Looking for a way to accept payments? Want to start a high-risk merchant account right away? Well, business owners may find this hard to do. When it comes to high-risk businesses, payment service providers are very picky about which credit cards to process.
Still, high-risk businesses are doing very well. RollingStone says that by 2022, the CBD market will be worth $22 billion. That only happens in the U.S. Statista says that by 2024, the gambling market will be worth $94 billion. In 2023, dating companies will bring in $1,968 million. All of these businesses are high-risk. But they have trouble finding a good way to accept payments.
Where high-risk merchants have the most trouble
Since you work for one of the high-risk companies, you know what the main “pains” are. Most of the time:
- It is hard to place businesses with high risks.
- Payment service providers charge high prices, especially for businesses that are newly labeled as high-risk.
- Payment service providers worry that there will be a lot of fraud and chargebacks.
This article has a list of five payment service providers that will gladly work with you. Of course, you might not get instant approval. However, you will be able to accept credit cards. So, compare the features of the payment gateways before you choose one. Make sure that the PSP takes care of the pains that come with it.
5 of the best places to get a high-risk merchant account
- BitHide
The fact that BitHide, one of the most reliable payment gateway for high risk business, legally skips the Know Your Customer and Anti-Money Laundering processes makes it possible for the company to guarantee that your account will not be blocked, regardless of how unsafe your company’s transactions may be. In addition to this, it gives you the ability to separate the levels of risk associated with the various payment streams so that you may withdraw cash individually.
- iPayTotal
iPayTotal, a company based in London that serves the needs of high-risk merchants. Customer service is important to the company. So, iPayTotal says it will go the extra mile to protect businesses and give them the best support.
- PayKings
PayKings is a PSP that is based in St. Petersburg and works with high-risk merchants. The company has advanced services for high-risk merchants. They make it easy for clients to track both individual transactions and batch totals.
- PaySpacelv
PaySpacelv is a PSP that is based in Riga. If you want a high-risk merchant account, you should choose it. The company’s main goal is to give businesses the solutions and features they need. In addition, PaySpacelv has very good technical support. As a result, sales can go through the roof.
- RISK Payments
RISK Payments is a high-risk payment processor that runs on the Tempa platform. The company’s credo is “one size does not suit all. So, when it comes to opening a high-risk merchant account, RISK Payments gives you a lot of options.
Conclusions
Processing credit cards for high-risk companies may be a difficult and time-consuming operation. The compiled list of five reliable payment service providers, on the other hand, makes their life simpler.
First things first, be sure to remain with the service provider that meets all of your requirements and has experience working in your sector. Check to see if the prices are reasonable (for example, bithide.io offers a transparent fee structure).
Second, keep in mind that the prevention of fraud and chargebacks should be your main concern. Consequently, the PlayStation Portable (PSP) need to include such a fix.
