High Risk Merchant Service Providers – We are focused on offering high risk merchant accounts for some of the most difficult to place high risk international and US companies.
If your business is classified as high risk, we understand that you have complex payment needs and must constantly adapt to ever-changing rules and regulations. As a risky payment provider, we offer in-house underwriting and risk management to help you maintain healthy merchant account processing at the lowest possible rate. With our teams of twenty years of experience in domestic and foreign treatment, you have the knowledge of experts you can trust.
High Risk Merchant Service Providers
Let DigiPay help you. We have partnered with many startups around the world so we can find the best option for your specific needs. Whether you want to start a US-based or international business, have an existing business, or are ready to move overseas, we can help you get started in the right direction. You choose the level of support you need, from a do-it-yourself reference to step-by-step assistance through the setup process. You decide the level of support you need and DigiPay will be there to provide it. We appreciate your business and look forward to providing you with quality service and excellent customer service.
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DigiPay Solutions provides comprehensive merchant services to thousands of high-risk merchants ranging from startups to enterprises processing millions of dollars per month. So when you’re ready, we’re ready.
“There’s a sense of structure that you can’t find in other companies that DigiPay brings to the table. — Their services are worth their weight in salt!
Are you an ISO or an agent? We can place your high-risk merchants and find solutions for merchants with complex needs. It is virtually impossible for e-commerce merchants to operate without accepting credit or debit cards. However, before you can accept electronic payments, you need a payment processor. It is an entity that acts as a link between you, the banks and the credit card networks.
Many processors prefer to do business exclusively with merchants they consider “safe” or “low risk” investments. Businesses deemed “high risk” will have a limited selection of potential processors to choose from.
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In this article we will discuss the ins and outs of high risk merchant accounts and treatment. We’ll explore the additional costs and barriers high-risk merchants face and why they may pay more to process payments. Finally, we will identify some service providers that can help those working in high-risk verticals.
A high-risk merchant account is a subset of services that enable businesses in high-risk verticals to accept card payments from customers. These accounts usually come with stricter requirements and terms than standard merchant accounts and will be more expensive to maintain.
Suppose you want to open a new merchant account to accept credit card payments for your business. Any processor you approach will scrutinize your business carefully and in detail to determine if you fit their definition of “high risk”.
Processors classify merchants into one of two categories (high risk or low (normal) risk) based on a number of factors. Ultimately, however, this determination is based on the degree of financial risk your business presents to the institution. Specifically, how vulnerable you are to fraud and chargebacks.
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High-risk merchants face limited choices of processors. They will also have to pay higher fees to compensate for perceived risk and deal with tighter contracts.
Being labeled “high risk” sounds bad, at least on the surface. However, in some scenarios it may be your best (or only) option.
Being a “high risk” merchant does not necessarily mean that your business is less reliable than your peers. This actually means that processors tend to see a higher rate of disputes in your vertical. Risk is estimated based on the frequency of chargebacks a processor can expect to facilitate each month. This is not really an indication of the value of your business.
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Let’s break down some of the factors that can cause your business to be designated as high risk:
Note that there is no middle ground here. Once a processor has assessed your business, they will make an “either/or” decision. In the eyes of the processor, you are either high risk or you are not.
While not the end of the world, being a high-risk trader certainly comes with its own set of complications. Many legitimate businesses are labeled payment providers simply for the number of items they sell per month. Perhaps the most common reason why merchants are flagged as “high risk” is their merchant category code, or MCC.
Certain verticals have historically proven to be more prone to chargebacks. Therefore, MCCs linked to this vertical are almost universally considered high risk. Examples include:
High Risk Vs. Low Risk Merchant Accounts: Pricing Differences
You may also be required to secure high-risk merchant services due to the method you use to generate sales or leads. Here are examples of high-risk tactics:
The privilege of accepting credit cards comes at a price. This is true no matter which vendor you do business with. If you have to work with a high-risk merchant account provider, the price will be higher in many ways.
Providers specializing in high-risk merchants typically charge higher than average fees and require strict contract terms. A few providers specialize in merchant support that even other high-risk processors have turned down. Of course, the fees and contracts required by these companies tend to be stricter than conventional dealer treatment.
Unfortunately, there are scammers out there who target struggling traders. They offer help at ridiculous prices and based on ironclad contracts that will be almost impossible to escape. Before signing up with a service provider, be sure to do your research, check reviews, and check reports from the Better Business Bureau and other advocacy groups. Finally, always read (or better yet, have your attorney read) the fine print.
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Account reserves are a way for the payment processor to hedge their bets. If something goes wrong for you, your acquirer will be protected against loss by the account reserve. There are three basic types of reserves:
Many traditional processors may reject a company that suffers more chargebacks. Therefore, it may sometimes be necessary to seek high-risk merchant services. But where to start?
You want to look for reliable processors that specialize in high-risk merchant solutions. But before choosing a payment processor, read the fine print for terms and conditions and carefully read their fees. Every platform is different. We may offer options that are a better fit for your business than those offered by a competitor.
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Here are some good high-risk merchant account providers to help you start your search off on the right foot:
Focusing primarily on high-risk e-commerce businesses, eMerchantBroker claims to approve 99% of all account requests. The company has a positive reputation for transparent customer service and reliable support.
CardMax Payments offers flexible accounts, easy setup and competitive pricing. Relationships with more than 30 national and international banking providers allow CardMax to provide exceptional service and support.
Cayan has a reputation for helping businesses develop more meaningful customer relationships through industry-leading payment solutions. They are also known for their reasonable prices and do not require an early termination fee (ETF).
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With flexible multi-currency accounts, Durango Merchant Services works with US and international merchants. The company has received high marks for its excellent customer service and personalized pricing plans.
Global Merchant Advisors offers customized processing solutions that enable merchants to focus on growth rather than payouts. GMA advisors are available to guide merchants through every step of the process.
Host Merchant Services offers both standard processing and special services for high-risk merchants. In addition to gift card and loyalty card programs, the company offers a free website with email service to new merchants upon request.
HRMA-LLC specializes in high risk merchant accounts and ACH processing for high risk verticals. They offer payment processing for virtually all types of high-risk businesses. HRMA-LLC offers fast approvals with no setup fees.
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Using an omnichannel platform that adapts to any payment experience, Inovio strives to simplify the confusing payment process. Their flexible APIs, seamless integration and other services work with multiple payment technologies.
Instabill offers PCI compliant solutions including online payment gateways and global reach. They work with all major credit card systems and their solution supports international currencies including British pounds, euros and more.
PayKings experts can help merchants create a low-to-high-risk merchant account that offers affordable merchant services, online credit card payment processing, and seamless integration with the merchant’s existing platform.
With a reputation for transparent and honest sales practices, Payline Data offers quality customer service along with various merchant-friendly pricing structures. Monthly billing and no early termination fees are also benefits.
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PaymentCloud serves a range of business types, including high-risk merchants, with a 98% approval rate for new merchants. Pricing is based on company history and the company has no registration or account opening fees.
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