So, you run an online business that’s considered “high risk” by most payment processors and banks. Maybe you’re in an industry like CBD, gambling, or adult entertainment. Whatever the case, you’ve likely struggled to find a payment solution that will actually work with your business. The good news is, HighRiskPay.com specializes in high risk merchant accounts and payment processing for businesses just like yours. They understand your unique challenges and needs. In this article, we’ll give you all the details about HighRiskPay.com’s high risk merchant account services so you can decide if they’re the right fit for your business. We’ll cover everything from application requirements and approval rates to pricing, payment methods accepted, and customer service. If you’ve been searching for a high risk merchant account provider you can trust, you’ve come to the right place. HighRiskPay.com may be the solution you’ve been looking for.
What Is a High Risk Merchant Account?
A high risk merchant account allows businesses categorized as “high risk” to accept credit card payments. If your business is considered high risk due to a higher chance of chargebacks, returns, or fraud, a standard merchant account provider may deny your application.
HighRiskPay.com specializes in high risk merchant accounts. We understand the challenges that high risk businesses face and work to provide solutions to accept payments securely and cost-effectively.
To open a high risk merchant account with us:
- Fill out our online application. We’ll review your business and current processing needs to determine if you qualify for an account.
- If approved, you’ll receive a merchant account to begin accepting payments through our payment gateway. We offer competitive rates and fees for high risk businesses.
- We monitor accounts closely for fraud and chargebacks. Our risk management tools detect suspicious activity to reduce losses for you and your customers.
- High risk businesses often face rolling reserves, where a percentage of each transaction is held in reserve for a period of time. We work to minimize rolling reserves as much as possible based on your processing history and chargeback ratios.
- You’ll have a dedicated account manager to help resolve any issues and provide support. We aim to establish long-term partnerships with our high risk merchants.
A high risk merchant account lets you leverage the benefits of credit card processing for your business. While it may cost a bit more, the ability to accept more payment types can increase your sales and customer satisfaction. If you’re ready to start accepting payments securely, HighRiskPay.com is here to help.
Benefits of Getting a High Risk Merchant Account
Getting a high risk merchant account through HighRiskPay.com comes with some major benefits for your business.
Lower Transaction Fees
HighRiskPay specializes in high risk industries, so they understand your business model and charge fair rates. Their interchange-plus pricing means lower per-transaction fees, saving you money.
Fast Approval and Boarding
The approval and setup process typically only takes 2-3 business days. HighRiskPay streamlines the underwriting process so you can start accepting payments right away.
Expert Support
HighRiskPay’s support team are experts in high risk payments. They can walk you through the application, setup, and ongoing management of your account. If any issues come up, they’ll work to resolve them quickly.
Flexible Terms
HighRiskPay offers month-to-month contracts so you’re not locked into a long-term agreement. They also don’t charge early termination fees if you decide to switch providers.
More Payment Options
Through HighRiskPay, you’ll have access to accepting more payment types – including credit cards like Visa and Mastercard as well as ACH payments and wire transfers. This means more ways for your customers to pay.
Data Security and Fraud Prevention
HighRiskPay uses advanced fraud detection tools and encryption to keep your customers’ data secure and prevent fraudulent transactions. This protection gives you and your customers peace of mind.
With a high risk merchant account from HighRiskPay, you’ll get tailored solutions, dedicated support, and the ability to accept payments with ease. For high risk businesses, that can make a world of difference.
What Makes HighRiskPay.com the Best for High Risk Merchant Accounts
HighRiskPay.com is the ideal solution for high risk merchant accounts. Here are a few reasons why:
Experience and Expertise
HighRiskPay.com has over 15 years of experience specifically helping high risk businesses get approved for merchant accounts. Their experts know the ins and outs of the high risk industry and understand what underwriters are looking for. They can guide you through the application process to maximize your approval odds.
High Approval Rates
Thanks to their experience, HighRiskPay.com boasts some of the highest approval rates in the high risk processing industry. They have strong relationships with over 50 domestic and international banks and payment processors that serve high risk sectors. This gives you the best chance of finding a good match for your business.
Competitive Rates and Fees
HighRiskPay.com leverages their industry connections to negotiate affordable rates and fees for their high risk clients. They compare quotes from multiple providers to find you the most competitive offer based on your business profile and needs. You’ll get transparent pricing without hidden fees so you know exactly what you’re paying for.
Ongoing Support
HighRiskPay.com provides ongoing support for their high risk merchants. Their team will closely monitor your account to ensure rates remain competitive and watch for any signs of processing issues. They also provide resources to help you optimize your payment processing and reduce chargebacks. You have access to live support for any questions or concerns related to your merchant account.
