Archive for January 2018

Payvector Review

As a small business owner, you have likely heard the term “high-risk” – especially if you have applied for business funding. But what does it mean to be high-risk?How will that classification affect your business’ chance of securing business funding and other essential services, like payment processing?

What It Means to Be High-Risk

There are many reasons why a business might be considered high-risk. If you are suffering from past bankruptcies or tax liens, you will definitely struggle to find funding and a merchant account. Industries that experience high chargeback rates and fraud, merchants with poor or no credit, and limited time in business are a few other possible reasons. If your business is a startup or an international company (high chance of encountering problems), it will be especially difficult to find a provider.

These are just a few of the many industries and business types that make merchant service providers nervous:

  • Automotive
  • Adult-oriented businesses
  • Credit repair
  • Debt consolidation
  • Diet and weight loss
  • Multilevel marketing
  • Nutraceuticals
  • Online firearm sales
  • Online gaming
  • Penny auctions
  • Tech support
  • Travel and timeshares

The ideal client for a credit card processing company and lender will be a business that is unlikely to have many chargebacks and whose industry is not as susceptible to fraud (or fraud is non-existent). Stellar credit is also a requirement for most providers. All in all, the majority of lenders and credit card processing companies will steer clear of businesses that operate in high-risk industries or that have a greater probability of financial failure.

The Solution

If your business has been categorized as high-risk, your operations do not have to come to a screeching halt. If you recently applied or tried to upgrade your credit card processing system and were rejected, that does not mean all merchant service providers will reject you. There are still options out there thatyour business can take advantage of that are both easy and flexible.

High-risk providers specialize in working with businesses and industries other processors consider to be “too risky”. Time in business, high chargebacks, poor credit (or no credit) and limited financials are not a problem for these providers. Many are even willing to work with merchants that have struggled with bankruptcy and tax liens. Businesses can not only secure the credit card processing services they need, but also flexible business funding options and chargeback protection programs. Many high-risk providers offer an application process that can be completed in a matter of minutes, and merchant accounts and funding are setup or provided in as little as 24 hours.

If your business needs payment processing services fast and/or helpful information and support, consider payvector review via Bestpaymentproviders. Make sure your customers have the best payment options available, so youcan boost your business’ overall growth and reach your goals for 2018.

Bio:Electronic payments expert Taylor Cole is a passionate entrepreneur who enjoys to write, produce music, and travel. Bestpaymentproviders is the UK’s best payvector review company, serving both traditional and high-risk merchants.

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