Best High Risk Merchant Processors
A high-risk merchant processing account comes with an increased risk of chargeback and fraud. The chances of money laundering are higher and a regular account is not designed for a complex business model. Most businesses run on credit card or debit card transactions and as it is a high-risk business the banks may stop the transactions at any time, hence it is important to have a backup merchant account. The businesses have multiple merchant accounts and merchant IDs (MIDs). The multiple accounts help to process the payments in smaller amounts and would go unnoticed by banks.
The best high-risk merchant processors follow fair practices and are economical. These processors have transparent procedures, personalized customer service, and equitable contract terms. The best high-risk merchant processors are
PaymentCloud:
They do not charge you an account fee or application. It works with third-party processors and banks to get an account on your behalf. The service charges of Payment Cloud are reasonable. Each account holder has a free EMV-compliant credit card terminal. The services are best suitable for small or medium-sized businesses.
Durango Merchant Services:
It is one of the oldest and the most reputed merchant service provider serving the high-risk business community. The company has a great team of customer support. The clients can approach the company for quotes and the support team provides in-depth details and the costs associated with it. The quotes are not available on the public platform. The company can also provide merchant account outside of the US. It works with eCommerce merchants through its proprietary Durango Pay payment gateway has standard payment and security features. One of the prominent features includes is its EMV-compliant mobile card reader.
Host Merchant Services:
The company deals in low-risk businesses and also works systematically to change the low-risk business to high-risk business. HMS is known for interchange-plus pricing. It offers a wide range of products and services and is the most sought website by eCommerce merchants.
The website provides an insight into the standard rates, but the pricing may change as the account upgrades to high-risk. It has a 24X7 customer support system and is best suited for high-risk merchant processors. On defined transaction amounts, it can offer a free EMV card terminal. It can be costly for low-volume merchants. It utilizes TSYS Merchant Solutions, POS systems, ProcessNow mobile payments system.
Soar Payment:
It is a high-risk credit card processor and works for firms having high chargebacks, irregular sales, and industry regulations. In these cases, the banks will not be willing to process the payments as there are increased chances of fraud. The pricing is undisclosed on the website. The quotes are customized as per the business and the products through an automated process and the application fees are not charged.
Easy Pay Direct:
It provides merchant accounts for both high-risk and low-risk merchants. High-risk merchants pay for additional expenses apart from the processing and account fees depending upon the situation. Its load-balancing feature helps in the division of funds in different merchant accounts. Also, note separate fees is charged for each account. The company has an account set-up fee and the client has to sign for a 3-year contract with an automatic renewal clause.