HOW TO GET AN ADULT MERCHANT ACCOUNT WITH THE LOWEST RATES
The adult industry is considered as a high risk industry by merchant account providers and other financial institutions. This is due to a higher than average number of chargebacks adult merchants are usually facing and due to the nature of the products and services they sell, as those products and services often fall into a grey area of moral, legal and ethical acceptance. So, when it comes to the adult industry, providers that are not specialized for high risk merchant accounts usually refuse to work with those merchants.
However, if you are an adult merchant, don’t be too alarmed, as there are still many high risk merchant account providers that would be happy to work with you. However, you need to be careful and watch out for providers that want to take an advantage of your situation by offering unreasonably high rates. By the end of this article, you will find out what are the best ways to avoid being taken for a ride by high risk merchant account providers.
HOW CAN ADULT MERCHANTS GET THE LOWEST RATES
- Many providers want to convince adult merchants that they need to go offshore. If this is the case, keep in mind that offshore adult merchant accounts come with higher rates and usually horrible funding time. In this situation getting a second opinion would be very useful, as the majority of adult businesses don’t need to go offshore and can obtain a domestic merchant account that comes with more reasonable pricing.
- If your merchant account provider tells you that as you run an adult business you have to take their special package that comes with special software and equipment, take a second opinion. Most of adult merchants don’t need anything else than a merchant account and a payment gateway, especially if they run purely an e-commerce business.
- If you run a business with a retail location, such as a strip club, and you need one or two POS machines, you can use your monthly volume to negotiate discounted or even free hardware equipment. However, in this case you typically need to sign a long-term contract that makes you stick with your provider for years. So, in case of any issue you won’t be able to cancel your contract and find a more suitable payment solution for your business.
- If you operate a business that uses advanced billing model, please note that the further out you bill, the higher is the risk and that means higher rates and fees.
- If your monthly processing volume is high and you have a business that has a good reputation, you can always negotiate lower processing fees, as provider’s favourite clients are just like you, low risk merchants running a business in high risk industry.
WHAT ABOUT SWITCHING TO A NEW PROCESSOR?
A trusted and proven merchant account provider is the one that have technical support and customer support staff available 24/7. These associates will help you through the whole application and integration process and will assist you as long as you keep processing. This will assure you a smooth and pleasant processing experience.
If you are not satisfied with your current processor and you think that you are paying too much on processing fees, please contact us today!
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Apply today and let our experts find you the most suitable merchant account solution for your specific business for highly competitive pricing.
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