So you’ve got an ecommerce business that’s ready to take off, but traditional payment processors want nothing to do with you. Your industry is ‘high risk’ which means most merchant account providers see you as too much of a liability. Don’t worry, we’ve all been there. The good news is, there are specialists who cater specifically to high risk businesses. One of the best is HighRiskPay.com.
For over 15 years, HighRiskPay.com has been helping businesses labeled as ‘high risk’ obtain merchant accounts so they can start accepting credit cards. They understand that just because your business operates in a risky industry, that doesn’t mean you’re not running a legitimate company. HighRiskPay.com will evaluate your business based on your own merits and not just your industry. If approved, you’ll have access to a high risk merchant account tailored to your needs so you can get back to growing your business.
What Is a High Risk Merchant Account?
A high-risk merchant account allows businesses classified as “high risk” to accept credit and debit card payments. High-risk businesses may have a higher chance of chargebacks, fraud, or other issues, so traditional merchant account providers often deny them. A high-risk merchant account is specifically designed for these businesses.
How High Risk Merchant Accounts Work
High-risk merchant accounts function similarly to standard merchant accounts but are provided by specialized payment processors that focus on high-risk industries. These processors evaluate the risk level of each business and determine appropriate rates and fees based on risk factors. Businesses deemed very high risk may face higher rates, while those on the lower end of the high-risk spectrum may qualify for more standard fees.
Some common features of high-risk merchant accounts include:
- Higher processing rates and account fees due to increased risks
- Shorter rolling reserves or delayed payout periods
- Stricter underwriting and application process
- Monthly minimum fees and shorter contracts
If your business has faced denials from traditional providers, don’t lose hope. With some research, you can find a high-risk merchant account to suit your needs. Compare providers based on factors like pricing, contract terms, experience with your industry, and customer service. Look for one with transparent pricing, minimal hidden fees, and a track record of reliable payments and chargeback management.
A high-risk merchant account can be the solution that allows your business to thrive. Though rates may be higher, gaining the ability to accept credit cards can open up more sales opportunities and help your high-risk business succeed.
Benefits of Getting a High Risk Merchant Account
Getting approved for a high risk merchant account opens your business up to a world of benefits.
With the ability to accept credit and debit cards, you’ll gain access to more customers and tap into new revenue streams. No longer will you be limited to cash payments – you can sell to anyone, anywhere. Studies show merchants typically see a 20-30% increase in revenue within 6-12 months of obtaining a merchant account.
A high risk merchant account means you can operate internationally and sell to customers all over the world. As long as you ship to other countries, you have the potential to build a global customer base. With the rise of ecommerce, the world is more connected than ever. Don’t miss the opportunity to join in.
By accepting more payment methods, you provide customers with more ways to pay. This flexibility and convenience leads to higher conversion rates and bigger basket sizes. Customers today expect to be able to pay how they want, whether it’s with a credit card, mobile wallet, or another option. You need a merchant account to tap into the possibilities.
While the application process may require more paperwork, a high risk merchant account is worth the effort. More revenue, global reach, and payment flexibility – that sounds like a winning combination for any business looking to grow. If you’re ready to take your company to the next level, look no further than HighRiskPay.com. They specialize in high risk industries and will get your account approved fast so you can start reaping the benefits.
How to Qualify for a High Risk Merchant Account at HighRiskPay.com
To qualify for a high risk merchant account through HighRiskPay.com, you’ll need to meet a few basic requirements. As a high risk business, these accounts allow you to accept credit card payments from your customers, even if traditional payment processors consider your industry too risky.
First, your business must process a minimum of $100,000 per month in credit card sales to be eligible for one of their high volume merchant accounts. This shows you have a proven business model and steady cash flow to properly service the account.
Business Bank Account
You’ll also need a legitimate U.S. business checking account in the same name as your business. This verified business account is used to deposit your credit card funds and pay any related fees.
Personal Credit Check
HighRiskPay.com will check the personal credit of your business’s principals, like the business owner or president. While they don’t require a certain score, it gives them an idea of how well you manage financial obligations. Don’t worry, your score alone won’t disqualify you.
They prefer businesses that have been operating for at least six months. This demonstrates you have experience in your high risk industry and a better chance of long-term success. However, startups are still considered on a case-by-case basis.
