Are you looking for an alternative to high risk credit card processing? If so, you have come to the right place. Suppose you operate a business that has a high rate of chargebacks, fraud, or sell a product such as a hemp or CBD, in most cases banks will consider your business as high risk and charge you higher payment processing rates. If you want to say goodbye to higher processing charges altogether, we recommend you get a cashless ATM machine. Keep reading to learn everything you need to know about ditching those nasty high risk credit card fees.
High Risk Industries
There are countless industries classified as high risk by banks and financial institutions. Some of the categories include:
1. Adult Entertainment
Due to the rate of chargebacks and fraud associated with the adult industry, banks classify all adult entertainment as high risk.
2. Firearms
Given the nature of the firearm industry, and the sales of firearms, these merchants have to pay higher rates to process credit/debit card transactions.
3. Law Firms
Generally, banks or financial institutions refrain from working with law firms due to high rate of chargeback and refunds.
4. Automobile Sales
The automobile industry is considered because of the cost associated with purchasing a vehicle.
5. Call Centers
The main function of call center agents involves persuading customers to purchase their products or services. In this process, they make false promises and commitments, which induces higher rates of chargebacks, thereby making them a high risk industry.
6. Beauty Salons
Whether you own a nail salon, hair salon, massage center, or anything related to the beauty industry, unfortunately, the entire industry is considered high risk.
Apart from these high risk industries mentioned above, companies that sell tobacco products, credit repair, multi-level marketing, travel services, and so many others are also considered as high risk merchants. With that being said, how can you get around some of these ridiculous fees? The answer is the cashless ATM machine.
Cashless ATM Machine Benefits for Merchants
Cashless ATM machines are beneficial for merchants that cannot get themselves a traditional business account due to the nature of their business or industry. Not only do cashless ATMs help business owners minimize payment processing costs, you can create additional revenue by charging the customer a convenience fee. Let us explain some of the benefits:
- Cashless ATM machines are easy to set up
- Takes about 7 to 10 days for the cashless ATM machine to arrive at your location
- Generally, the funds are typically deposited into the merchant’s account within 48 hours
- Cashless ATM machines also reduce the chances of theft since they do not dispense cash
- The merchant can program the machine in to create vouchers in increments between $5 to $1000
- Plus you get real-time reporting
- And so much more
Cashless ATM machines are also great for low risk merchants as well. Although it is more common in high risk industries. No matter what your industry is you can save money by getting a cashless ATM machine
Wrapping It Up
If you are someone who owns a high risk business and belongs to any of the industries mentioned above, then you can benefit from a cashless ATM machine from My Payments Solutions USA.