PCI Compliance
HighRiskPay.com requires all merchants to maintain PCI compliance to keep accounts in good standing. They provide resources and guidance to simplify the compliance process for their clients. Maintaining compliance helps reduce risks of security breaches, fraud, and account termination.
In summary, HighRiskPay.com is a trusted, reputable source for high risk businesses seeking a merchant account. Their experience, high approval odds, competitive pricing, ongoing support, and compliance assistance set them apart in the high risk processing industry. If you’re struggling to get approved for a merchant account elsewhere, HighRiskPay.com is worth contacting.
The Application Process at HighRiskPay.com
To apply for a high risk merchant account with HighRiskPay.com, the process is straightforward but will require some documentation. Here’s what you can expect:
Submit an Online Application
The first step is to fill out an application on HighRiskPay.com’s website. You’ll need to provide details about your business like the legal business name, address, website URL, estimated monthly processing volume, and the types of products or services you sell. Be prepared to also submit information for a primary business contact.
Provide Necessary Documentation
Since high risk accounts require additional due diligence, you will need to submit copies of business documents to verify your information. This typically includes things like business licenses or permits, articles of incorporation, bank statements, tax returns, or financial statements. The specific documents required will depend on the nature of your business and the risks involved. Providing complete and accurate documentation upfront will help speed up the review and approval process.
Undergo an Account Review
HighRiskPay.com will thoroughly review your application and documentation to determine if you meet their criteria for a high risk merchant account. This helps them evaluate the viability and risk level of your business. The review process usually takes between 1 to 2 weeks. You may be contacted during this time if any additional information or clarification is needed.
Approval and Next Steps
Once approved, you will receive confirmation from HighRiskPay.com along with details for next steps to get your account set up. This includes signing a merchant agreement, setting up a payment gateway to securely process transactions, and integrating with your website checkout page or point of sale system. With the account active, you’ll be ready to start accepting payments from your customers!
The application and approval process for a high risk merchant account at HighRiskPay.com is straightforward if you go in prepared. Be ready to provide details about your business, necessary documentation, and to undergo an account review. Approval can take a few weeks, but once complete you’ll have a high risk merchant account tailored for your business needs so you can get back to growing your company.
FAQs About High Risk Merchant Accounts at HighRiskPay.com
So you’ve decided to apply for a high risk merchant account—now you probably have some questions. Here are the FAQs about getting a high risk merchant account through HighRiskPay.com.
What is a high risk merchant account?
A high risk merchant account is a payment processing account for businesses that are considered “high risk” by banks and traditional processors. High risk businesses may have a higher chance of chargebacks, returns, or fraud. HighRiskPay specializes in providing merchant accounts for high risk industries like CBD, online gaming, and cryptocurrency.
Why was I classified as “high risk”?
There are a few reasons why your business may be deemed high risk:
- You operate in an industry like CBD, supplements, or online gambling
- You have a high volume of transactions
- You have a history of chargebacks or returns
- Your product costs over $500
- You do business internationally or online
Being high risk isn’t a reflection of your business, it’s just the category that payment processors place you in due to these factors.
What fees can I expect for a high risk merchant account?
High risk merchant accounts typically have higher fees to account for the additional risk. Fees may include:
- Application fee: Covers the cost of reviewing and underwriting your account. Typically a few hundred dollars.
- Monthly minimum fee: Required to keep your account open, around $25-$50/month.
- Discount rate: The percentage charged per transaction, usually 2-5% for high risk businesses.
- Chargeback fees: $15-$30 for each chargeback dispute, to cover investigation costs.
- Other possible fees include statement fees, gateway fees, and compliance fees.
The exact fees will depend on the details of your business. HighRiskPay is transparent about all fees upfront before you sign an agreement.
How long does the application process take?
The application process typically takes around 2 to 4 weeks for high risk merchants. It includes an initial application review, underwriting, a possible site visit, and final approval. HighRiskPay aims to provide a quick and streamlined application experience for high risk businesses.
Conclusion
So there you have it, a high-risk merchant account that actually works for your business. HighRiskPay.com offers competitive rates, a fast approval process, and top-notch customer service to guide you through setting up your account and keeping it running smoothly. Stop worrying about getting turned down by traditional processors and start making sales right away. Why sit around missing out on valuable revenue when the solution is right in front of you? Take charge of growing your business today by signing up for a high-risk merchant account at HighRiskPay.com. You’ll wonder why you didn’t do it sooner.