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Finding a bank or credit card processing company that will process credit cards for high risk businesses can be challenging.

As a business owner you may have already been told that your business is high risk or worse yet you may have had your merchant account shut down or cancelled.

It's common practice for banks and credit card processors to close accounts that are deemed "high risk".

Most high risk businesses don't realize they are considered high risk until they contact a bank or credit card processor.

If you own or are thinking about opening a business you may run into difficulties qualifying for a merchant account.

This can be a huge problem for a small business owner. Without accepting credit cards most businesses are doomed. A merchant account is basically an account that allows you to accept credit cards from your customers and deposits those funds directly into your account.

One of the biggest problems a business owner faces is the application requirements. Most banks and some credit card processors will not even accept applications from businesses that are deemed high risk.

So how do you know if your business would be considered high risk? Listed below are businesses that would definitely be considered high risk merchants:

* Airline and Jet Charter * Cruise line/ Tour operators/ Travel Clubs * Infomercials * Aggregators (3rd party payment processors) * Timeshares * Credit Repair * Collection Companies * Lotteries/ Gambling/ Sweepstakes * Sports Forecasting * Internet Pharmacies * Internet Tobacco * Adult businesses/ Escort Services/ Dating Services/ ornographic Material * Drug Paraphernalia * Vitamin and Supplements

The credit card processing business as a whole is very competitive. However, high risk merchant accounts are very hard to find and can be very costly to get. The problem with some offshore banks or credit card processors are the fees associated with submitting an application. It's not uncommon to see a credit card processor charge $2500.00 just to submit an application with no guaranty that the account will be approved. Others may want a security deposit equal to your monthly credit card volume paid in advance.

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