Financial Merchant

Financial merchant accounts are under the eye of the government due to the regulations of the state they are operating in. Many financial service businesses operate in gray areas and are not licensed by the state they are in. This makes these businesses extremely high risk to both banks and payment processors alike. The underwriters have to make sure that the business is operating legally and make sure that the products or services that are being provided are actually legitimate and will help the customer. Many financial merchants sell a service that has postponed gratification which makes it even more difficult to process for since chargebacks will be pushed back months.

Customers purchasing financial services are usually solicited from a list that the merchant purchases. This makes the business an outbound telemarketing business as well, another high risk strategy. The customers have not signed up or searched out the product or service but have been contacted and confronted with it. This is troublesome since customers have a higher probability of having buyer’s remorse when they are cold called and hard sold. When customers have buyer’s remorse, they are more likely to chargeback the orders.

Even though there are many financial service merchants that operate their business unethically, there are a high percentage of merchants in the financial service industry that operate by the law. These are the businesses that will be receiving the most competitive rates and fees. Sometimes these merchants will even be able to be approved for a domestic merchant account. Offshore Merchants has been setting up financial service merchant accounts since 2007. These businesses are able to provide several merchant solutions to financial merchants that qualify. Most merchants will not be able to qualify if they do not have previous processing history however, if they do, they will have several solutions to choose from.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.

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