E-commerce has unleashed a whole new level of business growth opportunities to players from most industries—most but not all. That’s because there has been one sector of business that has been shunned by fintech solutions because of the high risks involved in their transactions. But one company called Zen Payments looks to give this growing division a better solution and allow them to experience digital transformation and growth.
Zen Payments is a payment merchant that serves the high-risk merchant market. These businesses might include coaching, multi-level marketing, credit repair, adult content companies, and so on. The reason why these markets are called high-risk is because of the level of the higher risk of fraud or chargebacks still happening in these sectors. With the higher risk usually comes higher fees, eating into the net profit of these struggling businesses.
At Zen Payments, the goal is straightforward: give high-risk businesses honest and transparent payment processing solutions no matter the size, industry, or background. “From seminar merchant accounts to e-commerce merchant accounts, we will make sure you have a merchant account that you can rely on,” shares a company representative. “If you have been a business owner for a long time, you will know that credit card processing is an industry plagued with complexity, dishonesty, and inflexibility.” Upon realizing the underserved markets that seek out more growth opportunities online, the Zen team sought to create a service that would deliver flexibility for high-risk industries.
When people look to fintech for its promising returns, Zen Payments measures success differently. To the team, business isn’t only about growing the bottom line. It’s about enabling businesses to expand and grow as well by providing easy-to-understand rates and flexible contracts. Accordingly, Zen has become one of the go-to high-risk payment processors in the market in the last three years.
The edge of this high-risk fintech solution is the types of merchant accounts that they support. Most people in credit repair merchant accounts, e-commerce accounts, CBS merchant accounts, and many other high-risk businesses often get rejected by other merchant processors. With Zen Payments, that bias gets put aside, and customers from all industries get the best possible support and rates that they can get for their industries. On top of that, Zen Payments provides chargeback protection to their high-risk clients too.
People have long labelled the credit card processing world as unforgiving and selective. Accordingly, businesses in more unconventional slices of the entrepreneurial pie often miss out on a chance to expand their reach and distribution channels because they’re not part of the business norm. Zen Payments envisions a market where anyone from any industry, whether conventional or inventive, gets the chance to become a part of the digital revolution. On top of having the lowest rates among high-risk payment processors, they also provide same-day funding and a zero dollar setup fee for all its clients.
To date, the company boasts a 99% approval rate, a number previously unimaginable in the high-risk business category. It hopes to continue or even improve that streak over time. The company hopes to end payment processing woes for more businesses considered as high-risk. It hopes to become the top choice for any company that conventional payment processors have denied many times in the past.