is a vast array of unique businesses ranging from the better known adult novelty shops and lingerie stores to strip clubs and massage parlors or the lesser known e-commerce stores that cater to the most interesting of fetishes and fantasies.  Regardless of what kind of adult business you own or operate, adult merchants need to accept payments for their products and because adult merchant businesses are considered high risk merchants they do not have the same access to payment processors as the restaurants and clothing store of the world.  Many times, adult businesses go with the first high risk payment processor that will accept them in order to get the service they need without having to put too much attention towards it.  More often than not these merchant accounts process month after month with little more than an afterthought until another payment processor comes along and makes the merchant aware that there is something better available to them.  So when should you consider switching to another merchant account provider?  Let’s explore some of the circumstances.

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Topics: adult merchant account

6 Things to Ask Your High Risk Merchant Service Provider

Posted by Doug Fisten on Jul 14, 2016 5:46:14 PM

For many, applying for a high risk merchant account is something you have to do but you know nothing about.  Where do you start?  Who can you rely on?  Who is the best company most capable of meeting the needs of my business?  What is it going to cost me?  They are all great questions.  In order to find out the answers there are six questions you should be able to ask any reputable high risk merchant service provider and get straight-forward answers that allow you to make the best payment processing decisions for your business and your pocket.   

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Topics: high risk merchant service provider

How to Get the Most Out of an Adult Merchant Account

Posted by Doug Fisten on Jul 7, 2016 5:43:24 PM

The adult industry is one of the largest industries.  It’s well-known that sex sells and it doesn’t look like that will ever change.  The need for intimacy is woven into the fabric of our DNA and with the ever-increasing number of ways to connect, share, and experience your wildest desires; what was once thought as it could only be fantasy is now turning into reality, in some cases virtual reality.  You can get just about anything these days with a swipe or click as long as you’re willing to pay for it and that’s where it can become a little tricky, paying for it.  Especially, if you are the merchant trying to navigate your way through the overwhelming number of payment processors vying for your business.  You have fantasies to fulfill.  How are you supposed to know what kind of payment processing solutions you need and who you can rely on to provide that service in a straight-forward manner?  We’re going to tell you.  

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Topics: adult merchant account

What You Need When Applying for a High Risk Merchant Account

Posted by Doug Fisten on Jun 24, 2016 3:42:03 PM

You’ve gone through the arduous task of completing your high risk merchant application; weaving your way through an intricate maze of common information and not-so-easy to understand merchant industry jargon.  Although it seemed a little complicated at times, you brush your shoulders off in a confident self-congratulatory nod of accomplishment.  It feels great to know you’re on your way to accepting payments with nothing more than a little sweat off your brow…or so you thought.  You unknowingly are only knee deep in the middle of the high risk merchant account application process.  Fear not, you aren’t alone as every merchant has to provide some sort of supporting documentation, but there is a higher level of due diligence where high risk merchants are concerned.  Fortunately, there are high risk merchant service providers like Painless Processing that walk their clients through the entire process.

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Topics: New Merchant Account

What Should I Have Before I Apply for a High Risk Merchant Account?

Posted by Doug Fisten on Jun 17, 2016 4:24:27 PM

 

Are you ready to start a new business for the very first time? If your mindset is like most of society you’re chasing the American Dream with a mental fortitude that screams I will succeed. One of the most overlooked aspects of starting a new business is your ability to accept different types of payments, specifically credit and debit cards.  With so many merchant service providers offering different options and incentives to use their services, it can become a cumbersome task to simply figure out the best way to go about accepting payments from consumers.  This is especially true if you are a high risk merchant.  The following is a quick reference guide to the basics of what you'll need before starting the application process.

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Topics: High Risk Merchant Account

How Do I Find The Right High-Risk Merchant Service Provider For My Specific Business?

Posted by Doug Fisten on May 25, 2016 2:22:40 PM

With the rapid growth in technology and e-commerce, business owners around the world are venturing online. Many of these online businesses—such as those in vaping, firearms, adult, travel, tobacco, head shops, and debt collection—operate in high-risk industries and pose higher levels of managed risk to merchant service providers. Brick-and-mortar businesses may also operate in high-risk environments. Because of the nature of their companies, these business owners are apt to apply for high-risk merchant accounts. 

 

Finding the right merchant account provider, however, can be overwhelming for most high-risk businesses. Some guidance may be helpful in selecting the right high-risk merchant provider for your specific credit card processing needs.

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Topics: high risk merchant provider

Does Being a High Risk Merchant Mean you are Running a Risky Business?

Posted by Artie Quintero on May 17, 2016 1:48:22 PM

 

Not necessarily.  Payment processors and financial institutions alike use the term high risk merchant to cover a broad range of situations that place merchants into a category where potential for monetary loss is higher than normal.  There is risk associated with every business and risk taking should be analyzed on an individual basis.  However, even the most high risk merchant service providers will tell you that their favorite merchant is a high risk business with a low risk signer.  Now wait… how does that make sense?  You can’t have low risk and high risk in the same sentence, can you?  You’re right, low risk and high risk do not go together.  However, the thought process behind this is that when you have an owner or business that has strong financials and credit ratings the probability the business will be run ethically, efficiently, and responsibly is much greater.  In turn, the chance for loss is assumedly much lower than that of the contrary.

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Topics: high risk merchant

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