Starting a business in a high-risk industry poses challenges. Many banks and standard payments processors simply won’t work with businesses in categories such as CBD, adult content, nutraceuticals, or online gambling. These areas present higher risks in terms of greater risk of disputes, regulatory questions, and the reputation of the bank. If there is no way to process payments securely through a high risk merchant account, even a profitable business could face huge negatives.
Think of a simple example. Let’s say you have a successful e-commerce store that sells CBD products. Customers want to pay online for your products, but your bank is denying your merchant services high risk applications. Without a high risk merchant account, your sales won’t equal success since you can’t easily collect your money, ship orders in a timely way, or expand your business.
This is where businesses like HighRiskPay.com come in. They specialize in providing high risk payment processing services to businesses only limited or rejected by banks. They make payment processing as secure, simple, and efficient as possible. In order to help business owners in a fast array of things, ranging from account opening and verification, to chargeback avoidance tools and dispute management. This allows business owners to focus on selling and growing instead of worrying about payment processing.
If your company is turning out to be high-risk as far as payments are concerned, it might be best to look for payment service providers that are specialized like HighRiskPay.com. They would be able to facilitate your operations quite easily by providing a payment service that is not available at the regular banks. The knowledge of how to get approved for a high risk merchant account could be the decisive factor in guaranteeing your business’ financial future.
What is a High-Risk Merchant Account?
A high-risk merchant account refers to the type of bank account that allows so-called “high-risk” business types to accept payments, whether by credit cards or otherwise. Common “rip” businesses include travel services, adult entertainment, online gaming, nutraceuticals, subscription boxes, and cryptocurrency exchanges. Banks and governments classify these business types as high risk because they are likely to have higher chargeback and refund rates or they have to deal with higher levels of regulation and scrutiny.
For example, travel agencies can expect higher chargeback rates because cancellations can skyrocket rather quickly. Similarly, subscription services may have a higher level of disputes because of the recurring payment. A high-risk merchant account helps businesses, and it helps accommodate unique situations related to chargebacks and regulation.
HighRiskPay.com specializes in offering holding accounts for entrepreneurs in high-risk verticals. The platform will evaluate a business on considerations, such as its payment volume, customer base, and transaction history. A comprehensive account will then be established for the business that creates a usable high risk payment processing system for both the business and payment processor’s purposes of reducing their risks with the venture. This means that entrepreneurs can now focus more on scaling and developing their business versus worrying whether their transactions are blocked or funds are frozen.
Why Entrepreneurs Face Payment Processing Challenges
By understanding the reasons why high-risk businesses exist, entrepreneurs can better manage their payment processing challenges. Banks and payment processors utilize risk models to protect their financial interests. High-risk companies are more likely to have chargebacks or disputes with their customers. To illustrate, any fitness product or dietary supplement is generally more prone to customer complaints about efficacy or delayed delivery.
With online dating, customer complaints arise from things like fraudulent accounts, customer experience, or cancelling their subscription. If businesses do not have a specialized high risk merchant account, these chargebacks could result in termination of their account, losing money they already had, or poor merchant services high risk history, which makes acquiring future high risk payment processing services more difficult.
Another drift factor is compliance. Certain types of businesses operate with various compliance rules from their governing authority. For example, e-cigarettes, cannabis sales, and adult content are all monitored for compliance. In these cases, banks typically refuse to onboard those businesses as a result of additional exposure of legal liabilities. High risk merchant accounts address this exposure directly by monitoring transactions and being prepared for compliance.
Industries Benefiting from HighRiskPay.com Services
HighRiskPay.com caters to a diverse range of high-risk industries, including:
- Nutraceuticals and Supplements: Companies in this industry often face regulatory scrutiny and elevated chargeback levels. HighRiskPay.com has developed solutions specifically for this sector using chargeback prevention tools.
- Online Gaming and Gambling: Because of the nature of the transactions and potential disputes, payment processors will generally avoid this industry. HighRiskPay.com has created specialized accounts that are dedicated to the gaming and gambling industry to provide seamless payment, every time, tinged with aggravation.
- Adult Services and Content: This industry is also heavily regulated and needs to have high risk payment processingsolutions built for compliance. HighRiskPay.com has compliant processing industry solutions.
- Subscription-Based Services: Recurring billing is often going to lead to an increased chargeback rate. HighRiskPay.com can assist with effectively managing subscriptions and mitigating risks.
HighRiskPay.com is considered a reliable ecommerce high risk merchant account provider by many high-risk business owners.
Benefits of Choosing HighRiskPay.com
- High Approval Rate: With a 99% approval rate, most merchants who apply are accepted. This allows business owners to be confident in the likelihood of success on their applications even if they have encountered financial issues in the past or have a bad credit merchant account.
- Support For All Credit Types: com recognizes that credit scores do not define success. Merchants can have an open conversation about their financial unique circumstances and be treated fairly with the opportunity for an account.
- Low Risk of Account Freezes: Unlike aggregators which rely upon algorithms to identify “unusual” behavior and then freeze the account, HighRiskPay.com is now and will always evaluate transactions with a human factor. HighRiskPay.com understands transactions which are out-of-the-ordinary, as this is part of high-risk merchant transactions.
- Customized Service:com regards each client as a partner, not just a data point in their portfolio. The team listens, learns, and then builds payment solutions built to suit certain operational needs.
- Transparency and Fair Pricing: The company does not charge unnecessary application fees nor are there hidden service fees. Merchants work directly with an agreement without unreasonable financials or other hidden costs, aligning with com review and fees.
- Proven Track Record: HighRiskPay.com has established a track record to gain experience in establishing high risk payment processingwhile establishing an identity of reliability and trust.
