Business Consulting
Do You Need Business Consulting Merchant Account Solutions?
Business consulting businesses are classified as high risk companies by acquiring banks for credit card processing. Being high risk also relates specifically to business consulting companies because of the average volume of large transactions. As a result, there is a delay between billing and the delivery of services. As a general rule, most US acquiring banks are reluctant to underwrite consulting companies.
So what exactly does this mean to you and your business consulting company? It means you’ll need one or multiple high risk merchant accounts. Luckily Aacadia Payments specializes in working with high risk merchants.
We have multiple acquiring banking partners offering business consulting merchant accounts.
How Does Being High Risk Affect Your Business Consulting Merchant Account?
The two most important factors for businesses with a high risk merchant accounts status are:
Underwriting
If your business is categorized as high risk, such as a business consulting company, you are most likely going to have a more difficult underwriting process. You will be required to come up with tax returns and corporate filing paperwork. Also required are several months up to a year of bank statements and processing background.
Processing Fees
High-Risk merchant accounts normally have more fees then a low risk merchant, specifically due to the amount of Risk taken by the Payment Processor and Bank.
Also, be aware that banks and payment processors have certain thresholds you should be aware of with regards to Chargebacks and Refunds as you will want to stay under those limits to avoid Merchant Account problems.
Also, be aware that not every business is approved by every bank. Your time in business, financials and credit card processing history is reviewed after you submit an application and even then, sometimes, banks decline new merchant accounts if they do not understand it or are not comfortable with the level of Risk. And it can be incredibly tough for a business owner to discover a trustworthy payment processing partner.
Aacadia Payments makes getting approval for your business consulting merchant account simple. Above all, complete our Get Started Now form below to get your business consulting payment processing approval started.
Aacadia Payments Can Help With Your Consulting Merchant Account
When you apply for a business consulting merchant account, the underwriters for the partner bank are reviewing many different aspects of your consulting business. at the same time, the merchant processing company determines whether your business consulting company is one that has a high probability of having many chargebacks. This is one item that can classify your business as needing a High-Risk merchant account.
As a business consulting merchant in need of a High-Risk Payment Provider, you will need to attain a high risk merchant account with a reputable company like Aacadia Payments.
In Summary, Aacadia Payments is the best in the payment processing industry when it comes to Understanding High-Risk merchant accounts.
Why Aacadia Payments?
Aacadia Payments understands the unique needs of the different business consulting related businesses and has established 15+ acquiring banking relationships to become experts in getting business consulting merchant accounts set up and processing payments online.
Get Started
Speak with a merchant account expert and get approved!
We’ll work hard for your business and want to make sure that you are completely satisfied with our merchant services. Your continued success as our customer is our top priority.
Send us a note using the form on this page or you can contact us by phone during business hours Pacific Time.