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Which industries do banks consider high-risk?

Which industries do banks consider high-risk?

See above as to why banks consider these industries to be high-risk.

The industries they put in this category are: adult-related, airlines and jet charters, bitcoin trading businesses, e-cigarettes, gambling sites, information products and seminar companies, credit repair, medical marijuana/cannabis, nutraceutical and dietary supplements, furniture stores, multi-level marketing, online dating sites, student loan consolidation, website development industry, moving and transportation, technical support, travel agencies and water purifier businesses.

Can online high-risk merchant services provide everything a bank can?

Absolutely! Both traditional and online, alternative lenders provide merchant services. The automation and internet location online account providers enjoy, however, keeps costs far lower than those traditional lenders face. Online merchant services send money from account to account with fraction of the operational, marketing and overhead costs traditional banks must pay.

Further, online merchant accounts have the same high level of security traditional banks use. The U.S. Treasury Department and the Federal Trade Commission insist on “banking-level” or 128-bit encryption for every entity that handles money and personal information whether they’re online or bricks-and-mortar.

Is my high-risk merchant account connected to my bank account?

Yes. Credit card money exchanges will happen electronically. If you are a sole proprietor, you can use your personal bank account. Any accountant will tell you, however, that even the smallest business should have a business bank account. It makes taxes and staying out of trouble with the IRS far easier.

Other businesses must have a business bank account where First Financial can deposit cleared payments.

 

 

 


First Financial

First Financial ® Corporate Headquarters 2850 Womble Road Suite 100-604 San Diego, CA 92106

Client Service Center: Main: 1-800-315-7791 Fax: 1-800-215-0217 (Monday–Friday 5:00am–6:00pm Pacific or 8:00am–9:00pm Eastern)

Merchant Services / High Risk Merchant Accounts: 1-800-950-0212 Fax: 1-800-215-0217

 

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