Why Nationwide Payment Systems is a Viable Alternative to Stripe’s Restricted Merchant Accounts in 2024
In 2024, the payment processing landscape has become increasingly challenging for businesses deemed “high risk.” Stripe and other payment aggregators have tightened their restrictions, leaving many companies scrambling for alternatives. If your business falls into one of the restricted categories, you might already be feeling the pressure. This blog will explore why Nationwide Payment Systems offers a compelling alternative to Stripe for businesses facing these challenges.
Understanding the business models:
Stripe—Quick enrollment, no underwriting, no verification. Stripe starts to verify you and your business once you process transactions.
Why is this problematic? Now that customers have paid you, you will get your funds immediately later, or your account will be closed and funds held. In the worst-case scenario, you will end up on the Match List.
Payment Processor – Nationwide Payment Systems model:
The application is filled out, and depending on the business type (high-risk), information is collected, some of it financially related. We work with just about every merchant type as long as it is legal. Many merchants need to understand being compliant with card brand rules and regulations, and we specialize in compliance and how to thread the needle so you are not violating any of the rules.
Understanding the High-Risk Label
The term “high risk” is being applied more liberally than ever. Industries like telemedicine, content creation, and nutraceuticals are now under heightened scrutiny. We recently heard from a partner in the telemedicine space that Stripe has started shutting down accounts in this sector, and the list of restricted businesses is growing.
Stripe has updated its terms and conditions to restrict more business types, leaving many entrepreneurs at risk of losing their payment processing capabilities. Here’s a snapshot of some of the industries Stripe has labeled as high-risk:
- Content Creation
- Telemedicine, prescriptions, Medical Products of any type
- Debt Relief
- Gambling/Sweepstakes
- Identity Services
- Bail Bonds & Law Firms
- Lending & Credit
- Nutraceuticals & Supplements
- CBD/Hemp & Cannabis Related Businesses
- Travel
- Informational Products & Courses
- Weapons, Firearms and Ammo
- And more!
Suppose your business falls into any of these categories and currently uses Stripe. In that case, it’s crucial to consider switching to a full-service merchant account provider. Since Stripe has changed banks, their new banks are reviewing the portfolio, so you are on borrowed time. We monitor social media and see business owners complaining daily that they have been shut down. We are here to help you find a new processor that will accept your business. High Risk really means “niche” many banks want to work with your business, here at NPS we work with a variety of banks and processors who are looking for your high-risk-niche busienss type!
The Risks of Using Payment Aggregators
Stripe, Square, and Shopify are famous for their ease of use, quick setup, and low barriers to entry. However, these benefits come with significant risks, especially for businesses in high-risk industries. These companies are payment aggregators, meaning they lump multiple merchants into one account. While this model is convenient, it also means that these aggregators need to understand each business deeply.
This lack of understanding can lead to sudden account terminations. Imagine running a functional business for six months, only to have your payment processing capabilities shut down overnight. Without warning, you could lose the ability to process payments, leading to a cascade of issues, including an inability to pay your bills or employees.
Why Nationwide Payment Systems is a Better Alternative
Nationwide Payment Systems is a full-service merchant account provider. We pride ourselves on offering thorough underwriting tailored to your specific business needs. Unlike Stripe, we understand the nuances of high-risk industries. We can provide the stability you need to continue operating without fear of sudden account termination.
Here’s why Nationwide Payment Systems stands out:
- Industry Expertise: We specialize in high-risk industries like telemedicine, CBD, firearms, and more. Our team has deep industry knowledge, ensuring your business is understood and supported. Since 2001 we have been helping business owners!
- Thorough Underwriting: We thoroughly vet your business during the underwriting process. This means fewer surprises down the road and more reliable service.
- Long-Term Stability: With Nationwide Payment Systems, you won’t wake up to find your account suddenly terminated. We build long-term relationships with our clients, focusing on providing consistent, reliable service.
- High Approval Rates: We excel at getting high-risk businesses approved when other processors won’t. Our expertise and commitment to our clients make us one of the USA’s top high-risk credit card processors.
Please Don’t Wait Until It’s Too Late
If you’re in a high-risk industry and currently using Stripe or another aggregator, switch before your account is shut down. Nationwide Payment Systems provides the stability and support your business needs. Contact us today to learn how we can help secure your payment processing and ensure your business’s continued success.
Final Thoughts
In the ever-evolving world of payment processing, being proactive is crucial. If your business is labeled as high-risk, the risks of using an aggregator like Stripe are too significant to ignore. Nationwide Payment Systems offers a reliable, knowledgeable alternative to help you navigate the challenges of high-risk payment processing in 2024 and beyond.
