If you are considered a high-risk merchant, it’s tough enough to get a new business off the ground when times are good, and the economy is stable. Today, it’s even more challenging to find a bank or payments provider that wants to work with you.
You could have a great business with loyal customers but, if you are in a higher-risk industry category, the bank is likely to shut their door with a non-negotiable NO and you find yourself ‘financially excluded’. This term has grown in profile over recent years and describes those who are put at a disadvantage due to being denied access to financial services. The good news is that there is more attention being paid to rectifying this situation than ever before.
A report commissioned by Visa called ‘Small Merchants, Big Opportunities’ stated that, ‘expanding digital acceptance is a critical path to financial inclusion and can unlock an enormous commercial opportunity’. The report estimated there is potentially $35 billion in missed revenue because of small merchants being financially excluded. Digital payments are the key in helping small micro and small merchants (MSMs) grown their revenue, manage their business, and provide access to relevant financial services.
So, what do you do if your business is in a high-risk industry such as vapes, e-cigarettes and tobacco, nutraceuticals and supplements or Cannabidiol (CBD), and cannot find a traditional payments provider Downtown that will work with you? You need a partner that understands high-risk merchants and makes digital payment acceptance easy.
Donald Kadson, of T1 Payments, specializes in credit card processing for high-risk merchants. He explains: ‘There are so many great, legitimate businesses that could be growing with access to payment services that others take for granted. The problem is that mainstream banks or credit card processors are being too slow to change and adapt to different types of needs. We do things differently and remove the barriers for companies in sectors such as gaming, MLM’s or CBD. Now more than ever, we need to help small businesses grow, become profitable and be part of a stable, thriving economy.’
High-Risk Merchant Processing can be complicated, our experts are on hand to assist you with every aspect regarding your credit card processing needs. Contact us today or Apply now! We look forward to hearing from you.