Many GS readers have had difficulties with hard to place, "High Risk" Merchants. From the looks of the letters and comments we receive, even those ISOs who have been able to get businesses approved have been forced to jump through the hoops of complicated paperwork, high up-front deposits, and huge discount rates.
There is a company that may be able to help you with your high-risk merchants: Janco Merchant Services. Janco markets themselves as the "High Risk Merchant Placement Specialists."
Janco offers Visa and MasterCard processing for high-risk merchants; offshore Visa and MasterCard processing; offshore checking accounts; on-line, real-time unattended processing; POS equipment and software; and ATM equipment and services.
The company has grown from their original focus of in-home, start-up and MO/TO businesses to specialize in high-risk industries and merchants. Janco currently has 20 independent sales reps in United States, Mexico, and Canada and in the past six months, they have placed approximately $25 million in processing.
Janco accepts merchants who are traditionally declined by banks, as well as terminated merchants and those with poor credit histories. Janco also works with "taboo" industries including adult entertainment, gaming, international lotteries, the Internet, on-line casinos, racing, time-shares, and unattended processing.
In most cases, there is no need for an up-front deposit. Janco will accept equipment returns for a full refund within 30 days and also offers residual commissions on software. There are no monthly processing limits and they say they can place ANY merchant ANYWERE in the world.
Janco is looking for experienced, motivated, and aggressive agents. They've negotiated a buy rate of 1.366% swipe and 1.662 % non-swipe with transaction fees as low as .09 in some cases. Residuals are earned on American Express processing, depending on the SIC codes.
Agreements can be requested on their Web Site at http://www1janco.com/agent.htm or via fax at (717) 227-9652. For more information about Janco, call (717) 227-9720 or access http://www.1Janco.com.
