The year 2020 brought immense scope for online traders. People were shopping for almost every item from online stores. In such a situation, it has become inevitable for online traders to provide credit card services. For that, they need a merchant account provider.
While it is tough to search for such providers in any business, it becomes challenging when your business carries high-risk. For that, you need a high-risk payment processor. Through this article, you will know about some of the best sites that offer high-risk payment processing services. Besides, the article mentions some of the things you should look for in a site before selecting it as your high-risk payment processor.
Best High-Risk Payment Processors
Here is a list of some of the sites that offer the best services in terms of high-risk merchant accounts.
Payment Cloud
Here are some of the things to know about Payment Cloud service provider
- The company specializes in keeping high-risk businesses dependent on a channel of third-party processors and convincing banks to get your account approved.
- You can visit the site and take a pricing card from the company to know what they offer and how much they charge for it. However, reviews from merchants show that the rates and fees of the company are pretty economical.
- Moreover, the payment cloud does all the extra work you need for a high-risk account without charging any extra account set-up fee or application fee.
- The company has an excellent online reputation. Most merchants and other users of the site give positive reviews.
- Some low-risk payment processors, such as Stripe payments and Dharma Merchant Services, refer their high-risk clients to the payment cloud.
Here is a table that summarizes the pros and cons of the site.
- Pros
Provides excellent customer care services.
No fees for account set-up.
Offers free credit card terminals.
Negligible public complaints.
- Cons
It does not disclose any pricing publicly.
Easy Pay Direct
Some things to know about this company are:
- The primary product of this company is EPD Gateway, a proprietary of Easy Pay Direct.
- The service charge for both types of merchants is different for obvious reasons. It is not only for high-risk merchant accounts. Instead, it provides service to both non-risk and high-risk merchants. However, the additional charge is reasonable.
- The company charges an extra account set-up charge. You have to pay the amount once. However, the company does not charge any termination fee if you decide to close your merchant account early.
- Typically, contracts are for three years. After that, your contract gets renewed automatically for one year.
- EPD also offers a load balancing service for high-risk business merchants who, most of the time, underwrite the monthly processing volume limits of the processor. This option is excellent for high-volume businesses with an online sales network.
Here is a list of the pros and cons of services offered by this company.
- Pros
It accepts a wide range of high-risk industries.
Feature of load balancing for high-volume merchants.
Zero termination fee for most merchants
In-house sales team.
- Cons
Charges an account set-up fee, $99
A three-year contract that automatically renews accounts for one year.
Durango Merchant Services
Some things to know about this company are:
- The company is a veteran in providing high-risk merchant services providers. It is one of the oldest and best companies for high-risk accounts.
- The company enjoys a reputed online presence because of its fair rates, honesty, and excellent customer support.
- The company follows a quote-based pricing system. The rates and fees are not available on their website.
- The company works with US-affiliated banks and processors. So, you can also approach an offshore merchant account.
- A dedicated account manager is available for each merchant to deal with all customer-related issues. The ability of Durango Merchant Services to work with offshore and domestic payment processors makes it stand out from its other competitors.
Here’s a list stating the pros and cons of Durango Merchant Services.
- Pros
Offshore merchant account service for international merchants
Economical rates and contract terms
Provides EMV: Compliant mobile card reader
Offers personalized customer service providers
- Cons
Charge early termination fee ( not in all cases).
Host Merchant Service
Here are a few points to know about this company.
- Host Merchant Services are not specifically for high-risk accounts. Instead, it serves low-risk ones but incorporates various high-risk account categories.
- Its only pricing and wide range of services and products make it an undeniable choice for approved users.
- The company is suited to eCommerce merchants. Its back-end processor is TSYS Merchant Solutions, which is now a part of Global payments.
Here is a list of the pros and cons of Host Merchant Services.
- Pros
Do not charge an early termination fee.
Do not charge any application or account set-up fees.
There are no monthly limitations.
Customer service is excellent.
- Cons
Prices are high for merchants with high volume.
Soar Payments
Below are some facts to know about the provider Soar Payments.
- The company focuses on high-risk communities but the competitive terms and pricing attract low-risk merchants too.
- It reserves its ‘free’ terminals for low-risk account merchants.
- The company specializes in eCommerce services. It offers USAePay gateways and Authorize.Net gateways. Additionally, it gives NMI Gateway, which goes well with more and more well-known online shopping carts.
Check the list of pros and cons.
- Pros
Automated application process
Automated customized pricing quotes
Quick underwriting
Zero application fee
- Cons
Limited to US-based business
Charge termination fee
SMB Global
Below are a few things to know about this company.
- It provides merchant accounts to offshore businesses, high-risk ones, and also to travel industry businesses.
- It offers a wide- range of services for online businesses, including a choice between Authorize.Net and NMI Gateway.
- It uses several back-end processors. Thus, it readily approves merchant accounts for any high-risk business.
The list here states the pros and cons of SMB Global.
- Pros
Offers merchant account to a wide range of high-risk businesses
Offers offshore merchant account
Reasonable contract terms and economical pricing
Great customer service
- Cons
Does not have a mobile application
The information provided by the site about accounts is insufficient.
So, these were some of the best high-risk payment providers.
Conclusion
Any good high-risk account provider has some things in common, such as a transparent onboarding process, equitable contract terms, and honest sales practices. If you find these criteria, you can go for them. It will help your business grow on digital platforms.
