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While the exact criteria for determining high-risk status vary from one provider to the next, the following factors are usually used to determine whether a business qualifies as high-risk: Below is a list of business types that are often considered high-risk.While this list doesn’t cover every single possible high-risk business, it does include the categories that are most often regarded as high-risk.Remember that every provider has their own criteria, so while you might be considered a high-risk business by one provider, you might be approved for a regular, non-high-risk account by a different provider.Here are the most common types of high-risk businesses: If you’ve been reading this so far and you’ve determined that your business is in the high-risk category, it’s time to face this harsh reality: merchant accounts for high-risk businesses inevitably cost more than those for non-high-risk ones. You’ll pay more in both account fees and processing charges, and you’ll probably be stuck in longer contracts as well.Although very small businesses can get by with a payment service provider (PSP) such as Pay Pal or Square, once your business reaches a certain size, you’re going to want to upgrade to a full-service merchant account.While it would be nice if credit card processors treated all businesses equally, the fact is that they don’t.If you’re having trouble getting approved, take a look at our top picks for high-risk merchant accounts.The first thing to understand about high-risk businesses is that your processor will determine whether you fall into one of their high-risk categories when you apply for a merchant account.
While the processing industry is generally moving more toward lower monthly and annual account fees, you won’t be so lucky as a high-risk merchant.
Many processors will simply refuse to approve you for a merchant account, while others will charge you significantly higher rates and fees than you would otherwise have to pay.