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Let's face it, not everyone thinks high risk merchant services are interesting, but we do! Still, to make it efficient for you, this page will focus on the essentials you need to know about high risk merchant services.
However, if you're in need an account right away and looking for a reputable provider, here's a quick snippet on us!
B.I.G.’s team of ETA-certified payment professionals has been working with high risk and hard to place merchants in need of credit card processing for decades. We put our focus on the future success of your business and earning your business for life.
If you are seeking a dependable, transparent, and legitimate solution to accept credit cards, that is our specialty. We provide high risk merchants with stable solutions and best-in-class service, paired with the fair rates you deserve. Our extensive network of acquiring banks allows us to help just about any legal merchant type. Our team of certified advisors takes a consultative approach to find the absolute best solution for your business. We also offer a full suite of industry leading tools for fraud prevention, chargeback management, and payment management. Risk management tools essential to high-risk business types.
If you are seeking a partner you can count on to provide merchant services for your hard to place business, we’d love the opportunity to earn your business.
Join the B.I.G. family and experience the difference:
The reality is, there are a multitude of reasons why you may be considered high risk by payment processors. From industry type to chargeback history, even public opinion or where you sell your products can contribute to your level of risk.
Being labeled as high risk doesn’t have to have a negative impact on your business. When a new merchant account application is being considered, there are many factors that come into play. Every high risk merchant account needs to be considered individually and placed with the best solution for their needs. Both now and in the future.
As you can see, there really is no “cut and dry” reason your business requires a high risk merchant account. It can be a combination of factors. However, some industry types are nearly always considered riskier by most payment providers.
It is important to work with a reputable and experienced merchant account provider who can navigate the complexity of high risk merchant services.
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B.I.G.’s team of certified payment professionals leverage decades of experience with our vast network to provide a consultative approach. Unlike many other high risk providers, our focus is on the success of your business. We put your business needs and challenges first, not our margins. Our focus is on pairing you with the best solution for your business and merchant account sustainability.
Our cutting edge tool set and in-house service allow us to provide the best in class service your business deserves. As a full service provider, we don’t just sign you up and run away. We are here for you and your business - for the life of your business. Experience the BIG difference today.
One of the most common questions we get is – “what are your rates?”. This is one of the most understandable questions, but sometimes one of the most difficult to answer.
We understand the biggest obstacle many high risk businesses face is affording the costs involved with accepting card payments. With high risk payment processing, there's a huge range of factors that can make answering this question extra difficult. The rates and fees charged by payment providers depend on several factors:
One way we set ourselves apart from the competition is through our transparency. Interchange plus pricing is the most transparent billing method available. You might be wondering what Interchange Plus Pricing entails.
Interchange is made up of the rates and fees that card issuing banks and card brands charge everyone using their products. The Interchanged is used every time a credit card transaction is processed. In a nutshell, we take the published VS & MC Interchange pricing tables and add a fixed percentage to those fees. With this method, you actually know what you are paying for your merchant services. That is why it is the most transparent pricing model. With this method, we never hide any fees. Merchants can easily see both the Interchange rates that make up the base price for processing and the mark-up the processor is charging.
However, the amount above Interchange your business will have to pay depends on all the factors mentioned above.
Due to those multiple factors, it is not possible to put a specific number to our hard-to-place merchant rates. This is due to factors like industry specific compliance and underwriting conditions or ongoing monitoring requirements. If we were to do that, we would be doing a dis-service to many businesses that could actually be classified at lower risk than others.
Instead, we consult each merchant's situation individually. Some high risk merchants only pay 0.25% while others may have to pay more. If you would like to know how low our rates are for your business, call us today! Our promise is to always be fully transparent and treat you with the professionalism your business deserves.
There are instances where we are limited by bank policy and are unable to offer interchange plus pricing. If this is the case with your account, we will offer you clear and simple "flat rate" pricing. With this model, every transaction is billed at one flat rate for all your transactions. In these cases, as with all our clients, we continue our pledge of transparency. We will never hide any rate or fee, so you are always clear on what you are being charged.
Reach out to us – we don’t bite and we never pressure! But we are always happy to consult with you.
Another common question merchants ask is: “Are your services domestic or offshore?”
Yes, we do offer off-shore processing for those merchants who need it. However, for the best rates, fees, terms, and payout options, most merchants prefer to work domestically. B.I.G. works with dozens of acquiring banks, both domestically and internationally. Which means that whatever option works best for your business – we have you covered!
Let's take a look at both options.
Domestic high risk processing banks are simply acquiring banks that have a higher risk tolerance than those providing traditional merchant accounts.
Due to the additional risk and compliance requirements, these banks must employ specialized teams. At the core of the team are highly experienced underwriters that are well versed in risk management and fraud compliance. They also employ compliance staffing that works consistently with federal agencies (such as the FDA) to ensure that their policies are compliant.
High risk banks also have teams that provide persistent ongoing monitoring of both transactions and websites to quickly identify potential fraud or non- compliance. In many cases, they will also employ third party compliance auditors to ensure that they are maintaining compliant portfolios.
