Many merchant services providers have begun offering card processing for high risk business types. Some of such business types require additional information to get approved and can also be associated with higher rates. If you are looking to get card processing for a high risk business you are in luck and now have many choices. Some of the criteria to get a high risk account approved are as follows:

• Your credit report will place a large role in the approval process. Companies will look at past loans and how quickly they were repaid.  They will also look for liens, judgments, and bankruptcies.
• Being able to show strong previous financials and assets will go a long way in the approval process. It is common to have to provide 2 years personal tax returns and 6 months of bank statements.
• It is often good to have a tangible product that is sent to your customers. For example, if you sell mortgage restructuring services, you should have a welcome package that goes out to new customers. Having a tangible product reduces the risk of chargebacks.

However, even with strong financials be prepared to pay higher rates or be required to have a reserve account.

Even the high risk business types are seeing a decline in business. A recent Allstate poll found that half of all Americans plan to cut back on travel in 2009. Travel and tours have previously been considered a high risk business type. The travel industry is getting ready to take a big hit in the coming year. In addition, mortgage restructuring companies are seeing a drop in business despite the amount of people facing losing their homes. Many cannot afford the fees associated with getting themselves out of debt.

One safe option for these high risk business types is to accept Automated Clearing House (ACH) transactions. This allows for an actual bank account to be charged as opposed to taking a credit card from someone who is already in debt.

There are still many options that will enable businesses to accept Visa and MasterCard payments. As long as credit is being issued Americans will continue to use it.