Getting a merchant account is often difficult for new businesses, especially those in certain industries or locations. When you are denied a merchant account, your options are typically limited to either paying higher fees to a company specializing in high-risk merchant accounts, or just not accepting credit or debit cards at all. Getting a merchant account is never easy for a new business, and it’s harder for some businesses than others.
There are generally very specific reasons why a merchant account may be denied. Businesses in certain industries or locations that are considered high-risk are almost categorically denied. Other reasons for denial include the processor’s revenue model and small profit margins. Getting a merchant account may be more trouble than it’s worth for those startups expecting to do little business or those who in industries with a high rate of chargebacks.
There are solutions available to most merchants. For some merchants, this may mean finding a local partner, for others it may mean paying higher fees until the business is established enough to negotiate more favorable terms. To find out more about your options and other topics related to accepting and processing payment, visit PayVisors, the business consulting website created to help you make the best possible decisions for your business. Also, have a look at the article at #UniPayGateway.