High Risk Merchant Account with HighRiskPay.com
Operating a business considered high risk by payment processors can make accepting credit card payments incredibly challenging. Getting approved for a traditional merchant account through a bank is difficult, if not impossible, for industries like CBD, firearms, nutraceuticals, and more.
That’s why finding the right high risk merchant account provider is critical to the success of your business. But not all processors specializing in high risk are created equal. You need one that offers competitive rates, customized solutions, seamless integrations, and excellent support.
In this comprehensive guide, we’ll explain everything you need to know about getting a high risk merchant account with HighRiskPay.com, one of the leading providers serving high risk and offshore merchants.
What is a High Risk Merchant Account?
A merchant account allows businesses to accept credit and debit card payments by providing an intermediary between the merchant, customer, issuing bank, and payment processor.
Merchant accounts are issued by acquiring banks and facilitated by payment service providers. However, traditional banks often consider certain business types as “high risk” due to the potential for chargebacks and fraud.
High risk merchant accounts are specialized accounts designed for businesses operating in industries labeled as high risk by banks and credit card processors. These include:
- Adult entertainment
- CBD and hemp
- Cryptocurrency exchanges
- Debt collection agencies
- E-cigarette and vape shops
- Firearms and ammunition
- Medical marijuana
- Multilevel marketing
- Nutraceuticals
- Online gaming and gambling
- Online pharmacies
- Subscription boxes
- Tech support
High risk merchant accounts allow these merchants to accept payments despite their industry’s reputation. However, they charge higher fees and rates to offset the increased risk of chargebacks and fraudulent transactions.
Challenges:
High risk businesses face several hurdles when trying to get a traditional merchant account.
Higher fees and rates – High risk merchant accounts have much higher transaction fees, chargeback fees, and processing rates compared to standard accounts. Discount rates typically range from 3% to 5% plus additional per transaction fees.
Required reserves – Most providers hold a percentage (10-25%) of monthly volume in reserve as a protection against losses. Reserves may be held for 9-12 months.
Limited processing volume – High risk accounts have lower processing volume caps before funds are held and transactions slowed. Caps are often around $50,000 monthly.
Account reviews and shutdowns – Providers frequently review high risk accounts for suspicious activity and transactions. Accounts are often frozen or terminated without notice.
Site inspections – Many processors require site inspections for online merchants prior to approval to verify legitimacy. In-person audits may be required after approval as well.
Difficulty getting approved – The application process for high risk merchant accounts has greater scrutiny. Most applications are declined without an established processing history.
The right high risk payment processor can help navigate these obstacles to make accepting payments possible.
Benefits of Using High Risk Merchant Account with HighRiskPay.com
HighRiskPay.com understands the complexities of operating a high risk business. They have over 18 years of experience providing specialized payment solutions to high risk and offshore industries neglected by traditional processors.
They specialize in high risk
At HighRiskPay.com, high risk merchants are their niche. They focus exclusively on serving high chargeback and high fraud business categories.
Decades of experience
With nearly two decades of experience, they are experts at navigating high risk underwriting and global payment processing.
Customized account solutions
They tailor accounts with customized pricing and services specific to each unique business structure.
Seamless payment integrations
HighRiskPay.com offers seamless integration with top payment gateways and shopping carts preferred by high risk merchants.
Dedicated account management
An account manager is assigned to each merchant for personalized support from application to approval.
High approval rates
They boast higher approval rates than most processors thanks to their high risk focused underwriting.
Offshore merchant solutions
HighRiskPay.com provides optimized payment solutions for offshore ecommerce businesses.
Qualify for a High Risk Merchant Account with HighRiskPay.com
HighRiskPay.com works with a wide range of industries categorized as high risk. Their flexible underwriting provides solutions for both domestic and offshore businesses.
Some of the high risk business types they accept include:
- Adult and escort services
- Ancillary CBD products
- Bail bonds services
- Bankruptcy attorneys
- Clothing and accessories
- Complementary healthcare
- Cryptocurrency exchanges and wallets
- Dating and social media sites
- Debt collections agencies
- E-cigarettes and vaping
- Firearms and weapons
- Forex trading platforms
- Life insurance
- Medical marijuana dispensaries
- Multilevel marketing companies
- Nutraceuticals and supplements
- Online gaming and gambling
- Online medication fulfillment
- Online pharmaceuticals
- Payday loan providers
- Political action committees (PACs)
- Tech support services
- Third-party payment processors
- Travel agencies
- And many more!
