Matt Moore

Are you searching for a payment provider, but not having much luck? You may have a hard-to-place merchant account. Not all merchant accounts are created the same, and not all payment processing solution providers treat them the same.


If you’re having trouble finding the right provider for your merchant account, follow these six tips.

6. Know Your Risk

The first problem with many hard-to-place merchant accounts is that they are for businesses that are considered high risk. While you may not think of your business as risky, payment solution providers could be looking at your account application in a different way.


It helps to know how most providers categorize risk, and it helps when you know if the business you run is high risk. Many industries that you may not consider risky—such as financial services—will be deemed risky by providers, so you will need to target different providers.

5. Look for Providers That Work with High-Risk Merchants

If you’re a high-risk merchant, you will need to shift your strategy and begin seeking out payment solution providers that offer high-risk merchant accounts. Not every provider will work with a high-risk merchant—which is likely why you’re being rejected. Nonetheless, there are plenty of great providers that will work with you.


Even if your business is not high risk, you might consider a provider that works with high risk merchants. Some providers may simply not want to work with you, perhaps because they don’t know your industry well enough, or they aren’t sure they can meet your needs. A provider that offers high-risk merchant accounts will be better able to meet your needs.

4. Know Your Needs

As a merchant, you need to be keenly aware of your business’s needs when you look for a payment processing solution. The providers you apply to will have several different solutions, likely with at least a few different options. If you’re not entirely sure what your business needs are, it can be daunting to reach out to providers. You may not know which one is right for you—or which one is offering you the best deal.


When you know your needs, you’re better able to evaluate any offers you are given. You can also conduct preliminary research and discover which providers offer solutions that best fit your needs.

3. Be Willing to Negotiate

You may be having trouble placing your merchant account because you’re well aware of your needs, but you refuse to compromise. If you try to strong-arm providers into offering you much lower fees, you might find that you get fewer offers!


While you might believe you need lower fees, be willing to negotiate with a provider about your solution. Getting the best deal for your business is important, but you may need to compromise on a few details of the agreement.

2. Shop Around

That said, you should not sacrifice the things that are most important to you! If you know you need lower fees than most providers are offering you, don’t settle for high fees because it seems like the only way you will get an account. This could be a mistake.


Instead, shop around. Negotiating will take you so far, but if you’re not getting offers you like or that meet your needs, it’s time to get some more quotes and conduct some more research. Be sure you’re asking the right questions before you sign on the dotted line. Evaluating offers has never been easier.

1. Don’t Forget…

You have choices. This can be difficult to remember, especially if your application has been rejected even once, but you don’t need to sign up with the first provider that offers you an account. Make sure you’re getting the best deal.


Merchant Services Survival Handbook: A How-to-Guide to Payment Processing

Matt Moore

As the President and Co-Founder of BNA Smart Payment Systems, Matt is responsible for the company’s strategic direction, daily operations, and growth. Entrepreneurial by nature, he brings a wealth of sales and marketing experience earned from over 36 years in business. He has developed, implemented, and directed international sales and marketing strategies, established strategic alliances with international companies, and demonstrated leadership in the electronic payments market. Prior to BNA, Matthew served at the senior levels of major EFT/POS companies, helping them increase sales and optimize customer service. Matt is also a father of three, a fitness enthusiast who does power lifting and CrossFit, and he enjoys weekends at the cottage.
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