Is there any such thing as a guaranteed merchant account?
Like any good question, the short answer is “It depends.” A question worth asking, an important question, is always going to be a little more complicated than something that you can answer with a yes or no. If you ask “Who should I vote for this election year?” then that’s going to be a question that you can only fairly answer with more questions. When it comes to setting up a merchant account, you’re looking for a long-term partner in your business, and that’s not a decision that you go into lightly.
So when you ask if there’s any such thing as a guaranteed merchant account, then we have to ask questions like “Well what business are you in?” and “Are you considered a high-risk merchant?” You can’t make these decisions flippantly or casually, so there’s always going to be a lot to consider.
There are always exceptions, even to a guarantee. So it’s really about whether or not those exceptions are reasonable. Some merchant account providers who focus on the high-risk niche will promise a guaranteed account, however, it’s contingent upon your business type typically.
Luckily, Maverick will most likely provide you with a merchant account regardless if you are e-cig, adult entertainment, firearm, and or consumer lending assuming you are following local and federal laws and compliance for your industry.
Guaranteed Merchant Account: Within Reason?
So what does this guarantee “within reason” mean?
The way that a good high-risk merchant account provider offers their guarantee is generally going to be something where the offer is open to people who fall within a certain range of acceptability.
This can mean any number of things, but generally, it is at least going to include the following:
- Your business follows compliance or laws. If you’re looking for a merchant account that sells drugs or stolen goods, then you can probably consider the guarantee offer rescinded.
- Your chargebacks are under control and you have great customer service. But more importantly, you really can’t maintain a successful business with a chargeback rate that is extremely high, so trying to find a good merchant account provider should not be your priority right now.
- You’re in the wrong part of the world. If you’re working with a high-risk merchant account in the United States, then there’s a good chance that they only work with companies in the United States. This is true of merchant account providers in other parts of the world, as well. There are a lot of fiscal and legal complications that only occur when you’re crossing international borders. When, for instance, a Canadian merchant account provider focuses exclusively on Canadian merchants, there’s a lot less red tape that they need to cut through in order to provide a service to their partners. There’s generally not much reason to worry about working with international merchant account providers in the first place, of course. There’s bound to be someone located in your nation of origin that provides the same level of service as any company in any other part of the world.
Who Is Offering Guaranteed Merchant Accounts?
Here’s the thing about a guaranteed merchant account: Vendors don’t go looking for these providers until they’re absolutely sure that they fare PCI-complaint and follow local and federal rules.
What is PCI?
A: The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment.
The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006, to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with a focus on improving payment account security throughout the transaction process. The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB.). It is important to note that the payment brands and acquirers are responsible for enforcing compliance, not the PCI council.
Do You Have To Take What You Can Get?
When you’re typing in “guaranteed merchant account,” chances are you already feel like you’re painted into a corner, that your back is up against the wall. It’s true that you have fewer options available to you at this point than another merchant might have. A merchant who is low-risk, or a merchant who is high-risk, but has found a great specialty merchant account provider to work with.
But Maverick is here to not only provide you with a merchant account but help you stay current with compliance and regulatory agencies. That’s what sets them far apart from other companies, as they take a vested interest in your business.
What you need to look for in a merchant account provider that guarantees approval:
- Good customer service. If they provider twenty-four seven, round the clock customer help desk service, then that’s a good start. The thing about errors and issues when it comes to a merchant account is that the longer they go unaddressed, the more expensive they get.
- A solid reputation. High-risk merchant account providers are a niche market, and guaranteed approval is a niche within that niche. This means that not every brand is going to be large enough for a listing with the Better Business Bureau.
- If possible, it’s best to work with someone who specializes in your field. High-risk industries often come with certain concerns that are difficult to explain to outsiders.