In the contemporary world of business and commerce, different sectors are not exposed to similar threats.
When operating in highly regulated or competitive industries, finding a stable payment processing service can be challenging. This is where high-risk merchant accounts become important.
But there are a lot of options available these days, and deciding on the right provider is not an easy task.
Below is a list of the top high-risk merchant account providers who will provide you with customized solutions for your business.
Why is it Important to have a High-Risk Merchant Account?
A high-risk merchant account is crucial to merchants in industries with high risks of chargebacks, fraud, or regulatory compliance. Here’s why it’s important:
- Enables Payment Processing: Some businesses, such as adult entertainment, gambling, or travel, may not easily find payment processors for their transactions if they don’t have a high-risk merchant account. This account enables them to transact using credit cards, which is critical to online and international business.
- Risk Mitigation: Fraud protection and chargeback protection are some of the features of high-risk merchant accounts that enable businesses to reduce their losses and safeguard their income.
- Business Continuity: High-risk merchant accounts allow businesses to continue operating despite a higher rate of charges or a new regulation. This stability is important for achieving long-term goals and objectives.
- Global Reach: Increased rigidity with chargeback laws for a high-risk merchant account can be leveraged to include different currencies and global payments, opening new opportunities for business scaling.
Also Read: Best Credit Card Payment Apps
11 Best High-Risk Merchant Account Providers
1. Soar Payments
Soar Payments is considered one of the best high-risk merchant account services due to its vast service range and fast approval.
They provide tailor-made payment processing services for high-risk businesses like firearms, and credit repair.
Soar Payments offers affordable rates, compelling value, and outstanding customer service for those companies seeking reliable payment solutions.
They also provide 98% approval and are an ideal choice for any high-risk merchants.
Features:
- Specializes in high-risk industries
- Offers tailored solutions for various business types
- Provides chargeback prevention tools
- Flexible payment gateway options
- Transparent fee structure
- Excellent customer support
Price:
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2. Durango Merchant Services, LLC
Durango Merchant Services is one of the best rate providers for dealing with high-risk merchant accounts, including adult entertainment, travel, and gaming sectors.
They have been in the business for more than two decades and bring out personalized payment processing such as secure gateways, combating fraud, and multi-currency services. Durango offers competitive pricing on title loans.
They do not have hidden charges and have high approval ratios. Its specialized support helps merchants integrate and remain compliant, which makes it suitable for high-risk companies.
Features:
- Expert in high-risk merchant accounts
- Competitive processing rates
- Customizable payment solutions
- Risk management services
- 24/7 customer support
- Easy integration with existing systems
Price:
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3. Host Merchant Services
High-risk merchant account service provider Host Merchant Services is a company with varied specialization and an emphasis on professionalism and courtesy.
They serve fields such as e-commerce, and adult entertainment, offering clients payments, chargebacks, and fraud solutions.
This company offers simple per-transaction pricing that does not allow any hidden fees, and they also have fast approval for high-risk merchants.
Host Merchant Service has been established as a reliable processor with excellent support suitable for stable businesses.
Features:
- High-risk industry expertise
- Advanced fraud protection tools
- Flexible payment processing options
- 24/7 customer support
- Transparent pricing with no hidden fees
- Secure and reliable payment gateway
Price:
Monthly fees starts at $9.95
4. FastoPayments
FastoPayments specializes in providing high-risk merchant accounts for businesses operating in challenging industries.
With over a decade of experience, FastoPayments offers tailored payment solutions designed to meet the unique needs of high-risk merchants, ensuring secure, efficient, and compliant transactions worldwide.
FastoPayments stands out with its flexible pricing options, high approval rates, and human customer support.
Features:
- Specialized in high-risk merchant accounts
- 24/7 human support
- Multicurrency options
- Advanced fraud prevention and security features
- International support
- Integrations
Price:
Connect with the FastoPayments team for a tailored quote.
5. PaymentCloud
PaymentCloud provides innovative and diverse payment processing services for high-risk businesses.
These services include processing payments using secure payment gateways, ACH processing, and chargeback solutions that lower risk.
PaymentCloud has high approval rates and is famous for its focus on customer care, fraud protection options, and multiple currency processing.
These features make it more appropriate for high-risk businesses since it offers customers satisfaction and pocket-friendly prices for its products.
Features:
- High-risk merchant account specialization
- Customizable payment solutions
- Advanced fraud prevention tools
- Easy integration with multiple platforms
- Transparent fee structure
- 24/7 customer support
Price:
Monthly fees starts at $10–$45
6. SMB Global LLC
SMB Global LLC provides high-risk merchant accounts to small and midsize businesses and targets businesses in nutraceuticals, e-cigarettes, and the online gaming market.
They provide reliable payment solutions such as merchant accounts for international businesses, currencies, and handling of chargebacks.
It has several advantages, such as flexible price options, high approval rates, and quality customer support. They have strong payment protocols and anti-fraud measures that make payments safe and without hitches.
Features:
- Expertise in high-risk merchant accounts
- Competitive rates and fees
- Tailored solutions for various business needs
- Advanced security features
- Risk management services
- Dedicated account management
Price:
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7. Authorize.Net
Authorize.net is a company owned by Visa and provides trustworthy high-risk merchant accounts with majors in security and fraud detection.
