Are you looking for a high-risk payment processor? It will be available in different pricing and contract terms. We recommend six providers that you can trust. High risk payment processing provides credit card processing services to a merchant doing business that cannot be allowed for a standard and low-risk business person.
They may cost more and differ in accepting credit and debit cards operated on a cash-only basis.
What is a high-risk merchant account?
A high-risk merchant account is nothing for businesses categorized in a high-risk classification. Each processor will maintain their criteria to find out the company is high risk and increased risk of chargebacks and fraud is the common factor. High-risk processors are experts in risk mitigation; besides their cost, you can enjoy these benefits with quality.
If you’re looking for the best high risk credit card processing solutions in the US, consider checking out this comprehensive guide that highlights the top providers in the industry, offering secure and reliable services
6 Best High-Risk Payment Processing Merchants to Trust
High-risk payment processors provide trusted sales practices that are transparent with affordable fees. Taking this criterion, we will look at the six best merchant account providers as follows:
1. Payment cloud
Characteristics
It provides services to high and low-risk businesses approved for different kinds of high-risk industries. Features such as a free credit card terminal with all accounts, mobile processing solution, authorize.net or USAePay payment gateways, ACH, and e-check payment service are available.
Rate
There is no charge to set up the account, no monthly minimum for low-risk accounts, and processing rates differ by the acquiring bank, account fees differ by back-end processor, etc.
Specialty
It is specialized in placing high-risk businesses, depends upon third-party network processors, and acquiring banks for approval of your account. Get the pricing quote from the company and analyze what you can get from them. Merchants claim that their fees and prices are affordable.
All the essentials are offered for a small or medium-sized business. In addition, the payment cloud accepts their high-risk account by doing extra work without adding additional charges. Moreover, the company provides free EMV-compliant credit card terminals to all the accounts of retail merchants. Until they close the account, it is free.
2. National processing
Characteristics
National processing serves low-risk small businesses primarily and also high-risk categories. Some key features, such as free credit card terminal, ACH, and e-check processing, give a choice between interchange-plus and membership pricing plans.
Rate
Variable monthly and processing rates for high-risk businesses, $7.95 per month PCI compliance fee, $ 15.00 per month plus $0.48 for each transaction for ACH and e-check processing, etc.
Specialty
National processing uses formerly first data as its back-end processor for low-risk accounts. High-risk categories include drop shipping, firearms, ammunition, credit repair, debt consolidation services, non-profits, subscription services, tobacco or vape sales, etc. Also, work with other banks to give high-risk merchant accounts.
Transaction prices on the website apply to low-risk merchants, whereas high-risk merchants have to pay higher fees. Early termination fees are also applicable, and then you can close your account to switch to a competitor.
3. Durango merchant services
Features
It is one of the favorite high-risk processors and offers a full range of products and services for eCommerce and retail businesses. The primary features are high-risk merchant accounts, international merchant accounts, and cryptocurrency merchant accounts are available.
Also, payment gateway, virtual terminal, mobile processing via process app and card reader, iSPY fraud protection service, e-check processing, and dedicated customer services are offered.
Rate
It charges highly variable processing prices, account fees, a long-term contract, and early termination fees.
Specialty
Durango merchant services are one of the best and oldest high-risk merchant service processors. The people give more positive reviews about this company for their honesty, affordable rates, and excellent customer service. Like other payment processors, Durango uses a quote-based pricing system and will not reveal the fees on its website.
Ecommerce gets support through the Durango pay payment gateway. This gateway includes the standard payment and security features required to run the web-based business, such as Authorize.net emulator mode. The company works with US-based processors and banks, and if needed, it also sets up an offshore merchant account.
The company will have a dedicated staff for all customer service-based problems. Durango reaches the top of the competitors due to its personalized customer service by working with various domestic and offshore payment providers.
4. Host merchant services
Characteristics
They primarily concentrate on low-risk merchant businesses and accept several high-risk industries through a partnership with electronic merchant systems (EMS). The features include:
- High-risk merchant accounts.
- A complete line of countertops.
- Mobile credit card terminals.
- Free terminals for a business person processing over $20,000 per month.
- A choice of vital system.
- net or transaction express payment.
- Virtual terminals are available.
Rate
There is no charge for account setup, variable account fees per customized quote, a $5-10 per month gateway fee, and no PCI compliance fee.
Specialty
It is a company that accepts high-risk industries with the help of a partnership with EMS. You can get 24/7 customer service, and it has a reputation for this service. On their websites, extensive pricing disclosures are available. All these rates and fees apply only to low-risk businesses.
5. Soar payments features
Characteristics
This processor offers different products and services to enable credit card payments and supports your business development. The key features such as high-risk merchant accounts, PAX A920 smart card terminal, Authorize.Net, NMI, or USAePay payment gateways, ACH, and check processing are available.
Rate
Variable processing rates for high-risk accounts, monthly minimum, long-term contracts, and early termination charges are applicable.
Specialty
The company focuses on eCommerce services, which offer countertop terminals and mobile card readers. They specialize in high-risk communities with competitive pricing ad terms that are gaining attention from low-risk companies. They will keep the pricing system private, and a monthly minimum remains for your high-risk account.
The standard contract of this company is a two-year term, and it will be renewed automatically one year after that. You have to pay $495 for early termination fees. Soar payments are competitive for high-risk merchants.
6. Easy pay direct
Characteristics
Easy pay direct has a good reputation among users. They focus primarily on the eCommerce sector and support all retail businesses. The key highlights of easy pay direct are high-risk merchant accounts, load balancing features, proprietary easy pay direct gateway, virtual terminal with EDP gateway, countertop credit card terminals, and APIs and SDKs for site customization.
Rate
The account setup fee is $99, and $ 24.95 for the monthly account maintenance fee. Variable processing fees include monthly, annual, and long-term contract fees, and no early termination fees exist.
Specialty
It offers full-service merchant accounts for high-risk and low-risk merchant accounts. One-time account setup fees are $99, and there is no charge for early termination fees. Provides load balancing to get monthly processing limits for high-risk merchants. All these features are ideal for high-volume businesses with an online sales channel.
Conclusion
All six high-risk payment processors are the perfect choices for a merchant of high-risk credit processing. Among those, you can select the one that suits your business based on the factors such as credit history, processing history, etc.
