Getting a merchant account can be hard for some startups, especially in certain fields of business. When a merchant account application is denied, there are usually specific reasons, and being denied means having to deal with higher processing fees from companies that will take high-risk merchants or not being able to take credit and debit cards at all. Merchant bank and acquirer companies don’t make it easy for some companies.
When merchant services are denied, it may be because of the processor’s revenue model and the small profit margins that are available. If you want to open a merchant account but don’t expect much business or could experience a high number of chargeback, it may not be worth the time or the risk. Your location or your industry can make you look like a particularly bad risk when you apply for a merchant account.
For most merchants, a solution is available. It may involve finding a local partner or paying higher fees. Then as your business develops, you may be able to move up to more favorable terms. For more on this topic and other topics related to the payment industry, consider visiting the website of PayVisors, a business consulting company with innovative solutions waiting for you. At PayVisors, the goal is to meet your needs in the best ways possible — without putting you through unnecessary hassles.