It provides its services to many sectors. Some of their payment processing services are gateways, recurring billing, and even fraud detection.
The software can be integrated with other systems and provide support at any time. Authorize.net is recommended for any high-risk merchant seeking a reliable and reputable payment processor company with international reach and advanced security measures.
Features:
- Widely recognized payment gateway
- High-risk merchant account solutions
- Advanced fraud detection
- Reliable and secure payment processing
- Seamless integration with e-commerce platforms
- 24/7 customer support
Price:
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8. National Processing
National Processing is a well-established provider of high-risk merchant services with reasonable rates and reliable payment processing for firearms, and adult niche businesses.
Some of the services they provide are secure payment gateway, ACH processing, and chargeback protection.
National Processing has no hidden charges, does not compel its clients into contracts with long terms, and offers great customer service.
They have high approval rates and solutions tailored to meet the needs of risk-high merchants when it comes to payment processing.
Features:
- High-risk merchant account services
- Competitive rates and fees
- Customizable payment processing solutions
- Advanced fraud protection
- Easy integration with existing systems
- Dedicated support team
Price:
2.5% + 10¢ In Person Rate
9. PayKings
PayKings is a B2B service provider offering high-risk merchant solutions to businesses in eCommerce, and nutraceuticals.
Their specialty is secure payment gateways and acceptance, fraud protection, and chargeback services.
The strengths of PayKings merchants include high approval rates, fast merchant account setup, and professional support.
Their team actively collaborates with merchants and provides compliance and security for transactions, making them one of the best high-risk payment processing service providers for businesses.
Features:
- Specializes in high-risk industries
- Advanced fraud prevention tools
- Flexible payment processing options
- Transparent pricing structure
- Reliable customer support
- Customizable payment solutions
Price:
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10. Payline Data Services LLC
Payline Data Services LLC specializes in creating high-risk merchant accounts with an emphasis on variable features and customer service. They operate with many high-risk markets: adult firms, travel clubs, and computer assistance services.
Some of the services they are offering are payment gateways, recurrent billing, and chargeback protection.
They are equipped with powerful anti-fraud systems and multi-currency capabilities, so they are suitable for high-risk merchants in search of a reliable payment processor.
Features:
- High-risk merchant account expertise
- Transparent pricing with no hidden fees
- Advanced security features
- Flexible payment solutions
- 24/7 customer support
- Easy integration with various platforms
Price:
$0.10 per transaction / $10 per month.
11. Easy Pay Direct
Easy Pay Direct is focused on high-risk merchant accounts, providing an individual load-balancing gateway that significantly decreases the likelihood of account shutdown. They serve clients operating in sectors like e-commerce, and online gaming.
The high approval rates, simple and predictable pricing, and 24/7 dedicated support make them a perfect candidate for helping high-risk merchants find secure and cost-effective payment processing services.
Features:
- Specializes in high-risk accounts
- Competitive processing rates
- Advanced fraud detection tools
- Customizable payment solutions
- Reliable customer support
- Transparent fee structure
Price:
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Things to Keep in Mind While Choosing the High-Risk Merchant Account
When selecting a high-risk merchant account, consider the following key factors:
- Reputation and Experience: Select a provider with prior experience in dealing with risky industries you engage in. It also helps to look for reviews and testimonials to determine the reliability and expertise of these claims.
- Fees and Rates: These high-risk merchant accounts may require customers to pay a processing fee, a setup fee, and a very steep chargeback fee. Compare rates with other providers so that you can be sure you are being charged a competitive price for your needs.
- Chargeback Protection: Since the likelihood of chargebacks is higher in high-risk industries, the provider should provide functionality such as notifications, dispute support, and anti-fraud measures.
- Contract Terms: Read the small print for any additional charges, duration of the contract services, and termination costs. Open terms are more desirable, especially for those companies that foresee high growth rates or are altering their credit risk profile.
- Integration and Compatibility: Ensure that the merchant account works well with the existing payment gateway, shopping cart, and other e-commerce applications. It will ensure that we have a proper payment system in place that does not impact our customers.
- Customer Support: This support can be extremely reliable, especially when it comes down to payments, disputes, and other issues. Select a provider who is friendly, courteous and always ready to help when needed.
- Approval Time: Some providers may take longer to approve high-risk accounts due to the additional measures taken during approval processes. If you have to begin accepting payments at once, ask the merchant about the time it will take to approve the account.
Suggested Read: Best SaaS Billing Platforms For Businesses
Ending Note
Selecting a reliable high-risk merchant account providers is extremely important for avoiding potential problems and difficulties with payment processing. The providers mentioned above are specialists, providing customized services that allow high-risk industries to develop safely and effectively.
It is also important to consider additional features such as fee structures, customer service, and growth potential, as these are critical determinants of any business prospects in the long run.
FAQs
How long will it take to be approved for a high-risk merchant account?
Approval may take a few days to a couple of weeks, depending on the provider and the type of business.
Are there higher fees that can be charged to the high-risk merchant’s accounts?
Yes, due to elevated risk levels, higher-risk merchant accounts are usually associated with higher processing fees and chargeback fees and may include additional setup fees more often than others.
Can I take my business internationally with a high-risk merchant account?
Yes, most of the high risk merchant accounts allow multiple currencies and global trading, but these issues should be discussed with the service provider.
