SQUARE HIGH RISK ACCOUNT
Square Inc. or squareup.com is a traditional merchant account payment service provider. Their relationships with sponsoring banks does not allow them to process payments for certain business types. If square is not able to approve your business type, then they notify you as being a square high risk account.
A square high risk account is typically shut down as soon as their loss prevention team discovers that the business type is high risk. A square high risk account can also be closed down if it experiences a high chargeback rate.
Square Inc. unfortunately does not give their merchants options if they fall into a high risk business type category. The good news is that High Risk Solutions is able to get high risk types approved for payment processing. High Risk Solutions has a multitude of relationships with banks that allow high risk business types to be able to process payments.
Are Low Risk Transactions Any Different then High Risk Transactions?
High Risk transactions from a high risk business should be as fast and convenient as low risk businesses. If you’re a high risk business, then High risk payment processing is an essential part of your business.
For a transaction to be successful, it must be processed from the customer’s account and sent to the merchant’s account. This is always done by a processing company. The steps these transactions follow are from a high risk payment gateway to a high risk payment processor. Afterwards, the funds are deposited into your checking account by a high risk payment processor.
A payment processor company like Square is a typical example of a business that’s provides these services. Typically, square can approve low risk businesses such as traditional retail shops, restaurants, and online businesses within minutes after you apply.
Sometimes, because of their ability to scale their business so well, a high risk account will slip through the cracks and get approved. Some examples of high risk business types are CBD shops, credit repair, debt consolidation, nutraceuticals, timeshares, and or online pharmacies.
When Square’s risk department goes through their account research, they will eventually find that this is a square high risk account and will notify you about closing the account.
Even though that Square does not support most high risk businesses, they do support a worldwide payment network and eCheck/ACH processing networks.
What Can I Do If Deemed a Square High Risk Account?
You Have Options if you are deemed a square high risk account. The number one option is to apply with high risk solutions to see if your business is a good fit. It costs you no money to apply and to get feedback from professional people.
HighRisk solutions has been helping high risk business since 1995 and are a reliableand trustworthy payment processing company. Whether your account is online,retail, or overseas… High Risk Solutionsshould be able to help you.
Square is a very user friendly payment processing solution used by merchants in the USA, Canada, Japan, and the UK. From payments to payroll, square is a low risk business processor payment processer. Square is unlike most other payment processor, as they do not charge monthly fees to use their platform.
Square Inc, unlike other competitors, has the ability to get the money in your bank account as soon as credit card sale is approved. Their software also can send you updates on your sales and inventory, and or payment issues. This company offers a complete package from payment gateway, to payment processor, and payment processing system. You can typically trust Square to take care of every of your payment processing needs.
Ultimately, choosing the right payment processor for your business can be quite challenging due to various reasons. Your business will struggle if you do not conform to its needs and put the necessary plans inplace.
A plan that is not debatable is getting high risk merchant services for your high risk business. Being deemed a square high risk account is not pleasant if you fall into that category, however you do have options to keep your business rolling.