Picking Out The Right Solutions For Your Business
Learn more about our services
High-Risk business solutions
It can be tough for some businesses to get card processing. We work directly with our bank vendors on the guidelines you need to get approved.
Low-Risk Business Solutions
Get unique credit card processing solutions specifically designed for mail and phone order or card-not-present merchants. Whether you only need software, or a combination of a gateway and terminal, we will provide you with the necessary tools to meet your bottom line.
Cash Discount - Program
Retail merchants may be eligible to pay as little as $20/month.
Self-Check: Are You a High-Risk Merchant?
People don't usually like taking risks in life and especially not with their money. This is the same for most merchant account providers. So, how do you know if a bank or merchant account provider will issue you an account? How can you tell if you're looking for a low or high-risk merchant account? It's nothing to do with what type of person you, but everything to do with the business you run.
How many of these factors apply to you?
The industry my company is in has a high chargeback ratio and high refunds amounts
My company is new and looked at as a start-up
I, the owner, don't have a good credit score
Most of my customers buy months in advance and the product or service is consumed much later (such as an airline or ticket vendor)
I sell a digital service that has no hard product
My payment model is a free trial and/or recurring
If you answered yes for more than one, you're most likely a high-risk merchant by service providers. That being said, the difference between high risk and low risk isn't always black and white. That's why at REDDEX, we don't automatically reject merchants in industries that are usually considered high risk. We work with you to find the best solutions that match your business type.
What being High-Risk means for you
Some service providers specialize in high-risk merchant accounts, but they have to charge higher fees and offer terms and conditions that are less advantageous for their customers. If you're a high-risk business, you can expect to:
Pay higher fees and additional charges
Rolling reserve typical 6 months
Chargeback thresh hold that cant be hit so its important to maintain your business
Slower payouts, most likely with a hold
Is it Possible to Become a Low-Risk Merchant?
Like we mentioned above, most of the factors that make you a high-risk business aren't things you can change-like the industry you're in, or the way customers use your products... If you think you might be a high-risk merchant, do what you can to reduce risk before you bring your application to the underwriters' attention, and go through your financial statements, business model, and credit scores.
Regardless of your official classification, there are steps you can take to lower your risk:
Reduce your risk of chargebacks with strong fraud prevention tactics
Focus on generating stable streams of revenue instead of occasional streams of large revenues
Demonstrate your ability to keep up with high trading volumes
Although you may be high-risk on paper, we have come to understand that it doesn't always mean you are a high-risk merchant. Summer camps are a great example of businesses that are high-risk on paper but are actually considered relatively low risk in our books.
Even if you're high risk on paper, it's worth checking to see if we'll be able to set you up to accept payments. Your journey to becoming the next star in your industry has only begun and REDDEX will be here to help you along the way.
Whether you do high risk or low risk, apply with us today to get the lowest fees on the market and the best service!