Virtual Terminals and Credit Card Machines
In a high risk online industry? Accept credit cards at low rates
You may be in a high risk field without even knowing it. If you're practicing ecommerce online, in the travel industry, or you sell alternative products and services, you may have been classified among a group known as "high risk merchant accounts." If so, you might learn that you can still transact business online and through stores, but the credit card terminals (whether they are virtual or machines) cost more and charge more per transaction. If you're considered high volume, doing business offshore, associated with gambling or poker, or sell membership in "over 21" sites, then you need to get affordable high risk merchant account services that can keep you in business, and profitable. This site is designed to help you find merchant services and accept credit cards through your website.
When a merchant account is labeled as high risk, it can either be because of the line of business you are in or because you have a too many chargebacks on your account. The cost of credit card processing goes up when there are excessive chargebacks on the account, and in many cases chargebacks are the result of poor customer service or a bad shopping experience. If the merchant is truly unscrupulous, the excessive fees and high risk status are a good thing because they may drive a bad company out of business. However, unscrupulous customers, credit card thieves, and other factors can combine to put your company in a “merchant account high risk” category that is not only hard to get out of, but expensive.
Notes and Special Information
Special note: Merchant account fees vary by the bank so be sure to shop around. Rates can be as low as 2.5% and as high as 11% depending on the transaction and industry.