Glossary

Authorization

Authorization occurs when a card issuing bank responds to a merchant’s transaction authorization request indicating that payment information is valid, and there are funds available on the customer’s card to pay for goods or services received. In some cases, this is called an Approval.

Cardholder

A consumer with a credit or debit card in their name that allows them to make purchases in person and online.

Cost per Swipe

The cost per swipe fee, or interchange fee, is the amount of money added to a transaction by the card-issuing bank when a customer pays by credit card. For most credit card transactions, the interchange fee is between 2-3% of the total charge.

Card Fees

A card fee is any charge beyond a set rate that may be implemented for merchants or consumers as part of the payment transaction process.

High-Risk Industries

High-risk industries are those that have been labeled high risk due to the likelihood of transactions falling through, credit card fraud, or other potential issues. Some industries that fall under the umbrella of high risk are e-commerce, adult websites, pharmaceutical, and start-ups.

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With HighRiskPay.com

Do you work in a high-risk industry or have high volumes? If so, you need help processing credit card payments. We provide high-risk merchant accounts to a wide range of businesses. Our skill in this area allows us to work with owners who have bad credit, companies with offshore or overseas interests, and businesses facing any barrier that prevents them from accepting credit cards.

HighRiskPay.com lets you open a high-risk merchant account. Within 48 hours of approval, you can take credit card payments. We know how important it is for businesses, especially high-risk ones, to accept credit card payments from customers. Put simply: it’s table stakes.

Offering secure, and easy payment options help businesses compete. Not only do people say credit cards are their preferred way to pay, but they tend to spend more when paying with plastic. While all businesses need to process credit cards, we target our services to high-risk industries. We help owners who have low credit scores and have a hard time getting services. We offer fast approval, no set-up fees, and chargeback prevention. These perks set HighRiskPay.com apart. See more about High Risk payment

Traditional Credit Card Processors

When it comes to choosing a processor to handle credit card payments, there are many choices. Besides high-risk merchant account providers, there are low-risk merchant account suppliers. Because these companies don’t want risk, they won’t work with some industries. So, they turn down many applications.

In other cases, processors may give a company an account, but quickly close it because of too many transactions. This leads some high-risk businesses to open many accounts so they can keep taking credit card payments. But this makes problems for the processor and the business. The owner’s credit score may drop.

Other Kinds of Processors

There are also aggregators promising fast approval. Well-known names such as PayPal and Stripe are in this group. Aggregators give millions of business owners access to credit card processing services. Aggregators spread their risk because they work with so many people. It’s an approach that allows aggregators to start processing payments on the spot. Lots of business are happy about that. But even with instant approval, the fee for each sale costs merchants more than they’d pay with a high-risk merchant account.

Most concerning of all, aggregators have automatic systems that watch for certain activities. When an account gets a red flag, the system freezes the account. Merchants are then in a bind. They can’t take credit card payments until they fix whatever caused the freeze. While this process plays out over several days or weeks, the merchant loses money because its customers can’t pay with plastic. Even worse, they may lose access to money they’ve already gotten, leaving them unable to pay bills.

There’s one last thing to consider with aggregators. The two biggest credit card companies, MasterCard, and Visa make aggregators give merchant accounts to businesses with more than $100,000 in credit card sales. If you think you can avoid getting a merchant account by going with an aggregator, you’re eventually going to have to get one if you hit $100,000 in sales because Visa and Mastercard require it for sales at this level. So, an aggregator isn’t a long-term solution for most growing businesses.

High-Risk Merchant Account Benefits

At HighRiskPay.com, we know our clients and their credit scores. Merchants can tell us their money problems, knowing they’ll likely get an account. After all, HighRiskPay.com has a 99 percent approval rate. Also, we’re less likely to freeze an account than an aggregator. While aggregators let an algorithm choose when to shut down accounts because of “unusual” activity, we’re in the business of doing out-of-the-ordinary transactions for our clients.

After you see it’s too risky to use an aggregator, you need to find a high-risk merchant account company that will be an integral part of your business. A quick online search shows there are many companies dangling promises in front of retailers who need this kind of financial service. Often, these companies set the bar high for would-be clients with significant fees for applying or services. They may have other demands merchants must meet before they agree to start credit card processing services.

When picking an account supplier, there are other potential pitfalls besides high fees and having to jump through hoops. You want to do all you can to avoid bad vendors. Look for providers with a good track record that shows their experience and reliability. It’s also best to opt for a high-risk merchant account service that’s credible. One way to confirm credibility is by looking at how long the provider’s been in business. Also, check for approval from watchdog groups such as the Better Business Bureau.

Another way to check a provider’s reputation is by looking at what clients say about them. If a company can’t or won’t tell you about satisfied merchants they’ve helped, go with another processor. From testimonials to experience, there are many points to consider. But it’s not too tough to find a good provider.

HighRiskPay.com Has a Long History and Many Happy Clients

Because of our track record of excellent service since 1997, HighRiskPay.com has an A+ rating with the BBB. Over the years, we’ve won awards, too. Best of all, we have many happy customers. Unlike some companies vying for your attention, HighRiskPay.com won’t charge you a cent to fill out an application. We also don’t make you pay to set up a new account. It’s so easy to get started because we want to be your partner in business.

We help you avoid chargebacks, cut back on fraud, and recoup lost sales. Our team knows that all businesses, regardless of their industry or the owner’s credit history, need the chance to serve their customers well. With all who apply, we keep an open mind and try to help. We also aren’t afraid to help clients who process many payments each month. Once we get your paperwork, we try to approve you within 24 hours.

As a high-risk merchant account supplier, we work with industries that have a tough time finding good credit card processing services through other means. We work with telemarketers, travel companies, collection agencies, the adult industry, sellers of e-cigarettes, and drug companies, to name a few. Also, we aren’t scared to work with business owners who’ve gone through bankruptcy, have low credit scores, and have had foreclosures.