You may need to provide business incorporation documents, tax ID information, business licenses, and possibly a business plan or financial statements. These supplementary documents help verify your business is legitimate and stable.
The review process typically only takes one to two business days. HighRiskPay.com aims to provide instant approval and fast underwriting for high risk merchants. Their team has years of experience working with high risk industries, so they understand your business and needs. If approved, you’ll quickly gain access to their secure payment processing services and a dedicated account manager.
What Industries Are Considered High Risk?
If you operate in certain industries, you may be considered “high risk” by payment processors and merchant account providers. Some of the most common high-risk industries include:
Any business involved in gambling, gaming or lotteries is typically seen as high risk due to the potential for fraud and chargebacks. This includes online casinos, sportsbooks, bingo halls and more.
The adult entertainment industry, including online adult content, live cam shows and adult products, is classified as high risk because of its controversial nature and the risks of underage access and fraud.
Now that some states have legalized recreational cannabis, cannabis dispensaries and CBD companies are emerging but still struggle to obtain merchant accounts and payment processing due to federal restrictions. They are deemed financially risky.
International shipping and ecommerce companies face higher risks of fraud and chargebacks across borders. They tend to experience more disputes and compliance issues, so they are categorized as high risk.
Other industries like accounting, alcohol, and agriculture may also be considered elevated risk for issues like money laundering or financing illegal activities. Investment businesses and accounting services in particular need to be carefully monitored.
If your business operates in one of these fields, you can expect to face additional scrutiny and possibly higher fees when applying for a merchant account. However, the good news is that there are payment processors and merchant account providers that specialize in high-risk industries. They understand your business model and are willing to take on the additional risk and compliance requirements to serve you. Check with providers like HighRiskPay.com to access a high risk merchant account tailored to your needs.
FAQs: Everything You Need to Know About High Risk Merchant Accounts at HighRiskPay.com
So you have a business that’s considered “high risk” by credit card processors and banks. Don’t worry, you’re not alone. Many legitimate businesses struggle to get approved for a merchant account due to industry, sales volume, or past credit issues. The good news is HighRiskPay.com specializes in high-risk merchant accounts. They understand your business and can get you up and running to accept credit cards in no time.
What is a high-risk merchant account?
A high-risk merchant account allows businesses classified as “high risk” to accept credit card payments. HighRiskPay.com provides merchant accounts for online pharmacies, adult entertainment, CBD, and many other industries that face challenges getting approved elsewhere. Their accounts come with features like chargeback management, recurring billing, and no early termination fees.
Why choose HighRiskPay.com?
HighRiskPay.com has over 15 years of experience providing merchant accounts for high-risk businesses. They have a dedicated risk management team to properly assess your business and get you approved at the lowest rates possible. Some benefits of using their services include:
- Fast approval process. They can get you approved in as little as 24 hours.
- Competitive pricing. They negotiate the best rates with their network of domestic and offshore banks and processors.
- Excellent customer support. Their support team is available 24/7 to help resolve any issues.
- Month-to-month terms. No long-term contracts and no early termination fees. Cancel anytime without penalty.
How do I get started?
The process to get approved for a high-risk merchant account at HighRiskPay.com is simple:
- Apply on their website. Fill out their short online application with details about your business and monthly processing volume.
- Document review. Submit any required business documents like bank statements, business licenses, etc. Their review team will assess your application.
- Account approval. If approved, you’ll receive a merchant account welcome packet with next steps to get up and running to accept payments.
- Start accepting payments! You’re now ready to take credit and debit card payments from your customers.
If you have a high-risk business in need of a merchant account, HighRiskPay.com has the experience and solutions to get you approved. Contact them today to get started!
So there you have it, the steps to get started with a high risk merchant account through HighRiskPay.com. They make the process simple and straightforward so you can get back to focusing on growing your business. Even though your business may be deemed ‘high risk’ by other processors, HighRiskPay.com sees your potential and is willing to take a chance on you. With their help, you’ll have an affordable high risk merchant account up and running in no time. What are you waiting for? Head on over to HighRiskPay.com and fill out an application today. In a few short days, you’ll be able to start accepting payments from customers all over the world. Now that’s what we call a win-win.