So you’ve got an online business in a “high-risk” industry and you’re struggling to find a payment processor that will work with you. You’ve likely been turned down by the major players like PayPal and Stripe, leaving you frustrated and worried that you’ll never be able to accept credit cards. Don’t despair – there are high risk merchant account providers out there that want your business, and highriskpay.com is one of the best. They understand that just because your industry is labeled “high risk” doesn’t mean you are. They’ll evaluate your business based on its own merits and not make assumptions. With highriskpay.com, you can stop worrying about whether you’ll be able to take payments and instead focus on growing your business. In this article, I’m going to tell you everything you need to know about highriskpay.com so you can decide if they’re the right choice for your high-risk business.
What Is a High Risk Merchant Account?
A high-risk merchant account allows businesses deemed “high-risk” to accept credit and debit card payments. Industries like adult entertainment, travel, and gaming are often labeled high-risk due to a higher chance of chargebacks, fraud, or non-payment.
What makes a business “high-risk”?
Certain business models, locations, or payment types can increase the likelihood of issues like chargebacks or fraud, leading processors to deem them high-risk. Some common indicators include:
- Adult entertainment or gambling
- International customers or sales
- Large transaction volumes ($10K+/month)
- Recurring billing
- Digital goods or services
To offset the risk, processors charge higher fees for high-risk merchant accounts. Businesses should expect to pay a premium of 3-5% per transaction versus a standard account.
Why do I need a high-risk merchant account?
Without a high-risk merchant account, many businesses struggle to accept payments or resort to risky alternatives like third-party processors. A legitimate high-risk account offers security, stability, and access to valuable services like:
- Fraud prevention tools
- Chargeback management
- PCI compliance
- Dedicated account management
While the fees are higher, a high-risk merchant account gives you the ability to operate legally and focus on growing your business. The peace of mind and additional services are well worth the investment for most business owners.
If you think your business qualifies as high-risk, don’t hesitate to apply for a high-risk merchant account. It may seem daunting, but with the right processor you’ll gain the ability to thrive.
Benefits of Getting a High Risk Merchant Account at highriskpay.com
Getting a high risk merchant account with a reputable provider like highriskpay.com comes with some major benefits for your business.
High risk businesses often face higher fees due to the perception of an increased chance of chargebacks and fraud. Highriskpay.com helps reduce costs associated with chargebacks, returned charges, and other fees incurred from fraudulent transactions by using advanced fraud detection tools. This means you’ll pay less in fees and save money.
Highriskpay.com offers valuable features such as chargeback management and credit card processing solutions tailored to high-risk businesses. They provide expanded market opportunities for companies in industries like CBD, firearms, travel, and nutraceuticals by offering specialized domestic and offshore payment processing options not available with traditional providers.
Reliable and secure
Highriskpay.com uses cutting-edge technology and security protocols to ensure your customers’ sensitive data and transactions are protected. They are a trusted, reputable high risk payment processor that provides a reliable gateway and merchant account so you can accept payments with confidence.
The application process for a high risk merchant account can often take weeks or months and require a lot of paperwork with traditional banks and providers. Highriskpay.com, however, has a fast, streamlined approval process so you can get up and running in just days. They understand the needs of high-risk businesses and work quickly to get your account approved and you accepting payments.
In summary, a high risk merchant account from a provider like highriskpay.com offers reduced costs, specialized services, strong security, and fast approval – all huge benefits for your high-risk business. Opening an account could be one of the best financial decisions you make.
Types of Businesses That Require a High Risk Merchant Account
If you operate a business in certain industries, you’ll likely need a high risk merchant account to process credit card payments. These accounts are for businesses deemed “high risk” by processors because there is a higher chance of chargebacks, fraud, or other issues.
Advertising and Affiliate Marketing
Companies focused on advertising, marketing services, and affiliate marketing are often labeled high risk. Processors worry about the potential for excessive chargebacks from customers or affiliates. To get approved, you’ll need to show a low refund rate and clear affiliate terms and conditions.
CBD and Hemp Products
Merchants selling cannabidiol (CBD), hemp, and related products face challenges finding a processor due to legal gray areas. While some states have legalized cannabis, it remains illegal under federal law. High risk specialists that do work with CBD retailers typically charge higher rates to account for the added risk.
The adult entertainment industry, including online dating sites and virtual goods, is considered high risk. There is a perception of higher chargeback and fraud risk, as well as a stigma around these business types. Merchants may face difficulty obtaining approval from mainstream processors.
Retail and eCommerce
While retail and eCommerce are not always deemed “high risk,” some niches like apparel, electronics, and nutritional supplements tend to experience higher chargeback rates, drawing the scrutiny of processors. Seasonal businesses that experience sales spikes may also struggle to get approved for a standard merchant account.
