Introduction
There are many businesses that have trouble of being approved or they face difficulty in keeping a merchant account for their business, because they have been labelled as, ‘high-risk’, then there is nothing to worry, as you have the choices or options. There is a plethora of service providers who can understand your situation and provide you with services specifically for the merchants that are high-risk. Before we look into the best high-risk merchant accounts, who can assist to your needs, lets look here at merchant services for high-risk businesses. Here are some of the best high-risk merchant accounts for the year 2024. Let’s have a look at it.
2024 Best High-Risk Merchant Services
The best overall is PaymentCloud. Besides all of that, best for large high-risk businesses is Host Merchant Services. Then, the best for highest-risk businesses is Durango Merchant Services. Then, the best one for international merchants is SMB Global. And, the best for US-based businesses is Soar Payments. Now, there are few things that are considered as high-risk, lets look at it. A payment processor can term a merchant account as high-risk if they have identified or determined that your business account is at a high-risk for fraud, chargebacks, and high volume of returns. The more the risk, the harder it will be to find a traditional bank or payment processing service provider. Besides all of that, you don’t need to worry as there are several vendors who specialize with high-risk business.
Why Merchants are Considered as High-Risk
There can be several reasons why a payment processing platform may choose your account to be a high-risk. You should know that, every provider will have and has a distinct set of criteria, but here are some points to ponder that may be considered as high-risk. The first and the foremost is the high transaction volume. So, in this the merchants are considered as high-risk, if they have high volume of transactions or have a high average transactions rate. Besides all of that, if a merchant processes over $20,000 in payments every month or has an average transaction of $500 and more, then they are known to be high-risk. Next, is accepting international payments. If a merchant is selling to the customers internationally in countries which is known for high-risk fraud, they be known as high-risk. Some countries that are not termed as high-risk are USA, Canada, Japan, Australia, or Europe.
High-Risk Merchants
Then, comes the new merchants in which if a merchant has never processed payments prior to or only has a minimal history of processing the transactions, they may be known as high-risk as they do not have any track record. Also, comes the high-risk industry, when a merchant may have a clear record, they can be termed as high-risk because the industry is working is known to be at a high risk of fraud, returns, and chargebacks. For instance, the subscription-based firms.