To qualify for an account with HighRiskPay.com, you’ll need to provide the following:
- Business license
- Photo ID for all principals
- 6-12 months bank statements
- Processing statements (if currently processing)
- Website URL
- Projected monthly volume
- List of products sold or services offered
Required documents may vary based on business type and structure. HighRiskPay.com has a minimum monthly processing volume requirement of $10,000+ for approval.
HighRiskPay.com Application and Approval Process
The application process with HighRiskPay.com follows these steps:
1. Complete online application
You’ll need to provide in-depth details about your business structure, ownership, website, processing history, projected volume, product/service info, and more.
2. Document submission
After starting your application, a payments specialist will request any additional documents needed to supplement the information provided.
3. Underwriting review
Your application and documents will undergo an in-depth underwriting assessment and risk analysis specific to your business model.
4. Site inspection (if required)
For online merchants, HighRiskPay.com may require a website inspection to verify legitimacy. Inspectors check content, customer flow, shopping cart, fulfilment process, customer service, and more.
5. Decision
If approved, you’ll receive pricing details. If declined, they may suggest steps to increase chances for future approval.
6. Account setup and activation
Once approved, your account manager will help you complete paperwork, integrate your shopping cart or POS system, and activate payment processing services. This is typically a 1-2 week process.
It’s crucial to provide as much detail as possible upfront and respond promptly to information requests to expedite approval. HighRiskPay.com aims to provide same-day approvals for most industries.
High Risk Merchant Account Pricing and Fees from HighRiskPay.com
As a high risk provider, HighRiskPay.com does charge rates and fees higher than typical for low risk industries. However, their pricing is designed to be competitive within the high risk space.
They offer both interchange-plus and tiered discount rate pricing models. Interchange-plus passes along the wholesale interchange rates from Visa and Mastercard plus a flat markup per transaction. Tiered pricing bundles interchange fees into a single percentage rate based on your volume tier.
Pricing is customized for each merchant based on business type, processing method (card present vs. card not present), transaction types (debit vs. credit), average order value, monthly volume, and more.
Below are examples of potential account costs:
- Account setup fee: $495 one-time
- Monthly fee: $20
- Monthly minimum: $1,000
- Discount rate: 3.5% + $0.10 per transaction
- Chargeback fee: $25
- Processing increase fee: $75 monthly (once you exceed allocated volume)
- Rolling reserve: 25% held for 6 months
- Early termination fee: $495 + residual losses
Rates for high risk industries typically range from 3% to 5% plus per transaction costs. HighRiskPay.com tries to offer the lowest markup possible for each unique merchant.
Some ways you may qualify for reduced pricing are:
- High monthly volume
- Low chargeback ratio
- Strong processing history
- Lengthy time in business
- Excellent credit score
HighRiskPay.com Account Management and Customer Support
HighRiskPay.com assigns a dedicated account manager to every merchant for personalized service and support.
Account manager
Your account manager serves as an ongoing point of contact for:
- Navigating the application process
- Integrating your payment system
- Optimizing your account
- Answering questions
- Resolving issues
You’ll have direct access to your account manager via phone and email.
Online merchant portal
Through your online dashboard, you can:
- Check real-time reporting on transactions, batches, fees, reserves
- Manage payment gateway integrations
- Update user permissions
- Access account details and statements
- Submit support tickets
Customer service
HighRiskPay.com provides customer service available:
- 24/7 by phone – All calls answered by real staff in the US
- Live chat – Chat with support agents directly from your dashboard
- Email – Usually 1 business day response time
- Ticket system – Submit detailed support requests and track responses
Their US-based customer service team aims to resolve any issues promptly.
Why Choose HighRiskPay.com for Your High Risk Merchant Account?
With nearly two decades specializing in high risk, offshore, and traditional business accounts, HighRiskPay.com has proven themselves as leaders in the merchant services industry.
