High-Risk Merchant Account At HighRiskPay.com (Complete Review)
Are you among those facing problems opening a merchant account for your business or managing your current high-risk merchant account? Don’t worry.
Many merchant account service providers are there who may understand your problem and provide you with a better high-risk merchant account.
One such service provider is High-Risk Merchant Highriskpay.com. In this article, I will give you comprehensive information about High-Risk Merchant at HighRiskPay.com.
Before I explore HighRiskPay.com in detail, let’s first understand what a high-risk merchant account is.
Before I explore HighRiskPay.com in detail, let’s first understand the high-risk merchant account.
What is a High-Risk Merchant Account?
A high-risk Merchant Account is a payment processing account designed for businesses categorized as high-risk by traditional financial institutions. High-risk merchant account provider companies typically charge a higher amount and also place stricter terms and conditions on maintaining the accounts.
Financial institutions may label any merchant account as high risk if they find the account associated with a higher chargeback rate, increased fraud, or a higher volume of returns.
It is essential to understand that the greater the risk associated with your business, the more difficult it will be to find a suitable payment processing company.
However, numerous companies can readily offer high-risk accounts, including Highriskpay.com, a licensed moneylender that we will delve into in this article.
Top Reasons a Merchant May Be Considered High-Risk:
Payment processing companies can declare your merchant account high-risk for several reasons. Each payment processing company may have different guidelines to determine if a Merchant account is high risk. I would like to mention some specific reasons why all processing companies follow when labelling a merchant account as high risk.
1. Transaction Volume. Suppose the merchant’s transaction volume is very high. The processing company may label the account as high risk if a merchant conducts monthly transactions of more than $ 20,000 or if their average transaction rate exceeds $5,000.
2. Receiving International Payments. Even if you receive payments from countries where fraud is high, the processing company may ghost you as a high-risk merchant account
3. New Merchant. If you are brand new. Even then, the payment processing company considers you high risk because they do not have any track record of you
4. High-Risk Industry. Your industry can also put you in a high-risk merchant account category. For example, if you are a subscription-based company, then you are bound to be labelled high Risk
5. Low Credit Score. If your credit score is very low, you may be classified as a high-risk merchant account.
Apart from this, if your business falls into one of the categories below, your Merchant account is likely to be labelled as high-risk.
Types of Businesses Commonly Considered High-Risk
Apart from the business having a poor credit history, some specific businesses are considered high-risk by financial institutions. These businesses are as follows:
- Adult Industry
- Ticket brokers industry (including accommodation planners, airlines, and cruises)
- Gambling
- Furniture Stores
- Electronics stores
- Online dating app
- e-commerce
- e-cigarettes, vaping
- debt collection
- Continuity Subscription Services
- Firearm companies
- New Startup
- CBD Business
- Dropshipping Businesses
- Sportsbook Businesses
- nutraceutical business
- Nonprofits Businesses
Note: Highriskpay.com serves all these businesses.
How To Find a High-Risk Merchant Account Service Provider For High-Risk Business
Since not all payment processor companies work with businesses in high-risk industries, high-risk payment processor companies also do not display standard pricing information for high-risk merchant accounts on their website or other public platforms. In such a situation, it becomes even more critical that you do careful research to find high-risk merchant service providers.
You can take these steps to find the Right Payment Processor For your Business:
1. Know Your Business Risk Category
First, understand your business risk category. Determine to what extent your business falls into the high-risk category so that you can factor in the pricing of the payment processor company.
2. Look for Specialized High-Risk Providers
Nowadays, many high-risk merchant account processing service providers require a list of key components, especially those of an exceptional high-risk provider. Now you compare the specialities of these companies based on the following:
- What kind of experience does he have working with high-risk merchant businesses?
- How long does it take to process a payment deposit?
- Since the processing fee for a High-Risk Merchant Account is higher than that for a regular processing account, compare the costs and conditions to determine which is more suitable.
- Make sure they support your industry and payment methods.
- Read all the payment processor reviews, gather references, and then make a decision.
- Verify that the integration is favourable to your business platform and also ensure it is compliant.
- How strong and accessible is their customer service?
Major Differences Between Regular and High-Risk Merchant Accounts
There are several key differences between a standard merchant account and a high-risk merchant account.
| Feature | Regular Merchant Account | High-Risk Merchant Account |
|---|---|---|
| Risk Level | Low-risk businesses with stable revenue. | High-risk businesses are prone to chargebacks and fraud. |
| Approval Process | Quick and easy approval with minimal documentation. | Stricter approval with extensive underwriting. |
| Processing Fees | Lower transaction fees. | Higher fees due to increased risk. |
| Chargeback Tolerance | Limited (usually below 1%). | Higher chargeback tolerance but monitored. |
| Rolling Reserve | Not required. | Often required to cover chargeback risks. |
| Contract Terms | Flexible, short-term contracts. | Long-term contracts with stricter conditions. |
| Supported Industries | Low-risk industries (e.g., retail, food, small services). | High-risk industries (e.g., gambling, adult content, CBD, travel). |
| Payment Processing Partners | Standard processors like PayPal, Stripe, and Square. | Specialized high-risk payment processors. |
Bonus Tips For High-Risk Business Owners to Get a Merchant Account
If your business is high-risk and you’re seeking a reputable payment processor, pay close attention to these key factors.
