Business owners that are in industries labeled as high risk can have a hard time getting a merchant account approved. Banks and other financial institutions often deny these merchants to avoid the fraud claims, the charge-backs and other things associated with high risk credit card processing. But this reality hasn’t affected the growth year after year of online businesses, adult related stores and over-the-phone merchants. Accepting credit cards is a matter of life and death for millions of entrepreneurs across America and the world. This market is demanding an opportunity to be trusted with credit card processing capabilities, and itself is a big opportunity for ISO Merchant Agents.
Targeting the High Risk Market
ISO Agents have to reach out to these businesses: Adult Websites, Online Pharmacies, Online Casinos, Loan Modification, Debt Collection Agencies, Online Dating Websites, Travel Agencies, Escort Services, Membership Clubs, Vitamin and Herbal Supplements, etc. Most of the business owners of these type of companies may being looking for an affordable credit card processing solution. If the ISO Merchant Agent can offer a high risk merchant account that is cheaper, easier, more flexible or all of the above compared to the one currently in use by the merchant, they have made a new sale and hopefully a long term client.
Becoming an Expert in High Risk Processing
ISO Merchant Agents need to learn all the options available to merchants, including offshore credit card processing. The idea of having a merchant account with a financial institution overseas may sound dangerous for a business owner that is not well informed in the matter. ISO Agents need to know everything about gateways, shopping carts and the software involved in online credit card processing. Internet merchant accounts use these virtual processing tools the same way a retail merchant account would use physical processing equipment, like credit card machines, etc.
A Partner with Experience in the High Risk Market
Not every Merchant Account Provider has the necessary experience and infrastructure to deal with the specific demands of high-risk businesses. An ISO Merchant Agent needs to be sure that once the merchant becomes a client, all his needs will be satisfied with a high level of expertise. The technical staff and the client service representatives have to be able to resolve issues and to respond questions related to non-present processing systems, charge-backs, fraud claims, etc.
High Risk Merchant Accounts are a profitable financial product that every ISO Merchant Agent should offer. It is true that the competition has grown and more organizations are targeting this market but even in the current recession hundreds of new online business and other high-risk merchants have appeared. Take the time to master the specific information, partner with the right credit card processor and reach out to these businesses with a fair offer. Every ISO following these steps would be a competitive Merchant Agent in this exciting High Risk Processing Market.