eDataPay the Best High-Risk Merchant Account Service Providers for US and International
In today’s world, customers no longer carry around wallets full of cash or stash a checkbook in their purse. Debit cards and credit cards are the go-to forms of payment across most businesses. If your business does not accept credit or debit cards, you could be losing an increasingly large number of potential customers.
If you need a high-risk merchant account, the process of finding a reliable and convenient service provider can quickly become frustrating. These accounts get labeled as such due to a combination of factors that include a high monthly sales volume, history of chargebacks, business location and fraud concerns.
We understand how tricky it can be to find the right service provider; after all, high-risk credit card processing fees can add up really quickly. That’s why we created this list. Read on to learn more about the top high-risk merchant account service providers and to find the right brand for your business needs.
What is a High-Risk Merchant Account?
A business gets labeled as high-risk merchant for many reasons, but usually, factors relating to numerous chargebacks, vulnerability to fraud, the business’s location, or a poor credit score. The greater the risk is, the harder it will be to find a bank or payment processing service provider.
Things To Remember When Looking for a High-Risk Account Service Provider
As you look for the best service provider, you’ll want to keep a few things in mind. First, even if a provider says they take on high-risk merchants, that doesn’t necessarily guarantee they’ll work with everyone. For example, some vendors will only work with U.S.-based companies, while others have no problem creating international accounts.
You might also need to be prepared to pay heftier fees than your low-risk counterparts. It might be possible to negotiate, but it’s still very likely you’ll get hit with a higher series of transaction fees and other costs.
Lastly, you might need to work on your credit score if it’s so low that it negatively impacts your approval odds. There are resources online to provide counseling and advice for getting your credit to a level that brings your risk level down or becomes less of a problematic factor for getting a merchant account.
Methodology
We understand the difficulty in finding the right high-risk merchant account service provider, so we carefully considered factors that would make some vendors more ideal than others. We compared companies based on key aspects such as:
- Either companies offer upfront pricing or have an open and fair process for negotiating fees with merchants.
- Customer service. We prioritized providers known for exceptional customer support.
- Ease of use. Ability to understand and operate accounts without much of a learning curve.
- We were more likely to recommend service providers that specifically worked with high-risk merchants.
Unfortunately, Square and Stripe might not be willing to work with businesses deemed high risk. In some cases, they removed merchant accounts without prior warning.
Additionally, we used a point system for factors from pricing to service features, resulting in a final total for each service. The best-scored services made our final list.
Businesses frequently deemed high risk are often found in the adult, gambling, guns and firearms, cannabis or CBD, debt consolidation and multilevel marketing industries, though there are dozens more. Additionally, location, credit score or offshore account ownership could become factors in identifying high-risk companies.
If you need a high-risk merchant account, the process of finding a reliable and convenient service provider can quickly become frustrating. These accounts get labeled as such due to a combination of factors that include a high monthly sales volume, history of chargebacks, business location and fraud concerns.
We understand how tricky it can be to find the right service provider; after all, high-risk credit card processing fees can add up really quickly.