1. Keep a significant balance in your business bank account so that the payment processor company is likely to know your financial stability and risk it.
2. Try to minimize chargebacks. There can be many reasons for the increase in chargebacks. E-commerce businesses can reduce their chargebacks in this way:
- Improve order verification and fraud prevention.
- Display clear business policies and set transparent communications.
- Provide responsive customer service support.
- Maintain substantial documentation and evidence.
- Implement subscription and payment best practices.
3. Be transparent while applying for a merchant account. During the application process, please provide all relevant information about your business accurately; do not withhold any details. Failing to do so will affect your credibility. Unlike a regular business, a high-risk processor company can request very detailed information about your business and finances.
4. Keep all the necessary documents ready. The most essential documents to have are six months of bank statements and tax returns. However, every payment processor has its own documentation needs; by contacting them or visiting their website, you can obtain the necessary information.
5. Follow all the guidelines of your payment processor. Different payment processors have different abilities to take risks. Therefore, see if you can do any step that the processor recommends. different abilities to take risks. Therefore, see if you can do any step that the processor recommends.
About High-Risk Merchant Account at Highriskpay.com
HighRiskPay.com is one of the leading providers of high-risk merchant accounts and payment gateway solutions based in the USA.
High-Risk Pay serves as a credit card processing and payment gateway for your businesses with bad credit. The company has been operating in the credit card industry since 1997 and is experiencing rapid growth.
The company’s network is spread nationwide and works under its processing bank. The best thing about hishrisqpay.com is its lowest processing fee and 24/4 support system.
List Of Services Provided By HighRiskPay.com
HighRiskPay.com offers a range of services through its high-risk merchant account. Some of their services are listed below:
1. High-Risk ACH Processing – No matter if your business falls under High risk, it offers ACH processing
2. Credit card processing – It offers credit card processing for businesses having a low credit score
3. Chargeback management – It offers a free chargeback management system.
4. strong risk management – HighHighRiskPay.com’s strong risk management system identifies and red flags fraud-prone accounts and affiliates
Top Benefits of Having a Merchant Account At Highariskpay.com
HighRiskPay.com offers a range of unique features that keep it at the forefront of high-risk merchant account services, which no other payment processing company can match. You can choose hishrishpay.com for the following reasons:
1. High Approval Rate – The approval rate for HighRiskPay.com is around 99 per cent, meaning your chances of approval are higher.
2. No application fee – Highariskpay.com does not charge an application fee, unlike other banks and processors.
3. No Contract – At Highariskpay.com, the merchant does not have to sign any contract
4. Accept businesses with low or Bad credit – Businesses with low credit scores can also have a high chance of approval.
5. Chargeback prevention – HighRiskPay.com provides complete chargeback prevention
6. Fast approval – At HighRiskPay.com, your merchant account gets approved within 24 hours.
6. Next-Day Funding – You will receive your funds credited to your account the very next day after approval.
Types of High-Risk Businesses Served by HighRiskPay.com
As a leading high-risk merchant account service provider, HighRiskPay.com currently serves 19 high-risk businesses that are generally considered high-risk by traditional financial institutions.
- Adult Merchant Account
- Continuity Subscription Merchant Account
- Firearm Merchant Account
- Startups Merchnat Account
- Bad Credit Merchant Account
- Credit Repair Merchant Account
- High Volume Merchant Account
- Ticket Broker Merchant account
- CBD Merchant account
- Dating App Merchant account
- Travel Merchant Account
- MLM Merchant Account
- Debt Collection Merchant Account
- E-commerce Merchant Account
- Online Pahrmacy Merchnat Account
- Tech Support Merchant Account
- Nonprofits Merchant Accounts
- Drop Shipping Merchant Accounts
- Sports Book Merchant Accounts
- Nutraceutical Merchant account
Read More: Getting High-Risk Merchant Account for Automotive Business
Conclusion:
Highriskpay.com is one of the top providers of High-Risk Merchant Account and Payment Gateway Solutions, helping companies with bad credit histories or categorized as high-risk by traditional financial institutions.
Frequently Ask Questions (FAQs)
Pranab Bhandari is an Editor of the Financial Blog “Financebuzz”. Apart from writing informative financial articles for his blog, he is a regular contributor to many national and international publications namely Tweak Your Biz, Growth Rocks ETC.
