Merchants who have been labeled high-risk typically need to find payment processors willing to provide account services at an affordable rate, which is not always easy to find. For high-risk merchants, major banks typically charge exorbitant credit card processing fees, while many other U.S. payment processors have strict processing limits in place.
If your company operates in a high-risk industry or has been labeled as high-risk due to previous processing issues or a poor personal credit history, there are several features to look for in a new payment processor. Here are a few of the most important:
1. Low Credit Card Processing Fees
While banks and many mainstream payment processors charge high rates for high-risk merchants, if they approve them at all, some high-risk credit card processors do offer reasonable rates. When looking for a high-risk merchant account, look for one that fits your budget. In many cases, you can find high-risk merchant accounts with fees as low as 10%.
2. Expertise in High-Risk Processing
There are numerous payment processors that target high-risk merchants. However, this does not necessarily imply that it is their area of expertise. A payment processing company that works exclusively with or specialises in the unique needs of high-risk merchants is the best option. If it does, it will be better able to advise its clients on how to protect themselves from chargebacks and fraud, as well as provide better account management and coordination.
3. Terminals and other hardware, as well as e-commerce software, should be included in the package.
If you want to accept payments in a physical store rather than just online, you’ll need a payment terminal and possibly other hardware. While your hardware may not be free, your payment processor should be able to provide you with the machines you need to accept credit and debit cards effectively. Ideally, you’ll be able to rent or lease something that allows you to process cards with chips or “tap” functionality, also known as pinless debit.
Furthermore, your payment processor should provide you with the tools you need to run your business and accept payments online, as well as the support you need to get things set up and running smoothly.
4. Around-the-Clock Support
Depending on the nature of your business, you may need to process payments at all hours of the day and night, which necessitates continuous, 24-hour support from your payment processor. This is especially important when doing business online, but businesses with physical storefronts may also accept payments late at night or early in the morning in some cases. It’s critical that you can contact your processor if something goes wrong so that you don’t lose potential business.
5. A Strong Offshore Solutions Network
Offshore payment processing is a feature of the high-risk industry, so make sure the payment processor you choose has a good network of banks willing to work with the merchants it signs up. The best high risk merchant account allow you to process payments across multiple banks, so look for one that works with several banks located outside of the United States.
Contracts that are reasonable
The majority of payment processors provide a standard three-year contract that automatically renews. However, in some cases, you may be able to find a processor who can offer you a shorter-term or month-to-month contract. It is critical to inquire about the type of contract offered and to ensure that the payment processor provides contracts that meet or exceed industry standards.
Contact PayCly today to speak with one of our payment processing professionals about what a high-risk merchant account provider can do for you and your business.
What you’ll need to begin
The equipment you’ll need to accept credit card payments varies depending on the type of business you run. If you own a physical store, you’ll need a proper point-of-sale system, which includes software to track sales and payments as well as a card reader to accept debit and credit cards. If your business is on a smaller scale, you may be able to use a virtual payment terminal, which allows you to process payments by typing credit card numbers into your smartphone or computer. A virtual terminal may be a more convenient option than a wired terminal, depending on the nature of your business.
If you’re only accepting payments for an online business, you’ll need a website that displays the products or services you’re selling, tracks sales, and accepts payments. To accomplish this, your website must include a shopping cart as well as a payment gateway that securely processes payments.
How to Make an Application for a Payment Processing Account?
When you’re ready to apply for a merchant account with a company like PayCly, take a moment to make sure you have all of the necessary documentation and information. In most cases, payment companies will request sufficient information to conduct a thorough credit check on you, the company’s owner, as well as the business itself, if it has a long enough history. You’ll also need proof of business ownership and any required licences, as well as detailed information about what and how much your company sells.
You can complete your application entirely online with PayCly, and in most cases, we can notify you of approval and get you started within a few days. Get High Risk Gateway Now
Summary
Many merchants are unable to obtain instant approval credit card processing services for their company. This is usually because their business is high risk, either because of the industry in which they operate or for other reasons such as their business or personal credit history, a history of high chargeback ratios, longer chargeback liability periods, or being on the Terminated Merchant File (TMF) list.
With multi-bank processing, real-time chargeback alerts, Fraud Prevention software integrated into our payment gateway, and 24-hour account support, we look out for our clients’ best interests. We offer convenient features such as a secure merchant portal through which our clients can access reports and account information, and processing solutions for mobile, ecommerce, and brick-and-mortar retail stores.