The travel industry, including airlines, hotels, and travel agencies, is frequently designated high risk due to the potential for chargebacks related to cancelations or refunds. Approval for a high risk merchant account typically depends on the specific business model and chargeback minimization strategies.
In summary, if your business operates in a niche that faces a higher likelihood of chargebacks or fraud, you’ll probably require a high risk merchant account to accept credit cards. While the application process may be more intensive, high risk specialists can help set you up to accept payments from your customers.
How to Qualify for a High Risk Merchant Account at highriskpay.com
To qualify for a high risk merchant account with HighRiskPay, you’ll need to meet a few basic requirements. First, you must have a legitimate U.S. business checking account. HighRiskPay will review your business information to verify the account.
The application process is straightforward. You’ll fill out an online application providing details about your business, owners, products or services, and projected monthly credit card volume.
HighRiskPay considers various risk factors to determine if your business qualifies for an account. They look at things like:
- Your time in business. Established businesses are viewed as more stable.
- Business type. Industries like online gambling, CBD, and cryptocurrency are riskier.
- Chargeback history. Excessive chargebacks signal higher risk.
- Owner’s credit. Owners with good credit are better risks.
Don’t worry if you’re just starting out or in a high-risk industry. HighRiskPay approves 99% of applicants. They aim to provide accounts to businesses that struggle to get approved elsewhere.
Rates and Fees
High-risk merchant accounts typically have higher rates and fees due to the increased risk. You can expect to pay an account setup fee, monthly statement fee, chargeback fees, and higher processing rates. Rates vary but may be 3-5% per transaction. The fees are the cost of accessing credit card processing for high-risk businesses.
While the rates aren’t ideal, a high-risk merchant account allows you to accept credit cards which most customers prefer. The ability to accept cards can significantly impact your sales and cash flow. HighRiskPay specializes in high-risk processing so they understand your business needs.
If after reviewing your application HighRiskPay cannot approve you for a standard high-risk account, they may offer an offshore merchant account as an alternative. Offshore accounts allow nearly any legal business to accept cards through an international bank.
In summary, to qualify for a high-risk merchant account, you need good business fundamentals, owners with decent credit, and realistic expectations about the rates. HighRiskPay aims to approve as many high-risk businesses as possible while balancing risks. With their help, your high-risk business can thrive by accepting credit cards.
FAQs About High Risk Merchant Accounts at highriskpay.com
As a business owner, you likely have many questions about high risk merchant accounts and how they work. Here are some of the most frequently asked questions about HighRiskPay.com’s merchant accounts:
Are my funds secure?
Yes, HighRiskPay uses advanced security systems to protect your funds and sensitive customer data. They monitor accounts for fraud 24/7 and use encryption to safely store information.
What industries do you serve?
HighRiskPay specializes in providing merchant accounts to higher risk e-commerce businesses like online gaming, travel, and tech support. They also serve businesses in industries like online pharmacies, adult entertainment, and e-cigarettes.
What are your rates and fees?
High risk merchant accounts typically have higher fees due to the increased risk of chargebacks and fraud. HighRiskPay is transparent about all their rates and charges no hidden fees. Fees include a one-time setup fee, a monthly minimum fee, and a percentage of each transaction called an interchange-plus rate. These rates vary based on your business and sales volume.
How fast can I get approved and start accepting payments?
The approval process typically takes 3 to 5 business days. Once approved, HighRiskPay will send your merchant account information right away so you can start accepting Visa, MasterCard, American Express, and Discover payments from your customers immediately.
Do you offer support?
Yes, HighRiskPay provides 24/7 support via phone, email, and online chat. Their support team can help you with questions about your merchant account, rates, chargebacks, and more. Support is included at no extra cost with your HighRiskPay merchant account.
High risk merchant accounts come with more requirements and responsibility, but by choosing a reputable provider like HighRiskPay.com, you can accept credit card payments securely and with confidence. Their staff is available anytime to answer your questions and provide the support you need.
So there you have it – the truth about high-risk merchant accounts and what to expect if you sign up with highriskpay.com. While the application process may require more paperwork and the fees tend to be higher, a high-risk merchant account can still be a great option if you need to accept credit card payments for your business. The key is finding a processor like highriskpay.com that specializes in high-risk accounts so they understand your needs. They’ve been helping business owners in situations just like yours for over 15 years. If you go into the process with realistic expectations about rates and reserve amounts, a high-risk merchant account could be exactly what you need to take your business to the next level. So don’t write it off as impossible – check out highriskpay.com and see if they have an offer that works for you. You’ve got nothing to lose and a whole new revenue stream to gain!