We have been talking about various points of view of the high-risk merchant account market for many months and have almost sure touched on most, if not all of them, of the most important issues. Here are some more tips on high risk merchant account processing.
High-risk merchant accounts are a group of financial services that offers firms to receive card payments from customers. 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 options in processors, plus higher fees and strong binding contracts. Being named as high-risk looks bad. But in some scenarios, it can be your best option.
It’s virtually impossible for commerce merchants to work without having enabled as payment type the credit or debit cards. Before you can accept “plastic,” you need a payment service provider who acts as a liaison between you, banks, and credit card networks.
Many financial processors do business only with with low-risk merchants, who they see as a safer investment. That means businesses considered high-risk will have a very poorr selection of potential processors 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.
Here are some high risk credit card processors : Soar Payments provides excellent customer service along with a good selection of pre-planned service packages. The company strives to be transparent in its costs, providing simplified, “no-haggle” pricing.
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving high risk business types. This includes CBD and Kratom businesses. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history.
We worked with all of the high risk credit card processors, to be able to compare and our pick was HRMA-LLC. They cover all business types, have a vast experience in the business, fast customer support and low fees.
Do you have a business related to Magazine subscription sales ? HRMA-LLC can help you. See extra details at High risk merchant account processing.