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Online jewelry stores are constantly being denied for merchant accounts. Banks and processors consider this industry to be a high risk, and many will not approve online jewelers because of that. However, there is no reason to be discouraged, Limitless can help businesses get approval on a high risk merchant account for online jewelry stores.
There are a few reasons businesses in this industry are being labeled a high risk. Online jewelry stores often sell high ticket items and have large transaction sizes, which is considered a risk to many banks. It is also an industry that has a higher percentage of fraud, whether it be by the merchant or the customer. There are many merchants selling fake or counterfeit jewelry and there are also fraudulent customers who claim that the jewelry is fake, defective, or that they never received it. Banks do not want to sponsor businesses in an industry that has a history of chargebacks that often cannot be covered by the businesses themselves. While these reasons make it more difficult for online jewelers to get approved by processors, it is far from impossible.
Limitless can get your online jewelry store up and processing quickly. We have helped many high risk merchants get accounts approved and are able to match you with the appropriate processor that specializes in online jewelry merchants. Limitless is 100% committed to getting your high risk merchant account approved, and we will work with you every step of the way. We specialize difficult cases like this, so we are able to get you approved in no time.
If you are an online jewelry business looking to get approved for a high risk merchant account, call us at (516) 384-6655 or use the easy apply now form on this page to get started!