6 BEST High Risk Payment Processors [Review]

May 1, 2024, 2024, May and 1

Is your business in the high-risk merchant category? And once you’ve been classified as “high-risk”, how do you go about finding a good processor- ethical, honest, and experienced in the field- and who will do their best to get you a decent deal on a merchant account? Don’t search anywhere else! Let me show you in this video the 6 best high-risk payment processors! And stick with me ’till the end as I will share our best advice!

Hey, what’s good mavericks? So before we go over the best high-risk payment processors, make sure you hit the subscribe button! And if you’re already part of our growing community, Welcome back! So even within the category of high-risk processors, that are the good, the bad, and the ugly.

That’s why we are here to help you.

The high risk specialists, mentioned here, will usually be able to get you a deal that might not be the best, but is above the industry average. So let’s start with Payment Cloud. Payment Cloud specializes in placing high-risk businesses relying on a network of third-party processors and acquiring banks to get you approved for an account. While it can’t place every merchant, the company has a higher success rate than many of its competitors. Best of all, Payment Cloud does the extra work required to accept a high risk account without charging you any application or account setup fees.

For retail merchants, Payment Cloud provides now a free EMV- compliant terminal with each account. And “free” here means you’re free to use it as long as you maintain your account. Pros: -good for e-commerce businesses, good for high-risk businesses, no account setup fee, no monthly minimum for low-risk businesses, free credit card terminal, excellent customer support, few public complaints. Cons: no publicly disclosed pricing, website needs improvement. Like almost all high risk specialists, the company doesn’t disclose its processing rates or account fees, so you can give them a call and speak to one of their sales teammates to see how their offer stacks up against other providers.

Click our link below if you’re curious in knowing more about them! Now Durango merchant services has an excellent reputation for honesty, fair rates, and great customer service and support. Durango offers a variety of terminals, pin pads, and mobile card swipers for sale, right on its website.

Options include both wired and wireless models with some offerings that support EMV and NFC payments. Check out also their iprocess app which can be used with both iOS and android devices.

Durango supports e-commerce through its proprietary Durango Pay gateway. The gateway integrates with the numerous payment processors the company uses, and includes support for most of the popular online shopping carts. Because Durango works with such a wide variety of third-party processors to set you up with a high-risk merchant account, it doesn’t list rates or fees on their website.

But you can click on our article to connect to them for more info! Pros: specialists in placing high-risk merchants, offers offshore accounts for international merchants, fair pricing and contract terms, offers EMV compliant mobile card reader, dedicated account manager for customer service.

Cons: early termination fee in some cases. A nice touch at Durango is that they assign you with a dedicated account manager, which means you’ll be talking to the same person every time you have an issue. Host Merchant Services doesn’t claim to be a high-risk specialist but it lists several high-risk business categories that it can accommodate. Its interchange-plus only pricing and a full range of products and services make it an excellent choice, if you can get approved. HMS is a former web hosting company, so it’s ideally suited for e-commerce merchants.

For retail merchants HMS offers a variety of terminals for sale as HMS does not lease equipment. If you process over 20k per month, you may qualify for at least one free EMC card terminal. While HMS does not disclose terminal prices on its website, you should be able to negotiate a very reasonable deal, especially if you need more than one. If you already have a compatible terminal, they’ll reprogram it for free.

Pros: transparent interchange-plus pricing, no early termination fee, no setup or application fees, no monthly minimums, good customer support, good website and advertising.

Cons: can be expensive for low volume merchants. As a tech-focused company, eCommerce is HMS specialty but if your business falls into one of the categories of high-risk activities that the company can accommodate, HMS is an excellent choice for a merchant account. Before I review a relatively new company, Soar payments, don’t forget to stick with us as in a few minutes, I will share important bonus information for you.

SOAR specializes in serving the high-risk community but it also has very competitive pricing and terms that are attractive to non-high-risk companies as well. It offers a small selection of terminals and you can get a free lease if you are low-risk merchant.

Note that you’ll have to return the equipment if you cancel your account with soar. It also offers the Maxpay POS system and the Maxpay mini wireless terminal for retail merchants. Soar, however, is mostly focused on e-commerce services. It no longer publishes pricing information on its website. But for high-risk accounts, this is fairly standard practice.

So it’s nothing to be alarmed about. Pros: ideal for high-risk merchants, automated custom price quoting, automated application process, fast underwriting, no application fees. Cons: only works with u.s based businesses, currently cannot accept CBD oil merchants. Overall, Soar payments offers very competitive terms for high-risk merchants.

Another texas company, Easy Pay Direct… This company’s primary product is its proprietary EPD gateway. It also provides full service merchant accounts for both high-risk and non-high-risk merchants.

As always, High-risk merchants will have to pay a premium in terms of processing rates and account fees. However, the additional expense is entirely reasonable under the circumstances. One very positive feature of Easy Pay Direct’s contract is that they don’t have early termination fee, even for high-risk businesses.

While this isn’t quite the same thing as true month-to-month billing, it does make it much easier to close your account without penalty if you have to! Pros: accepts a wide variety of high-risk industries, load balancing feature for high-risk merchants, no equipment leases, no early termination fees for most merchants, in-house sales team.

Cons: $99 account setup fee, a 3-year contract with an automatic renewal clause. Although Easy Pay Direct doesn’t get as much attention as other better known processors, it’s a solid choice for merchants in the high-risk category. We particularly recommend the company for high-risk e-commerce businesses due to the robust feature set of its EPD gateway. Now, don’t forget that right after we’ve reviewed our last one of our 6 best high-risk payment processor, I’ll give you Merchant Maverick’s best advice. So.

.. on to the sixth provider: SMB Global. Using a variety of back-end processors, SMB Global can approve a merchant account for almost any high-risk business, including those selling CBD oils.; It has an excellent reputation for fair prices and top-notch customer service.

As a newly established business, SMB Global is still a little rough around the edges, lacking a mobile processing system and credit card terminals for retail merchants. But at the same time, it offers a full range of services for e-commerce merchants. Pros: offers high-risk merchant accounts to a wide variety of industries, offers offshore merchant accounts, reasonable pricing, reasonable contract terms, excellent customer service. Cons: no mobile app and the website lacks detailed account information. While we highly recommend that you request an Interchange-plus pricing plan, be prepared to have to accept a tiered plan instead.

Particularly if you have a low monthly processing volume or haven’t been in business for very long. Now, for a more detailed review on all of these 6 best high-risk payment processors, click the link below!! Unless you have a long stable processing history..

.. So, here’s what you’ve been waiting for Most high-risk merchant accounts will require a rolling reserve Just remember that your reserve will decrease over time as you build up a processing history.

Our best advice is: do your research ahead of time! The one that is best for your particular business will depend on a number of factors including your credit history your processing history, and which high-risk business category you fall under.

.. So talk to sales representatives from the companies you’re interested in, so you can see what they can offer you. And review your proposed contract thoroughly before signing up!!

! For more information, visit our website at Merchantmaverick.com and see you next week! Is your business considered “high-risk”? Check out our other videos on that matter!