Here are the top reasons to choose them as your high risk merchant account provider:
Customized accounts – They tailor pricing and services to your unique business needs.
High approval rates – Specialized underwriting results in higher approval rates than standard processors.
Seamless integrations – Expert integration support for top payment gateways, shopping carts, and POS systems.
Excellent support – US-based support available 24/7/365 via phone, email, chat, and tickets.
Positive reputation – Well-established name in the industry with positive merchant reviews.
Secure processing – PCI compliant solutions with optional fraud prevention tools.
Flexible terminations – Ability to switch providers without early termination fees.
** Offshore expertise** – Optimized global payment solutions for international merchants.
If you’re struggling to get approved for a traditional merchant account, or simply want better pricing and support, HighRiskPay.com is an excellent option worth exploring.
Is it Time to Switch High Risk Merchant Account Providers?
For many merchants, high risk payment processing problems stem from issues with their provider, not their actual business.
Here are signs it may be time to look for a new high risk merchant account:
- Sudden account freezes or funds held without reason
- Fraud or chargeback issues blamed on you
- Unexpected fee increases and rate hikes
- Difficulty getting support responses
- Poor integration with your shopping cart or payment gateway
- Declining a high percentage of your customers
- Limited payment options offered
- Excessively high rolling reserves held
HighRiskPay.com helps businesses facing these problems by offering complete transparency, extensive payment options, dedicated account management, and truly high risk friendly underwriting.
Ready to Get Your High Risk Merchant Account with HighRiskPay.com?
HighRiskPay.com makes accepting payments possible for businesses other processors deem too risky. Their customized pricing, seamless integrations, and dedicated support allow you to focus on your business, not battling payment woes.
If you’re ready to get your high risk merchant account, follow these steps:
- Start your application – Complete the online application providing as many details as possible about your business. This allows them to tailor the perfect account solution.
- Submit requested information – Provide any additional documents required to supplement your application. Respond quickly to information requests.
- Integrate your account – Once approved, work with your account manager to integrate your new account with your payment gateway, shopping cart, website, and more.
- Start processing payments! – Begin securely accepting online payments, with card processing experts available 24/7 to assist you.
HighRiskPay.com works to provide honest high risk solutions. With decades of experience, positive merchant reviews, and flexible underwriting, they are an ideal choice for your high risk merchant account needs.
Frequently Asked Questions
What is a high risk merchant account?
A high risk merchant account is a type of payment processing account specifically designed for businesses categorized as “high risk” by banks and credit card processors. It allows so-called risky merchants to accept credit card payments despite having high instances of fraud and chargebacks.
Why are high risk merchant account fees higher?
High risk accounts charge merchants higher fees and rates to mitigate their increased potential for fraudulent transactions and chargeback expenses the provider may incur.
What does HighRiskPay.com specialize in?
HighRiskPay.com exclusively focuses on serving high risk and offshore merchants. Their customized accounts, transparent pricing, and optimization expertise provide specialized support for businesses other processors reject.
What types of businesses does HighRiskPay.com accept?
They accept a wide variety of ecommerce businesses labeled as high risk, including CBD, nutraceuticals, online pharmacies, tech support, debt collection, travel, and more. View the full list of high risk industries they accept.
How long does high risk merchant account approval take?
The application process usually takes between 5-7 business days but can vary based on your industry risk level and how promptly you provide requested documents. HighRiskPay.com aims for same-day approvals when possible.
Can my high risk account get shut down?
Like any processor, HighRiskPay.com reviews account activity for fraudulent transactions. As long as you follow best practices for your industry and their guidelines, account terminations are rare. Their expertise helps avoid unnecessary closures.
Conclusion
A high risk merchant account through specialists like HighRiskPay.com allows business owners in risky industries to process credit cards safely, affordably, and efficiently.
Their decades of experience, tailored pricing, seamless integrations, and stellar reputation provide unique value not found at traditional merchant account providers.
If you are struggling to get approved or facing sky-high fees, opaque contracts, and terrible support, consider HighRiskPay.com for your high risk merchant account needs.
Their understanding of the intricacies facing “high risk” entrepreneurs makes navigating credit card processing smooth, easy, and focused on fueling the growth of your business.