Because of the increased compliance and cost to maintain higher risk accounts, they do cost more when it comes to processing fees. However, other than understanding and mitigating risk, these merchant accounts work exactly like traditional merchant services. And, more importantly, they offer all the same benefits. With B.I.G.'s domestic high risk merchant services, you can expect daily deposits, powerful gateways, fraud prevention tools, and charge back prevention programs - when needed.
High risk merchant types have unique payments challenges. It is imperative that high-risk business work with a merchant account provider with the expertise and connections to help them succeed. This will enable them to navigate the complex underwriting requirements, compliance issues, and the preferences of the many domestic high risk acquiring banks to obtain a reliable merchant account.
Without an experienced and credible service provider, you could end up paying way too much, risk getting placed with the wrong bank, or even have your funds frozen!
It's important for merchants to understand that high risk merchant services require a bit more work than a traditional merchant account. That way, merchants know what to expect and are prepared for the process. Here are some pointers to make the process quicker and easier!
Certain merchant types and situations make an offshore high risk merchant account necessary. After many years of working with dozens of processing banks in just about every country, we have created a trusted network of offshore solutions.
International merchant services often have a “shady” or scary connotation for business owners. Most assume that they will be scammed or robbed of their money. Although not unheard of when working with banks in other countries, it is by no means commonplace. However, it is safer to work with an experienced high risk provider domestically. One that has seen both the good and the bad side of working with offshore processing banks.
If your business has run out of options or needs an offshore merchant account, here is what you need to know.
Before you ever complete an application and hand your personal information over to an offshore processor or broker, there are some questions you should ask. More importantly, this is information you should understand and be able to verify all the answers to.
Expect a very comprehensive application package. Most reputable offshore processing banks have very strict underwriting requirements. This is a good sign. While it may seem like a hassle, their thoroughness shows they're taking steps to protect both themselves and you. To ensure success, follow the same best practices when applying for an offshore high risk account as you would with a domestic high-risk account.
This is a tricky question. Approval time will largely depend on two things: the processor you're applying with and your business type and products.
Often applications can be processed very quickly and you'll get account approval in just a couple days. Certain products and situations, however, could require additional underwriting and diligence that cause it to take up to 10 business days for your international high risk account approval.
This is a common concern when processing through an offshore merchant account. The simple answer is – usually not, but, occasionally yes….
Integration is highly dependent on the size and security requirements of the processing bank. Most offshore banks will require that you use their (usually proprietary) gateway. This is because it gives them full control and oversight into the transactions and security of the gateway. In most cases you will need to integrate to their gateway through API. However, most will have tech support and or documentation to assist you in the process.
Congratulations! Now you can begin accepting payments for your goods and services. But don't think you can just set it and forget it.
The first few months of payment processing with an offshore provider require careful monitoring. Just as with any merchant account, pay close attention to your statements. Set aside time each month to review your statement for any inaccuracies. Compare the rates and fees to previous months' charges to make sure your terms have not changed. Keep close track of your reserve account (if required) and make sure you understand the terms of repayment. Anytime you find a discrepancy, call your representative and have it explained.
One easy way to accomplish this is to make a simple spreadsheet to track the major factors of your account, including:
When using an internationally based processing bank, it is possible that website transactions will be authorized in that country. In other words, if you are working with a bank in the EU to process transactions for your US based business, those transactions will look like a purchase is being made in the EU. This can cause confusion for your customers, which could potentially cause them to abandon their cart. Also, occasionally, an international approval request can cause transactions to be flagged or declined by the customer’s bank.
There are many best practices that you can take to lower the number of declined transactions and shopping cart abandonment. Clear communication and sales support are the most important. We are happy to assist with some great ways for your business type to best approach your checkout process.
Processing your transactions offshore can be a complex and daunting process. Working with a reputable payment advisor like the Bankcard International Group can make the process easy. Our advisors are here to work on your behalf and work with the processing bank to address any service issues.Whether you are in need of a domestic or offshore high risk merchant account, we have the B.I.G. solution! Here are just some of the industries we specialize in:
CBD Merchant Accounts.
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Cannabis Industry Payment Processing.
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Cannabis related business businesses.
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Firearms and FFL Merchant Accounts.
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Nutraceutical and Supplement Merchant Services.Nutraceuticals are often considered to be high risk merchant accounts. We offer some of the most stable and affordable domestic merchant services for nutraceutical businesses. Discover more… We’d love the opportunity to earn your business.
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Travel Agency Merchant Services.
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So what is the B.I.G. difference?
The B.I.G. team is comprised of highly experienced, ETA-certified payment professionals. We have a passion for providing legitimate payment services to industries that traditionally have been preyed upon by other providers. We are putting the “service” back in merchant services. The B.I.G. philosophy is that when we provide great solutions and even better service to help you succeed, we will create a lifelong relationship with your business. Give us a try - you'll be glad you did!These programs are very effective at assisting high risk merchant account holders to manage and prevent charge backs before they happen. Many of our high risk or hard to place merchants find these programs useful. Online merchants tend to see more chargebacks than other merchant accounts. Just ask us for the details.