High risk merchant account business types in 2019. This is a hot topic as more countries open up to new products. High-risk merchant accounts are a collection of financial services that enable companies to accept card payments from clients. 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 reduced choices in processors, plus raised fees and stricter contracts. Being considered as high-risk sounds bad. But in some scenarios, it can be your best option. We have been discussing about diverse aspects of the high-risk merchant account business for years and have probably touched on most, if not all of them, of the most deciding issues. Here are some more tips on high risk merchant account processing.
High risk credit card processor : With a reputation for transparent and honest sales practices, Payline Data offers quality customer support along with several merchant-friendly rate structures. Month-to-month billing and no early termination fee are also pluses.
Many financial processors do business only with with low-risk businesses, who they consider as a low risk investment. That means businesses considered high-risk will have a very poorr 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. It’s practically not possible for commerce merchants to do their business without having enabled as payment type the credit or debit cards. Before you can take “plastic,” you have to use a payment service provider who acts as a liaison between you, banks, and credit card networks. Read more info at High risk merchant account card not present.
Instabill was one of the better high risk merchant account providers we came across in our search. Their customer support agents were very clear and forthcoming with information. One thing to note is that Instabill is not cheap. For example, a Tech Support business would need to pay 4.95% + 0.25 plus the interchange fee for every transaction. That is significantly more than what non-high risk merchants charge, and even slightly higher than other companies on this list. However, this is unavoidable in high-risk industries. The reason we were pleased with Instabill’s offer was due to how easy it was to get pricing information in the first place – something that can’t be said for a lot of their competitors. Instabill does not post any of their prices online, since the cost will be highly dependent on the industry and bank involved in setting up the merchant account. However, you can get a quote by speaking with a sales representative and obtain a quote very quickly.
We did transactions on all of the high risk credit card processors, to be able to compare and a solid pick is iPayTotal. They cover all business types, have a large experience in the field, fast customer support and low fees.
Our goal is to have your account approved as soon as possible with the best rates. Typically within 5-8 days, your account is ready. Integrate your website with a selected payment gateway or use a Virtual Terminal to accept credit card payments. Tailor-made package includes an arrangement of a merchant account (MID) with one of our EU/UK or international acquiring banking partners, with an award-winning payment gateway service, reporting tools, integrated fraud-prevention, and free dedicated lifetime support. We bring transparency and standards to the high-risk payment processing industry, providing businesses with the most competitive deals in high-risk merchant accounts suited to their needs – not just for now, but long-term. Source: https://ipaytotal.com/ipaytotal-high-risk-merchant-account/.