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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?

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:

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:

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!

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Harry Kane

Harry Kane

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