Most companies nowadays require the capacity to accept credit cards. Finding the correct merchant services provider is difficult for any business, but it’s considerably more difficult if you’re a high-risk merchant. Thus, high risk credit card processing companies come into play here.
A high-risk business owner is one for firms with a high potential for fraud and fraudulent charges from the processor. You should consider the type of the business, the owner’s reputation and business experience, and other variables. Because each processor generates its own high-risk decisions, a company may be regarded as high-risk through one processor, not another. While high-risk merchant accounts have several downsides, they also have some advantages:
- International transactions are subject to fewer limitations.
- Provide recurring billing
- Load balancing is used to reduce chargebacks and process increased sales volumes.
- Enhanced fraud prevention
Honest sales methods, a simple onboarding procedure, individualized customer support, and reasonable contract conditions are all characteristics of the finest high-risk merchant account providers. Rates and costs will be fair but not as low as most low-risk providers. With the abovementioned criterion, let’s look at seven of our top high-risk merchant account companies.
PaymentCloud specializes in placing high-risk enterprises, depending on a network of third-party handlers, and acquiring banks to get your account accepted. You’ll need a pricing quotation to discover what the organization can provide you, although merchant feedback shows that its fees and rates are pretty affordable. Most importantly, PaymentCloud performs the additional effort necessary to accept high-risk accounts without incurring any registration or account setup costs. The firm now includes a “free” EMV-compliant bank card terminal with each retail merchant account – free as long as you surrender it if you shut your account or transfer providers.
National Processing is well recognized for its exceptional low-risk credit card processing services, which combine transparency and reasonable rates with full access to the Clover terminal and POS system lines. National Processing, on the other hand, provides high-risk accounts. National Processing will collaborate with its banking institutions to high-risk position merchants, such as those in subscription services, high-volume sales, guns, and tobacco/vape-related enterprises. High-risk businesses will access the same capabilities as lower-risk merchants, such as terminals, mobile payment transactions, eCommerce assistance, and chargeback avoidance tools.
Specialist in high-risk situations, Easy Pay Direct’s top product is its proprietary EPD Gateway. It also offers full-service merchant accounts to high-risk and low-risk merchants. High-risk businesses will always pay greater extent and rate and account fees. However, given the circumstances, the increased expenditure is justified. To get established with Easy Pay Direct, you must pay a one-time account registration cost of $99, but the firm does not impose an introductory rate if you shut your account early. We don’t usually favor account creation fees, but for a high-risk firm, the extra effort necessary to ensure your credit justifies the cost.
Durango Merchant Services is one of the earliest and most reputable suppliers of high-risk merchant services. The organization has a solid reputation for being honest, charging reasonable prices, and providing good customer service. Like nearly other high-risk providers, Durango’s quote-based pricing approach does not reveal fees or rates on its homepage. The organization can set you up with an international merchant account if you require one to work with US-based merchants and banks. Durango Pay, the company’s payment gateway, assists eCommerce retailers. This gateway offers the typical payment and security capabilities required to run a web-based business and an Authorize.Net emulation mode.
Shark Processing provides high-risk merchant solutions that help companies with their payment processing challenges. The industry operates with reputable banking partners worldwide to handle payments for various high-risk businesses. You probably already know how difficult it may be to get high-risk credit card processing accounts with good terms. The rates and conditions of payment are sometimes relatively high. Additionally, some ISOs charge more for these services and get a bonus. Shark Processing offers highly affordable prices in these situations and may provide bulk reductions even after a merchant has opted to board with them. They have an excellent reputation and many lifelong, devoted clients. On behalf of high-risk merchants, they bargain for the best arrears, reserves (if applicable), discount rates, and costs. Your high-risk firm may benefit from future banking solutions that they can recommend when they become available, according to their high-risk payment experts.
Lastly, what is appropriate for your specific business will be determined by several variables, including your credit history, transaction history, and which higher customer category you fit into. Some concluding words of wisdom would be to do your homework ahead of time and speak with sales representatives from the company you’re interested in to see what they offer. Get quotations from at least three different service providers before deciding on one. Before signing, carefully review your proposed contract. If you’re inexperienced with the fundamentals of payment processing, consult our payment processing guide.