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Choosing The Right Merchant Processor Is Vital To Your Success

Certain industries or businesses that are considered high-risk, such as those involved in adult entertainment, gambling, or firearms, travel, and credit repair may face more scrutiny or have additional requirements in place to ensure compliance with regulations and mitigate risk.

If you are operating a high-risk business, it is important to understand and comply with policies and requirements, and to ensure that your business practices are legal and ethical. Blue Wave Merchant Solutions can help you navigate through the very complex banking process. Its extremely helpful to consider alternative payment processing options that specialize in high-risk businesses.

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Here are five examples of why you may want to consider using a high-risk payment processor instead of Stripe or Square:

  1. Industry-specific expertise: High-risk payment processors often have more experience working with businesses in industries that Square may consider high-risk, such as adult entertainment or online gambling. They may have better knowledge of the regulatory and compliance requirements for these industries.

  2. More lenient underwriting: High-risk processors may be more willing to work with businesses that have a higher likelihood of chargebacks or other risks associated with their industry. This may make it easier for you to get approved for a merchant account.

  3. Better risk management tools: High-risk payment processors may have more robust risk management tools to help you manage chargebacks and fraud, such as fraud detection software, risk monitoring, and chargeback mitigation services.

  4. More flexible payment processing: High-risk payment processors may offer more flexible payment processing options, such as high-risk ACH payments, recurring billing, and international payments, that Square does not support.

  5. Lower fees: While high-risk payment processors may charge higher fees than traditional processors, they may offer lower rates than Square for businesses in high-risk industries, due to their specialized expertise and tools. It’s always a good idea to compare rates and fees before choosing a payment processor.

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