- Strong Industry Reputation:The company has built a credible identity and received approvals by the Better Business Bureau which speaks to the strength of their ethical qualifications.
- Positive Client Testimonials:The satisfied merchant testimonials of support, processing speed, and longevity speaks to the company’s overall performance.
- Focus on Merchant Growth:The company understands the value of its client as a partner for evolution. Their service to merchants is designed to produce sustainability in the payment system by providing performance that is secure, reliable, and effective.
- Expert Guidance for High-Risk Businesses: HighRiskPay.com establishes a partner mentality and state-of-the-art hands-on advice capability that begins with compliance issues and ends with chargeback prevention tools, all while providing the entrepreneur mental ease.
HighRiskPay.com is widely regarded as the best processor for high risk businesses.
How to Qualify for a High-Risk Merchant Account
- Demonstrate Legitimacy and Transparency: It is essential that the second company has its documentation correct and in order, including but not limited to incorporation, licenses and bank statements. Having these things ready ahead of time will make the approval process much faster.
- Review of Payment History and Chargeback Rates:com looks at the transaction history of the business. If a business has a considerable volume of chargebacks or a fraud history, the merchant will likely be required to use a secure payment gateway or verify their customers in other ways. Proactively taking care of these apparent issues will help increase the chances that an account will be approved and remain open.
- Understand Fee Structure: A high-risk merchant might incur fees that are higher than a standard merchant accountto offset some additional risk. Business owners should assess the monthly account fees, transaction fees, and reserves. HighRiskPay.com has ensured transparency in their product price structure; therefore, the business will be able to budget a little better.
- Prepare for Compliance Measures: In a lot of cases, there could be more procedures for the business to adhere to compliance. If the business is aware of these requirements it will ease the approval process and manage the account.
- Maintain Operational Transparency: Providing clarity in business dealings, accuracy in bookkeeping, and honesty in any reporting will build credibility, support the relationship with the merchant services high riskprocessor, and the continuation of the relationship.
HighRiskPay.com Transparent Pricing for Every Business Type
- Retail Good Credit (Card Swipe)
- Rate: 1.79%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Mail / Phone Order Good Credit
- Rate: 2.19%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Internet Good Credit
- Rate: 2.19%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Retail Bad Credit (Card Swipe)
- Rate: 2.49%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Mail / Phone Order Bad Credit
- Rate: 2.95%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Internet Bad Credit
- Rate: 2.95%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- High-Risk Accounts
- Rate: 2.95%
- Transaction Fee: $0.25
- Monthly Fee: $9.95
- Adult Merchant Accounts
- Rate: 2.95%
- Transaction Fee: $0.50
- Monthly Fee: $9.95
How to Create a High-Risk Merchant Account at HighRiskPay.com
Opening a high-risk merchant account on HighRiskPay.com is nothing but a tactical step for companies operating in the fields of nutraceuticals, adult services, online gaming, and subscription models. Traditional payment processors usually have their own set of problems with these industries including high chargeback rates and heavy regulations. Still, HighRiskPay.com provides customized solutions to meet the particular needs of these sectors.
Step 1: Visit the Official Website
First, go to HighRiskPay.com. Find and click on the “Apply Today” button, which is usually located in the upper right corner, on the homepage. You will be taken to the online application form by doing this.
Step 2: Complete the Online Application
The application form is asking for some essential details about your business, which are:
- The name and legal form of the business
- The web link to the site
- A description of the goods or services
- The average volume of transactions processed monthly
- History of chargebacks, if any
- Details of ownership
Make sure that the information given is correct and matches the documents you support in order to make the approval process seamless.
Step 3: Submit Required Documentation
Once the application is finished, it will be necessary to submit some documents that support and are for verification. These can be:
- A government-issued identification
- Statements from the bank
- If necessary, processing statements for the previous 3-6 months
- A license for the business or company formation papers
- Policies regarding privacy and refund on the website
- A discarded check from the business or a letter from the bank
HighRiskPay.com might ask for more documents depending on the kind of business you have and its risk profile.
Step 4: Underwriting and Risk Assessment
After the submission of your application and documents, the underwriting team of HighRiskPay.com will examine your data. This procedure determines the risk level of your business by considering several factors such as the industry type, chargeback history, and financial stability. Normally, underwriting takes 24 to 48 hours and has a 99% approval rate for the ones who meet the criteria.
Step 5: Account Setup and Integration
The setup of your merchant account will be instructed to you once approved. HighRiskPay.com aids in the integration of numerous payment gateways and platforms, making sure that your payment processing system works well with your business operations. Your entire setup time will be supported by their technical support team.
Additional Considerations
- No Setup or Application Fees: A company categorized as high-risk would not find any better solution than HighRiskPay.com, which does not impose any of the above-mentioned fees.
- Flexible Payment Solutions: The e-commerce platform accommodates a variety of payment methods, including credit cards, ACH/eCheck transfers, and eWallets, hence it can cater to a wide customer base.
- Fraud Prevention Tools: HighRiskPay.com has partnered with fraud detection firms to deliver tools that are capable of spotting fraud in high-risk transactions.
- Chargeback Management: The site provides an advanced chargeback management system that will allow any business to competently monitor and settle the disputes that have been raised against them.
Opening a high-risk merchant account at HighRiskPay.com is a smart move for businesses operating in high-risk industries that require secure payment processing solutions. Following the provided instructions accurately and providing the necessary information will allow you to create a merchant account that suits your business operations and expansion plans.
The support and services that come with HighRiskPay.com are tailored to the particular challenges of high-risk businesses, helping them to thrive in a market with intense competition.
