Ready to launch your high-risk merchant account? That’s a challenge that many company owners may not be up for. When it comes to high-risk businesses, payment processing firms are picky.
High-risk businesses still thrive. RollingStone predicts the CBD sector will reach $22 billion by 2022. That’s the U.S. scenario. Global gaming will be worth $94 billion by 2024, according to Statista. By 2023, dating firms might make $1,968,000,000. Each endeavor is risky. Finding a trusted payment processor is challenging.
High-risk merchants work in harmful businesses or sell dangerous items. Is your industry high-risk? Then read our Glossary.
Where high-risk retailers feel the greatest pain
You have first-hand knowledge of the most pressing “aches” since you work for one of the “high-risk” businesses. In most cases,
- High-risk companies are notoriously difficult to position.
- Especially for freshly branded high-risk enterprises, payment processors demand large fees.
- Companies that process payments are wary of the prospect of many chargebacks and fraudulent transactions.
This article lists five trustworthy payment gateways. Permission may be needed. Credit cards are accepted. Before deciding, compare each gateway’s features. Make sure the PSP relieves pain.
Top five high-risk payment gateways
1. BitHide
If you use BitHide, a leading high-risk gateway, you can be certain that your account will not be suspended no matter how risky your customers’ transactions are. Additionally, it enables segregating the payment streams according to the risk level, allowing you to withdraw such cash independently.
BitHide provides the essential features of a bitcoin payment gateway for enterprises, including anonymity, transaction verification, and the isolation of potentially dangerous payments.
2. iPayTotal
First, we’ll take a look at iPayTotal, a London-based business that serves high-risk retailers. The satisfaction of its clients is of paramount importance. To that end, iPayTotal boasts that they will “go the additional mile” to protect their corporate clients and provide first-rate service.
3. PayKing
High-risk merchants may open an account with PayKings, a PSP based in St. Petersburg. High-risk merchant services are one of the specialties of this organization. Customers like them because they allow them to track individual transactions and aggregate sums with ease.
4. PaySpacelv
A PSP with a Riga address, PaySpacelv is one such company. A high-risk merchant account is what you need, so go with it. The company implements specialized solutions and functionalities to meet the unique needs of each business. PaySpacelv has great tech support. This boosts company profits.
5. Risk Compensation
One such high-risk payment processor is RISK Payments, which operates out of Tempa. The corporate slogan is “One size does not suit everyone.” Thus, RISK Payments provides adaptable options for establishing a high-risk merchant account.
Conclusions
It might be difficult to accept credit card payments for high-risk businesses. However, they may rest easy knowing that there are five tried-and-true options for payment processing.
First and foremost, always choose the service provider that best addresses your requirements and has shown success in your particular field. Make sure you’re not overcharging.
Second, keep in mind that stopping fraud and chargebacks must be your number one concern. This means the PSP has to provide a workaround.
Thirdly, the PSP should have a global presence to assist you to attract a larger audience. More so, it has to accept a wide variety of payment methods.
