People often get scared of losses while doing business. This may be because businesses often carry risk. Any of them do not have any ability to eliminate the risk, although through various steps, it can be minimized. But, then what about the businesses who do even carry high risk, more than any business. For the solution, lets deep dive into High Risk Merchant Account at HighRiskPay.com
What is a High Risk Merchant Account at Highriskpay.Com?
A high-risk merchant account is an account held in the bank that has been specifically designed for businesses whose industries are at greater risk of chargebacks, fraud, and instability of funds. It’s required for companies like those selling adult entertainment, gambling, travel, or CBD since the nature of the business and legal regulations, or volume of transactions, increases the apparent risk to payment processors and banks. Providers will require more in advance by charging higher fees, imposing stricter terms, or simply requiring a rolling reserve-a portion of the merchant’s revenue withheld temporarily to cover potential chargebacks or disputes.
Overview of HighRiskPay.Com
High Risk Pay is a company specializing in high-risk and offshore accounts and is dedicated to providing merchant account solutions for businesses with bad credit or in industries that involve higher risks. Since it opened in 1997, High Risk Pay has managed to link hundreds of merchants with processing banks through a safe credit card processing system. Its easy setup, competitive rates, and support for high-risk business accounts conducting event tickets and other types of non-traditional payments make it beneficial. Thus, High Risk Pay provides business with an opportunity to extend their payment choice, enhance potential sales, and also provide other resources and support for smooth running.
What does a High-Risk Business Refer To?
Businesses are classified under high-risk for a variety of reasons, most of which are derived from the type of industries in which they operate that involve higher rates of chargebacks, fraud, or regulatory issues. Some examples such as CBD and vape shops, Online gaming or gambling services, Adult entertainment, Travel agencies, Credit repair services, Firearm sales etc.
Your business might qualify under one of the above categories, or it could be that your business has chargeback rates that are too high, requiring a high risk merchant account to process credit cards properly.
What Makes The High Risk Merchant Account at HighRiskPay.Com Unique?
HighRiskPay.com has provided various features to the users. Some of them are:
- Multiple Payments are allowed: with credit cards and debit cards, it is possible to accept ACH payments and eChecks giving consumers more flexibility.
- Next-Day Funding is available: Cash flow is the most important element, HighRiskPay.com offers next-day funding for your transactions.
- Anti-Money Laundering Tools: Latest technologies guarantee high rates of fraud prevention detection.
- No Long-Term Contracts: HighRiskPay.com gives the benefits to avoid long contracts, so businesses may adjust services accordingly if desired.
Why Should You Use A High Risk Merchant Account at Highriskpay.Com?
HighRiskPay.com specializes in offering high-risk payment processing services to businesses that are considered high-risk. Unlike most traditional payment processors, who would fear high-risk industries, HighRiskPay.com welcomes such businesses and offers many benefits:
- High Approval Rate: HighRiskPay.com offers a 99% approval rate for the merchant account which is high risk, so businesses usually rejected elsewhere can easily acquire the required services.
- No Setup or Application Fees: It is a virtue of transparency that there are no surprise charges for setting up your account.
- Rapid Approval Procedure: HighRiskPay.com makes sure that the application process is usually approved within 24 to 48 hours so that a business can start processing payments as soon as possible.
- Chargeback Management Tools: Since chargebacks are considered one of the major risks faced by high-risk businesses, HighRiskPay.com provides management tools to decrease these occurrences.
High-Risk Merchant Account at HighRiskPay.Com Pricing
Rates are formulated according to business types and some are classified as high-risk. Others include good credit for retail transactions charged at 1.79% + $0.25 with a $9.95 monthly fee, mail or phone orders and internet transactions charged at 2.19% + $0.25 per transaction with the same monthly fee charged. For businesses with bad credit, retail purchases are 2.49% + $0.25, and mail, phone, and internet orders are 2.95% + $0.25 and add a monthly fee of $9.95 on top of that. Companies conducting business at a higher risk have a rate of 2.95% + $0.25 and adult merchants pay 2.95% + $0.50 per sale adding a flat fee of $9.95 a month.
High-Risk Merchant Account Application
It’s very easy to get a high-risk merchant account for your business from HighRiskPay.com:
- Apply online through a short application form requesting only business information – name and contact details.
- Get approved. You’ll probably get approved within the first day to two days after applying; the company boasts a huge approval rate.
- Start accepting credits: the same day after getting approved. No fees upfront are levied.
Advantages )f High Risk Merchant Account at Highriskpay.Com
There are various benefits provided by the platform to the users. Some of them includes:
- Access to Payment Processing: HighRiskPay.com provides necessary payment processing solutions for businesses who cannot get service from traditional processors.
- Impressive Approval Rates: With a 99% approval rate, businesses can be confident in the likelihood of acceptance, even if they have poor credit.
- Chargeback Management: Tools to control and prevent chargebacks are in place, which help protect businesses against financial loss.
- Quick Set Up: Rapid approval times minimize downtime, and companies can quickly get started processing payments.
- No Hidden Fees: Transparency in pricing prevents unexpected charges for businesses.
- Next Day Funding: Reliability in getting access to funds for business cash flow ensures a steady flow of cash.
Disadvantages of High-Risk Merchant Account at HighRiskPay.com
HighRiskPay.com is beneficial but has some limitations:
Higher Transaction Fees: High-risk accounts often incur higher transaction fees compared to low-risk businesses. HighRiskPay.com has a fee of 2.95% + $0.25 per transaction for high-risk businesses.
- Sector-specific Fees: Some business sectors like adult services have a bit more elevated fees, which could add up at a high volume of transactions.
- Fewer Processor Choices: Businesses that are deemed high risk usually have fewer options in payment processing, which might make it a bit inflexible in terms of your choices.
- The strict fraud prevention measures may receive further investigation and may even add delay to a valid transaction.
- Risk of Account Holds: High chargeback ratios can also mean holding or even terminating an account with a high-risk merchant account.
Conclusion
HighRiskPay.com is an expert in the field for high-risk payment processing services that can make the complexity of navigation through such payments simple. It ensures more approvals with competitive pricing and all the tools to reduce chargebacks, thus acting as a treasure for businesses that operate through high-risk categories. With all these facts, business needs to know both how high-risk merchant accounts work and what the pros and cons are. This is all about the high risk merchant account at highriskpay.com.
FAQs
Ans. Some businesses may be deemed to fall into such categories as adult entertainment, gambling, CBDs, travel, credit repair, and firearms. In those cases, high risk may be classified due to higher rates of chargebacks, problems with regulations, or the nature of the business.
Ans. HighRiskPay.com typically takes 24 to 48 hours to process applications, and a business can start accepting payments within a short period of time. The company guarantees that up to 99% of applicants will get approved, regardless of bad credit or previous rejection history.
Ans. Fees are based on business type and credit history. For a retail transaction with good credit, rates go up to 1.79% + $0.25 per transaction; high-risk businesses can expect approximately 2.95% + $0.25. The regular monthly fee is $9.95 for any and all accounts.
Disclaimer: The following information is for general knowledge only and should not be taken as endorsement or recommendation of any particular service. We suggest have your own research before use of this information.
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