A number of business owners are a bit hesitant in terms of letting the providers of high risk merchant accounts to be in charge of the payment solutions. One reason could be the fear of associating with the unconventional industry. Also, they just don’t want to put in the much needed effort and time to research more on different options. However, going with a typical lender or bank can be costly.
Explained here are 3 main obstacles faced by ‘adult’ businesses when creating the credit card processing method.
Because of the controversy in the adult industry, setting up your own business at low credit rates can be hard. Although the adult service industry has good profits, don’t allow the high fees to stop you from progressing on with your business plan.
Denied by Banks
A few merchants may charge very high fees – up to 20%, to help in offsetting their risk. This may cause credit card processors and banks to deem your business as prone to risks. While every lender won’t be heartless, it is worth looking at those with great expertise in the industry.
Even when the merchant account provider is ready to work with a number of high risk accounts such as people with a poor credit score, or first-time business owners, most of these institutions may avoid working with an adult business because of the stigma associated with the industry.
The provider of adult merchant accounts can make it easy for those within the industry to receive payments for ecommerce sites. It can also make it easy for one to accept credit card details from customers using video streaming. Despite the specifics of the brand your have, if you’re in this category, you need to think of working with a more experienced provider of adult merchant account.