Whether you are in the business of cars, automotive parts, home, appliances, electronics, travel, vacation or other extended warranty businesses, it is not easy to get approved for a high risk merchant account for an Extended Warranty company. Businesses with extended warranties are categorized as “high risk” by banks and processors. Without the help of a high risk merchant account specialist, getting approved by a bank would be a difficult and timely process. However, Limitless is able to help get businesses with extended warranties approved quickly and easily.
The reason extended warranty businesses are being denied by banks and processors is because with an extended warranty, there is a much higher chance of a loss exposure. An extended warranty via a credit card gives 6 months for a chargeback request. Often customers will misconstrue what is covered in the extended warranty, resulting in a chargeback request. If the business does not have enough money in their bank to cover the refund, the sponsoring bank has to pick up the charge. Therefore, instead of deciding which businesses can cover the chargebacks based on their financials, many banks will deny all businesses with extended warranties. It is frustrating, especially for legitimate businesses that know they are financially capable of covering chargebacks. This is where Limitless can step in and help.
Limitless is able to match your company with a bank that accepts businesses within the extended warranty industry. We have experience working with difficult cases like this, and know how to match businesses with the appropriate banks and processors. There is no reason to continue applying to multiple processors, in hopes that one will approve your business. Limitless can help you get approved by a processor immediately.
If you are an extended warranty 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!