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It is increasingly difficult for multi level marketing and biz opp merchants to get approved for merchant accounts. These merchants are classified as high risk by processors who often deny them. Being in these industries can make getting approved for a merchant account more difficult, but it is not impossible. Limitless is able to help multi level marketing and biz opp merchants get approved for high risk merchant accounts.
Multi level marketing, also known as network or referral marketing, is a strategy used by direct sales companies. They hire sales representatives who are encouraged to recruit more sales representatives, by paying them a percentage of the recruited representatives’ sales. The three biggest examples of multi level marketing companies are Avon, Amway, and Herbalife Ltd. Biz opps, or business opportunities, are similar. This is where people pay money to learn something and then sell it. Examples would be the companies that say “How to make money online” or “How to make money from home”.
There are a few reasons that multi level marketing and biz opp merchants are labeled as high risk by banks and processors. These two industries are known for having high chargeback ratios. If merchants are not able to cover the chargeback cost, then sponsoring banks have to cover for them. Therefore, many conventional merchant account processors will deny any business that is in an industry with a history of high chargebacks. Multi level marketing and biz opp merchants are also known for having unpredictable growth patterns and legal risks that discourage processors from approving them for merchant accounts. However, this does not mean that merchants in these industries are unable to get approved for merchant accounts, they just need to apply for a high risk merchant account.
High risk merchant accounts have special safeguards and limits so that banks are protected from losing a significant amount of money because of a high risk merchant. Limitless Payment Solutions specializes in high risk merchant accounts. We have extensive experience getting high risk merchants, such as multi level marketing companies and biz opps, approved for high risk merchants accounts. We are able to match merchants with the appropriate processors that specialize in their industry.
If you are in the multi level marketing or biz opp industry and are looking to get approved for a merchant account, Limitless can help you through every step of the process. We are 100% committed to getting your business approved and running as fast as possible. Call us at (516) 384-6655 or use the easy apply now form on this page to get started!