The key is a customized approach, tailored to fit the industry’s specific requirements and mitigate risks effectively. Such features could include the financial success and long-term customer relationships the business carries. Or it could highlight the top-of-the-line fraud prevention measures the business has implemented. Moreover, a high-risk merchant could address their fulfillment duration. Meaning, how long it takes from when a customer pays and when their product or service is received.
- They even have a chargeback dispute resolution feature so you can keep that from happening again.
- They can customize payment processing solutions to suit your specific needs and implement safeguards such as risk mitigation strategies.
- High-risk merchant accounts offer digital payment processing solutions to businesses that payment processors consider high-risk.
- A lot of merchant account providers will not accept high-risk merchants.
- Having lots of chargebacks is one of the reasons why merchants get placed into the high-risk category.
- In addition to companies that brand themselves as high-risk providers are those who have a lenient or nonexistent vetting process.
I WANT TO ACCEPT PAYMENTS
You’re more likely to qualify for low-risk providers if you have a payment processing history of at least 6 months; ideally, more than a year. On the other hand, if you’re a new business, or if you don’t have a track record of successful processing, you may have to opt for high-risk payment processing instead. In this post, we’re discussing the pros and cons of high-risk credit processing.
- Our number one priority is to get your merchant account up and running as quickly as possible.
- This is not to say all high risk merchant account providers bypass this crucial system.
- Ever feel like you’re paying more for your credit card processing than other merchants?
- With the ability to integrate with a wide array of platforms, our solutions are tailored to fit the unique needs of each sector, from e-commerce to political groups.
- Revere Payments offers secure, compliant merchant services designed to keep your business running smoothly.
Payments Methods We Support
But even with instant approval, the fee for each sale costs merchants more than they’d pay with a high-risk merchant account. The best merchant processing companies believe that caring for customers means keeping costs down and never increasing your rates. We guarantee that the Leap Payments rates will not increase for the life of your account. No bait and switch, no teaser rates, just simple, honest pricing and the best merchant services. In addition, we offer Interchange plus pricing, because this is the most transparent way to process credit cards available. PaymentCloud is one of the easiest high-risk merchant account providers to use, and it boasts excellent customer service.
“Clearly Payments was able to set up our business with a merchant account and it’s working so smoothly.”
It is so much easier for site owners when we’re able to help them get set up correctly from day one. “Doing it right the first time” means there is no need for additional costs in re-launching, and we can make sure business owners like you don’t miss out on revenue due to completely unnecessary delays. Getting your account terminated can place you on the MATCH List (or Terminated Merchant File).
Our Payment Solutions
These merchant account providers may have higher fees and rates than traditional providers but can provide a solution for businesses that are unable to obtain merchant accounts with credit risk definition traditional providers. High risk businesses are those that can’t obtain standard merchant processing accounts from traditional banks and payment processing companies. High Risk Pay’s expertise and long-term relationships with banks and other financial institutions ensure that your business is always tapped into the most reliable services in the industry.
Smoke Shop MERCHANTS
These risks can often be mitigated, and there are a number of providers willing to work with these sorts of companies. Both experience and history have shown that there are certain types of industries and transactions that tend to garner fraudulent or disputed charges. Processing companies are aware of these industries, and QuickBooks Accountant most will deny service to higher-risk clients. In addition to submitting clear and complete information, supplying accurate information on your account application is also imperative. Sometimes businesses are tempted to gloss over items that they believe reduce their chances of being approved for an account. Financial issues such as bankruptcies, liens, delinquent and terminated accounts, and other such red flags are a matter of public record.
Shutdown by Stripe, Square, or PayPal – What to Do Next?
That said, if you are experiencing a high rate of chargebacks or are looking to lower your chargeback ratio to avoid higher costs…there is an alternative. Inovio emphasizes the flexibility and seamless integration of their platform, which works with multiple payment technologies. Their platform combines essential features with extensible data and clean interface to make the gateway experience frictionless.The platform also includes adaptable APIs. The only resource you need to become an expert on chargebacks, customer disputes, and friendly fraud. When more people can buy your stuff, you can potentially make more money. And sometimes the demand for your services is higher in a certain country.
Risk of fraud
- Working with a high-risk payment processor may be your best option, but you should use caution when deciding to go this route.
- Here are a few pros and cons to consider about working with a high-risk credit card processor.
- We believe everyone should be able to make financial decisions with confidence.
- NerdWallet has engaged Atomic Invest LLC (“Atomic”), an SEC-registered investment adviser, to bring you the opportunity to open an investment advisory account with Atomic.
- With this account, you can accept credit card, ACH, e-check or cryptocurrency payments through POS, mobile or online checkout.
These businesses are often rejected by standard merchant accounts because of the risk to banks. A high-risk merchant account will accept the risk and allow you to process credit cards. In addition to our commitment in being the best merchant account provider for your business, we offer fully integrated and customized solutions. Our experts will https://www.bookstime.com/ review your statement and show you how much you can save. Providing small business owners just like you with the personal service that you deserve is what has distinguished us from so many generic, less visionary credit card merchant processing services. High risk merchant accounts are merchants who’ve been deemed high risk by traditional banks and payment processors.
High-Risk Merchant Account at Competitive Rates
High-risk providers understand your business model and can often get you approved and accepting payments in days. The favorability of a high risk merchant account service will depend on how well it is suited to your business plan. Indeed, the experience and skill required to make a perfect match is extensive and the details that must be considered are vast. Nevertheless, the following 5 pointer strike at the heart of the matter and can provide you with valuable perspective when making this important decision for your business. At High Risk Solutions we know the best way to structure your high risk merchant account to save time and money. We have been providing high risk merchant accounts for High Risk Industries since 1995.
Let us help your high-risk website accept credit cards
Businesses in the high risk industry often face higher chargeback rates, increased regulatory scrutiny, and difficulties in securing reliable payment processing partners. For high-risk merchants seeking a dedicated payment processing partner, Vector Payments is your go-to choice for robust and reliable payment solutions. Selecting the right high-risk merchant account provider is a decision that warrants careful consideration and due diligence. By focusing on these critical aspects, you can partner with a provider that not only meets your current needs but also supports your business’s long-term growth and success.
