Third-party vendor payment solutions like PayPal and Square are well known credit card and payment processing options for many businesses. Many small businesses rely on these services to provide customers with convenient payment methods. However, not all businesses can conduct business with payment options like PayPal and Square.
Consider this hypothetical: A well-established vape and e-cigarette business has a loyal, devoted customer base. The owner of the business has experienced year-over-year increases in sales. Suddenly, the popular payment processing company the business owner selected has suspended service for violating the terms of service. The business owner is left in a lurch, questioning why it happened.
PayPal or Square can suspend and/or revoke an account at any time for policy violations. If your business is in a high-risk industry or sells certain products, it could lose payment processing services even if it is a legal business. However, FLEX Payment Solutions provides high-risk businesses with a dependable vape merchant account payment solution.
High-risk businesses
Financial institutions label a business as high risk for several reasons. Businesses with a high number of chargebacks, returns or canceled orders may be considered high risk. Companies with a history of late payments or other financial difficulties could be labeled high risk too. In those cases, PayPal and Square are likely to decline providing services to these businesses as well, leaving many searching for dependable solutions.
Your industry can also place you in a high-risk category. For instance, traditional financial organizations often reject any business that sells cannabis, CBD oil, or drug paraphernalia. Although these items may be legal in some states, the federal government considers them illegal. The federal law exposes financial institutions to potential legal issues, prompting the payment solution vendor to reject any such business or product transactions.
PayPal and Square regulations
Many businesses use PayPal and Square. However, these companies have long lists of forbidden transactions. If a business violates these policies, third-party payment vendors may remove access to your account. For instance, the list of transactions banned by PayPal include:
- Narcotics
- Steroids
- Certain controlled substances
- Drug paraphernalia
- Cigarettes
Square also rejects many businesses and transactions, including:
- Lottery tickets
- Race bets
- Service stations
- Money orders
- Drug paraphernalia
- Automated gas pumps
- Firearms
- Adult entertainment
Violating these policies, purposefully or inadvertently, means the companies can suspend a business account, leaving your business in dire need of new payment solutions.
Alternative payment solution
Businesses are not at the mercy of PayPal, Square or other payment processors that avoid certain industry or transaction types. Business owners can find a financial payment solutions company that will work to simplify your business’s transactions and offer enhanced convenience to customers. Some businesses may not fit the traditional mold, but all businesses deserve excellent, customized service from a company that cares. Do not settle for less.
There are other payment solutions for high-risk businesses or businesses that process over 10,000 transactions each month. Smoke and vape shops, firearm retailers, companies with high transaction volumes, CBD retailers, wire transfer businesses and others need a financial payment solution company with the knowledge and sensitivity to handle their accounts. FLEX Payment Solutions provides your business and customers a safe, easy way to pay for their purchases.
Your business has payment processing options
FLEX Payment Solutions is not a traditional company. The FLEX team specializes in card processing for retail stores, including those that other payment companies decline. They serve those in niche businesses, such as CBD stores, pawn shops, Native American companies, gun retailers and more.
We are proud of our outstanding customer service, which includes custom solutions for your business’s payment processing needs. In addition to credit and debit card processing, we offer secure and 100% domestic payments by voice and text. Serving a wide variety and sizes of retailers, FLEX is well-versed in compliance issues, which is important in some industries.
Whether you’re about to open your very first store, start an online business or hire your 100th employee, we have a solution to fit the stage of your business. Our unique compliance background, innovative business model and special banking relationships will save you money and help your business grow. FLEX Payment’s suite of flexible processing solutions are available to any legal business types, including state and tribal lending, hemp-derived CBD, vape shops, firearms dealers and more. For more information, contact us today.
