So my company has been told by processors that we are high risk. Although we have never had any disputes or anything. We are trying to find a payment processor that works with what is deemed "high risk" but really is not. We have filled out many applications getting our credit dinged each time. So please tell me what kind of business you have if it is in the high risk catergory and what processor you are using. We could easily use paypal or moneybookers but we want something more reliable than these companies. Thanks for your advise.
FYI, the history of credit card processing decides what is high risk and what is not. Not what you "think" or what logic would seem to indicate. So there is no such thing as "high risk but really is not". History has proven your business model to be high risk. That's why you can't get any low priced processor to set you up. Anyway, if you're high risk you're going to be stuck with a third party processor like Paypal, Moneybookers, etc., or an offshore processor as no US-based provider will touch you because the risk is too high. You'll have to use a processor with higher fees as they are the only ones who can afford to take the risk in establishing an account for your business.
Point taken on the part about what I "think". However my thoughts are based on being in the business for quite a while. And based on the experiences I have had with my company and others I do business with the risk has been very low. The reason why this has been deemed high risk is because the fulfillment is done outside of the country so the processors think it is harder to combat charge backs if there are any. Half of the underwriters I have talked to have never heard of this type of industry. So people naturally are scared to try something they do not know about. Not because this industry has a history of high charge backs. It’s ok this has grown to a 80 billion dollar a year industry its only a matter of time before they come around. I got some good leads thanks to a few other people on the forum. Thank you for your pointless message.
Thanks to all of those who sent me messages. Turns out it is all about who you know. If your business has been deemed "high risk". As I was told by the underwriter who has been in this business for 23 years says if the underwriter does not understand your business model, or it is new to them, or if it is international it is usually an automatic denial. I had a chance to speak with the underwriter directly for First Data and got approved while on the phone. Received all of my documents and set up info today. My rate is 3.25% for card not present transactions and 2.5% for card swiped transactions. I would be happy to pass on the contact I have with them. They do not mess with the adult industry, gambling, or travel. Other than that if you talk to the right person you may have some luck.
It is always a question about how you present your business case and that you from the beginning got to the right person, this makes it a lot easier to get approved, gratulation, shows that it isn't any difficult to get approved by a bank.
I am also in a similar situation and need a processor for medical tourism, can someone please let me know if they have any contact who can help us get a good merchant account with firstdata or any others?