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3 Best High-Risk Merchant Account Processors

Stephanie Snyder

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Merchant Account Processors

Today, nearly all businesses need to accept credit cards. However, getting renowned high-risk merchant account processors can be problematic for most companies. It becomes even more complicated when your company is ranked as a high-risk business.

According to Forbes, a high-risk merchant involves any business that, for some reason, has a higher risk of deceit against credit processors. Each merchant account processor has its unique approach for categorizing companies as either high-risk or otherwise. As such, your company might be perceived as high-risk by a particular processor, but otherwise by a different one.

The following are the three best high-risk merchant account processors you can seek financial assistance from.

1. PaymentCloud

PaymentCloud is a high risk merchant account provider based in California that focuses on high-risk companies’ placement. It depends on a network of 3rd party merchant account processors and getting financial institutions to ratify you for an account. Most importantly, PaymentCloud completes the additional tasks needed to approve a high-risk merchant account for free.

PaymentCloud offers a “free” EMV-compliant credit card terminal for every merchant account if your company operates in the retail industry. Here, the term “free” implies that you’re allowed to use it for the period you like, given you maintain it. Such a high-risk merchant account processor is perfectly suited for your small business that requires a single terminal. Additionally, PaymentCloud provides eCommerce merchants accessibility to either Authorize.Net or one of the many other 3rd party payment solutions. An unpaid virtual terminal is also provided for every merchant account. Therefore, PaymentCloud offers your small business the basics your company needs.

PaymentCloud has developed a robust online prominence, with several clients offering the processor a positive backing. Other low-risk merchant account processors often refer users who’ve been rejected for an account to PaymentCloud. Such endorsements from popular processors indicate the effectiveness of the platform. Additionally, PaymentCloud has several advantages, including high-quality customer service, free account set-up, and free credit card terminal. These features make PaymentCloud one of the best high-risk account processors on the market.

2. Durango

The merchant account processor is among the oldest and highly regarded merchant account processors that exclusively helps high-risk companies. The processor has established a robust reputation due to its fair rates, excellent customer service, and honesty. Like other high-risk merchant account processors, Durango leverages a quote-based pricing strategy and avoids revealing pricing rates on its web page. Besides collaborating with US-based merchant account processors and financial institutions, Durango can also link you with an offshore merchant account when you require one.

Moreover, if you’re an eCommerce merchant, Durango is perfectly suited for you via its exclusive Durango Pay payment gateway. The feature consists of all the standard payment and security aspects your eCommerce company requires to operate seamlessly. For retail merchants, the processor has countertop terminals that integrate EMV and NFC-based payment gateways. It also has an iProcess mobile payment system. Its advantages include providing offshore accounts for global merchants, a personalized account manager, and a fair pricing strategy.

3. Soar Payments

Soar Payments is a merchant account processor located in Houston, Texas, and was launched in 2015. It caters to high-risk merchants, and its pricing strategy is competitive. Soar Payments provides a small selection of terminals, and if you’re a low-risk merchant, you may get a free terminal.

However, this merchant account processor concentrates on the provision of eCommerce services. Besides the Authorize.Net and USAePay payment methods, it has the NMI payment method. The NMI gateway integrates well with the majority of the standard online shopping carts. Furthermore, it incorporates Chargeback Armor responsible for automatically preventing chargeback, a feature that is attractive to most high-risk merchants.

Soar Payments collaborates with several financial institutions and merchant account processors to enable the placement of high-risk merchants. It also leverages a quote-based pricing strategy and hides any disclosures relating to fees and rates. Some of its advantages include an automated personalized pricing quote, no application charges, and automatic application processing.

Whereas these three merchant account processors are the best, there are several other processors that you can approach for your needs. The three best high-risk merchant account processors include PaymentCloud, Durango, and Soar Payments. With these processors, you can consider your company’s credit processing needs successfully addressed.

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