It’s virtually not possible for commerce merchants to work without receiving payments from credit or debit cards. Before you can accept “plastic,” you have to use a payment service provider who acts as a liaison between you, banks, and credit card networks. Many financial processors do business exclusively with low-risk businesses, who they consider as a safer investment. That means businesses considered high-risk will have a very small selection of potential payment services 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.
Make sure you ask about all other fees upfront as well: Fixed transaction fees – are they charged for declined transactions as well, are there any contract cancellation fees, minimum monthly invoice, how much is the setup fee and if it has to be paid upfront, is there any additional annual and monthly fee, how much will you be charged for every statement and bank wire, and very importantly what are the chargeback, retreival and refund fees. You may know that you will get your funds but you also need to know when exactly. Every credit card processing provider and acquiring bank will have different remittance turnaround times. It mainly depends on your risk category and the type of merchant account setup – for example, a direct MID setup where acquirer is paying you directly means less time because there’s no need for funds to reach the Processor company first and then be forwarded to your bank account.
Payline Data is one of the best overall credit card processors on the market for retail businesses because of their competitive pricing that can scale for small and large businesses. They provide resources select high risk businesses as well. Payline has a shorter list of busineses it is willing to work with than most other processors on our list. For Payline, they are willing to work with companies that deal with: Adult Products, Adult Video, E-Cigarettes, Firearms, Gadget Repair, House Rental companies, Information Marketing (Real Estate Based and Tech Support/PC Support, Nutraceuticals, Tour companies, Travel, Used Cell Phones and Other Technology, and Vaporizers.
High risk cannabidiol & hemp oil merchant accounts in 2019. This is a hot subject as more countries open up to new services. High-risk merchant accounts are a subset of finance services that allow companies 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 harsh contracts. Being labeled as high-risk sounds terrible. But in some scenarios, it can be your best option. We have been talking about various properties of the high-risk merchant account business for a very long time and have probably reached on most, if not all, of the most important issues. Here are some more tips on high risk merchant account providers. Read extra info on High risk merchant account instant approval.
CardMax Payments offers flexible accounts, easy set-up, and competitive pricing. Relationships with more than 30 domestic and international banking providers help CardMax provide exceptional service and support. We used all of the high risk credit card processors, to be able to compare and a solid pick is iPayTotal. They cover all business types, have a huge experience in the business, fast customer support and low fees.
How does being a high-risk merchant affect getting a merchant account? Quite frankly, it makes it a lot harder and more expensive. Despite the intense competition within the merchant account services industry, getting approved for a merchant account is never a sure thing. Providers have to balance the risk presented by a merchant applying for an account against the potential profit to be made from the account if it is approved. In most cases, they err on the conservative side of things, meaning high-risk merchants simply aren’t approved for an account.
We believe in fostering real long term relationships with our clients, and always go the extra mile to make sure our customers are happy. We offer 24/7 technical support to ensure that when a problem arises, it can be quickly and efficiently addressed by one of our professionals. We want you to do well and your business to grow. We believe it is of the utmost importance that the needs and expectations of clients are systematically defined and translated into prerequisites that are fully met, through the correct application of the Quality Management System in order to always ensure the highest degree of satisfaction.
IPAYTOTAL LTD
Company Address: 60 Windsor Avenue London, England SW19 2RR
Company Website: https://ipaytotal.com/.
Support Email: support@ipaytotal.com
UK Tel:+44 800 776 5988
US Tel:+1 845 215 4017
Company # 11357725