High Risk Merchant Account LLC, (HRMA-LLC) leading alternative payment solutions provider for small, medium and large businesses. With their years of experience and expertise, the company professionals deliver world-class alternative payment solutions to all business types in sectors like retaining furniture, credit repair companies, student loan service companies, firearms dealers and others. It helps the businesses in getting their merchant account approved, even if they have been rejected or shut down in the past. The company specializes in HighRisk Merchant Accounts, HighRisk Credit Card Processing, HighRisk ACH Processing, and High Volume Merchant Accounts for businesses that don’t qualify for traditional merchant account processing.
Mark Sands, the co-founder and CEO of HRMA LLC talks about the alternative solutions for the businesses who’re facing difficulty in getting their account approved and those who are rejected due to various reasons like chargeback ratios or exponential monthly volume growth. “The businesses who’re facing situations of their merchant account closing due to any reason, need not lose hope, as we might be able to help them”, he says. Read more about what he has to say in the exclusive interview:
Interviewer: Tell us something about your company High-Risk Merchant Account LLC?
Mark Sands: After twenty years of experience in the merchant acquiring side of the payment space, my partners and I decided to build a brand that focuses solely on the harder to place merchant’s that were getting turned away or shut down by the traditional banks. In 2011 we formed HRMA-LLC and began our journey in the high-risk merchant space.
Since then, we have built our brand into an authoritative leader in the high-risk space. As we continue to grow each year, we have built an amazing portfolio of business and look forward to continued growth in our industry.
Interviewer: What should a business owner do if their merchant account get closed or terminated by a processor?
Mark Sands: That is a great question. There are three main causes that create a situation where a business owner gets closed. First is business type, many times a business will get an initial approval and later get shut down because a processor does not like the business type, method of sales, or terms and conditions associated with the sale. This is very frustrating for business owners, as they were approved initially. The cause of this is typically bad communication on the part of the sales agent or in certain cases a misrepresentation by the sales agent to the processor. The remedy would be to contact a specialist in higher risk merchant’s and be completely transparent as to product type, sales methods, and disclosure of terms and conditions upfront. This would allow an underwriter to approve the account with a full understanding of that particular business.
The second cause would be, exceeding approved monthly limits and high ticket parameters set fourth by the processor at approval. Many time’s the fault lies with the sales agent, as they failed to communicate the account limit parameters when they set the account up. These limits must be monitored and maintained by the merchant and many agents do not stress the importance of this issue. The remedy would be to work with a processor that has a large appetite for volume.
Thirdly and most importantly is the issue on Credit Card Chargebacks! This is the number one reason for a business to lose their merchant account. The card brands Visa and Mastercard have very stick limits on the rate of chargebacks a merchant can incur (-1% of Monthly Volume). Their theory is to keep cardholders happy. The risk concern falls with the processors and acquiring banks who guarantee that customers will receive a reversal of sale. Many processor’s will give a pass on the first occurrence, but will surely close an account breaching 2% – 3%. The remedy is to work with a high-risk specialist who can help you minimize chargebacks and get you on a chargeback reduction plan.
Interviewer: What are some of the high-risk merchant solutions that your company provides?
Mark Sands: High-Risk Merchant Account LLC offers many different high-risk solutions such as, high-risk merchant services, ach processing, e-check processing, chargeback mitigation tools, e-commerce gateway products, mobile processing solutions, and gift card solutions.
Our unique advantage over other merchant account providers is the experience and industry knowledge that we bring to the table. Our management team has a combined 60 years in the business and have seen it all. We offer several different solutions with significant appetite’s for volume, higher tolerance for risk, and can accommodate most business verticals.
Interviewer: Tell us something about your recent agreement with e-Processing Network.
Mark Sands: We chose eProcessing Network as our preferred equipment provider, as they offer many value-add products to our arsenal. From PCI Compliant eCommerce to EMV Ready Mobile, the eProcessing network is our preferred equipment vender. Our recent vender agreement is a win-win for both companies and we trust them totally for transaction security.
Interviewer: Any quick tips for new businesses to get their merchant account approved?
Mark Sands: Our best advice would be full-transparency and full disclosure, when setting up a merchant account. Many time’s merchants will hold back information thinking it will help them, but many times this hurts them when the truth prevails. Guess the bottom line is, honesty is the best policy.
Secondly, if you get turned down, please seek a high-risk merchant provider to assist you in determining where the problems are before just “Shot Gunning” and application everywhere.
Interviewer: What are your plans for the company in the near future?
Mark Sands: Our company has two goals this year. Firstly, is to continue the growth trajectory we have been on for the last eight years and secondly is to always put the customer first. We have a motto, honesty creates loyalty and in a business with high attrition, every smiling face count’s.
Interviewer: On a personal note, what inspired you to become an entrepreneur?
Mark Sands: Great closing question. Personally, I believe my Father was my greatest inspiration to become an entrepreneur. As a kid, I always admired him as a small business owner and very early on, I knew that was the road for me.
Company Name: High Risk Merchant Account LLC
Contact Person: Mark Sands
Email: Send Email
Country: United States