Not its is not easy to get high risk credit card processing account. There are many reasons for the same. Let me quickly discuss about key factors that make getting high risk credit card processing account difficult.
- Very few processors. Thats correct . There are thousands of credit card processors however there are just few high risk processing companies. This even becomes tough when these processors are only approved for specific regions. Lets understand this with an example. If a High Risk Processor is licensed for LAC then it may not say yes to the merchants from EU and vice versa. Since there are very few options they have lot of load in terms of applications. This is why they dont say yes to every application. They try to work with accounts that have low level of risk associated. High risk never means you can get accounts for prohibited or illegal business.
- Multiple applications. This is a common issue that we see on everyday basis. merchants they keep on applying to multiple websites hoping that it will improve there chances of approval. However in reality it keeps on adding the markup on there applications. Let me give you an industry insight which others may not be interested to share. The merchant service industry works pretty much as card broker-ship. You need a specific car and the broker does not have it no problem. He will get the same from another broker and give it to you by adding a markup. Its all the game of adding margins. With Quadrapay you will not experience this kind of problem as we introduce you directly with the payment processes and you have the right to negotiate.
- Startups and low volume merchants struggle a lot. High Risk Processors offer these services only for one reason as they can charge bigger transaction fees. So in simple terms its the profit which every one looks for. With startups and low volume merchants the returns are either very low or nill. This is why its hard to get a high risk credit card processing account for startups.
- Non availability of correct licences and company vitals. For few industries payment processors require specific licences. These are namely Gaming, Betting, Skill Gaming, Forex, Lottery, Crypto etc. If the merchant does not have correct licences then the challenge becomes even more bigger.
- Language problem. our processors require all documents in English. however sometimes merchants may not have the KYC documents in English. These should be translated and notarised. Sometimes merchants do not take the initiate to get these documents notarised and the accounts never gets approved.