We have been discussing about multiple points of view of the high-risk merchant account business for many months and have almost sure reached on most, if not all, of the most deciding problems. Here are some more guides on high risk credit card processing.
High-risk merchant accounts are a group of financial services that enable firms to receive card payments from customers. Credit card processors assign merchants to one of two categories: high risk or low (normal) risk, based on a number of factors. High-risk merchants face limited choices in processors, plus higher fees and stricter contracts. Being labeled as high-risk looks terrible. But in some cases, it can be your best option.
It’s practically impossible for online shopping merchants to operate without having enabled as payment type the credit or debit cards. Before you can accept “plastic,” you have to use a payment service provider who acts as a link between you, banks, and credit card networks.
Many financial service providers do business only with with low-risk businesses, who they see as a low risk investment. That means businesses considered high-risk will have a very small selection of potential payment services to choose from. Any processor you approach will take a careful, detailed look at your business to determine if you fall under their definition of “high risk,” based on the financial risk your company represents.
Here are some high risk credit card processors : PaymentCloud serves a range of business types–including high-risk merchants–with a reported 98% approval rate for new merchants. Pricing is based on business history, and the company has no application or account setup fee.
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving high risk business types. This includes CBD and Kratom businesses. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history.
We worked with all of the high risk credit card processors, to be able to compare and our pick was HRMA-LLC. They cover all business types, have a large experience in the field, fast customer support and low fees.
Do you have a business related to collection agency & debt collection ? HRMA-LLC can help you. Read more details on High risk merchant processing.