Don’t Go Cash-Only: High-Risk Credit Card Processing Options
It’s not always you the credit card processing company doesn’t trust. Sometimes it’s your clientele. High-risk merchandise makes some processing companies nervous. Those companies aren’t willing to take a risk so they decline to serve certain industries regardless of how good the business owner’s credit may be.
High-risk Credit Card Processing
Businesses that sell e-cigarettes, vape stores, liquor stores, and cannabis shops often struggle to find a credit card processor willing to take a risk on them. E-cigarette credit card processors are few and far between. Cannabis credit card processors are even more rare. Merchant services companies may have a list of reasons not to serve particular businesses, but it usually boils down to what’s being sold and who’s buying it. Because the providers determine risk, they also determine which businesses they deem worth the risk and which ones they don’t.
The Integration Of Merchant Services And POS
As a retailer in high-risk industries, once you find a credit card processor with reasonable rates who is also willing to work with you, you don’t want to do anything to negatively impact that relationship. So what happens if your point of sale system won’t integrate with the processor willing to work with you? You’re left with three viable options:
1. Run a cash-only retail store.
2. Find another merchant services provider.
3. Use a different POS.
The world is becoming more digital, not less. Expecting your customers to carry cash with them at all times (or at least when they’re in your store) is naïve. Chances are they will choose to patronize another establishment if they’ve only got a credit card with them. That doesn’t bode well for your business.
POS Options For High-risk Industries
We’ve already discussed the challenges of finding a provider, so let’s look at your POS options now. You could change out all of your hardware and software and install the provider’s recommended system. Not only would you have to retrain your employees on a new system, but you might very well be locked into only using that particular credit card processor. If they raise their rates or decide you’re not worth the risk, you could easily be back at square one.
The better option is to use a POS system that integrates with more credit card processors. Once you find a system that versatile, the power is back in your hands (to an extent) regarding which processor you use. You’re still in the high-risk industry, but your point of sale system is established once and for all.
Does that type of system even exist?
Yes, it does.
Bindo Works With The Credit Card Processor Of Your Choice
Bindo’s iPad POS lets you choose your credit card processor (one that works with you). Our credit card reader can be used with any processor, and we guarantee integration within 24 hours.
Easy to use, high-risk credit card processing exists. With Bindo, you can be a retailer in a high-risk industry without running a cash-only establishment.
Sign up for our free trial today!