Businesses love technology. Businesses are also afraid to implement new technology, for fear of failure and issues with their merchant account provider. While failure seems like a reasonable fear, many any question why your merchant account provider may care what technology you implement. This is because new technology can often place a business into the dreaded “high risk” category amongst merchant account processors. There may seem like there is no way around this, but luckily, there are solutions that can help you out.
One big problem with new technology is affording it. Even the most successful businesses can have issues affording and implementing new technology, be it new computers or selling new technology. One of the things that you need to look for is a “high risk cash advance”, but finding one can be tricky if you do not know where to look. The first place you may tend to look for a loan is your bank – but if you are a “high risk” merchant, it typically does not happen. This leaves you asking your merchant account provider, if they provide cash advances. However, this usually does not work unless you have an account with a processor that provides high-risk cash advances. You need to make sure that this is who has your account, and it can be easier to find a high-risk merchant account processor than you think.
One of the best is FAM, or First American Merchant. FAM offers high-risk cash advances to all of their high-risk clients. While the term “high risk” is scary, many of today’s most popular businesses fall under this category. With FAM, you are guaranteed the same processing services as the mainstream processors, along with the knowledge and support that comes along with a high-risk processor. FAM is also one of the few that offers up high-risk cash advances to their merchants, regardless of how long they have had an account.
For more information about obtaining a high risk merchant account, or high risk cash advances, contact us below.