A car dealership account is classified as high risk. This makes it difficult to find a reliable payment processing partner.
Fortunately, JLN Processing specializes in working with high-risk business accounts. We have several acquiring banking partners who offer business accounts for the automotive industry. This makes us the leading experts in setting up your merchant account for the automatic guarantee and enabling your company to accept payments sooner.
Car Dealer Services Finding car dealership services for car companies online isn’t as easy as talking to a local bank and your credit card processor. that expanded business or automotive accounts are considered high risk, which means that these business service providers, as offered by your regional lender, cannot support your business.
Therefore, if you wish to accept credit card payments within a car dealer of an extended service provider, you must apply for a dealer account that has been secured by a sponsoring bank or with an internal pre-subscription. This is what JLN Processing s does. We continuously show that it is possible to do payment processing for high-risk companies.
However, you need a high-risk merchant account provider like JLN Processing s. Automated Payment Processing and Risk Let’s say you start setting up your ecommerce platform and choose a company like PayPal to handle your credit card processing. However, this option is not sufficient. But why? The simple answer is that PayPal, Square and Stripe (also known as payment aggregators), as well as institutions like Wells Fargo or even Trans First (examples of low or no risk credit card processors) just don’t want to be developed very specifically for retailers who are unfortunately not made up of merchant’s high risk as they do not have the underwriting or risk management processes that high-risk credit card processors like JLN Processing have.
These features help reduce the likelihood of loss. The hard part, however, is that the low-risk credit card processors sales reps and the payment aggregator’s automatic approval department don’t tell you that they can’t approve your business. In some cases, they approve your small business and once the company starts processing payments, the processor will leave you within a few weeks as these very low risk processors and aggregators subscribe once you start accepting payments.
Unlike high-risk credit card payment processors who take care of it in advance. And while the process is easier and generally cheaper by a low-risk aggregator or processor, many auto companies fall for low-risk providers. Getting a Car Dealer Account If you have a legitimate organization and you pay the bills when they are due, why is your business still classified as high risk? Well, in certain industries like auto parts, the high risk is related to the nature of the sales hours. The auto industry can be full of people selling counterfeit parts or trying to create a new rascal.