When a business has an increased risk of financial problems, scams, and payment disputes, this means it is a high-risk business. These businesses need to be careful when it comes to payment and should have appropriate payment processing services that allow credit and debit cards.
However, it’s not such a simple task. If you want to choose the most suitable provider, there are high-risk merchant account reviews to inform yourself and better understand your options.
What is a High-Risk Merchant Account?
When you have a high-risk business, you won’t be able to apply for a regular merchant account – you’ll need to go with a high-risk merchant account. The difference is that high-risk merchant accounts have higher costs, fees, and more restrictions regarding payment processing, but first, let’s define this critical term.
A merchant account is a type of account that a service provider ordinarily makes. This account is a place where funds are held for a short time before they are approved for transfer to your account, and you don’t have direct access to the High-Risk Merchant Account.
How to choose a suitable High-Risk Merchant Account provider?
Due to the risky industries within which it operates, finding the right merchant service isn’t easy. That’s why many companies and providers can help you. These teams of experts work with trusted banks and offer a payment processing solution, which can also provide better financial management and lower processing fees.
To better understand how these companies operate, their advantages and disadvantages, we have singled out a few of them.
Having a partnership with Payline Data, this company has proven reliable, especially in the fight against chargebacks. It offers 24/7 protection against disputes and has an automatic response system.
It also has the option of analyzing the types and number of chargebacks. At the end of the month, the user receives a report and evaluation of possible problems in the future. There is a cancelation fee of 500 dollars and contracts for three years.
The primary industries within which it operates:
- Cigarettes and electronic smoking systems
- Debts and loans
What sets this company apart is the excellent customer support. It has no setup fees and offers reasonable rates and acceptable fees.
Like most providers, it offers payment through major credit and debit cards and online payment via popular gateways like PayPal, Square, Stripe, and more. Do note that stripe charges a processing fee for every payment. Calculate the charges using a Stripe Fee Calculator.
It operates within almost all industries and covers a wide range of high-risk businesses. Customers often complain about poor customer support and the inability to get in touch with this company due to short working hours.
Durango Merchant Services
Durango has been on the market for the longest time of all companies and has proven to be a reliable company that handles high-risk accounts at reasonable prices. It’s very dedicated to its customers and is known for fast approvals. It offers a strong protection from fraud as well as free consultation and helpful tips on reducing scams.
Like any company that provides services for merchant accounts, there’s no fixed price list, but prices, costs, and processing fees depend on the type of business and are different for everyone.
Soar Payments is a reputable merchant provider and is a company that specializes in businesses that need quick approval for a High-Risk Merchant Account.
Above all, when you do business with this company, there are no application costs. Transaction fees are in the amount of 2.49%, and contracts are concluded for two years. Soar Payments does not work in all industries, so when you decide to work with this company, pay attention to the following listings:
- Illegal businesses
- Debt and loans
- Forex trading
- Gambling an
- Inappropriate content
- Marijuana, Kratom, or vape systems
- Offshore and non-US businesses
- Payday loan/cash advance
- Pharmacy and medicaments
Besides servicing merchant accounts for high-risk and low-risk businesses, this provider is also known for its EPD Gateway. Using this channel, the user has a lot of benefits when it comes to online payment. Easy Pay Direct also provides load balancing as an excellent tool for businesses with high sales volumes and online payment channels.
It’s common for such providers not to have a price list or rates that are publicly available, so this isn’t the case here either.
Providers for High-Risk Merchant Account and payment pricing are numerous, and it’s not easy to choose the most suitable ones. Given the specifics of each high-risk industry, it’s best to be well informed about the pros and cons of their providers.