On average, you can expect to pay less than $100 per month for a high-risk merchant account. This is not including any signup or start-up fees that you may have incurred as well.
As a high-risk merchant, you may find it more costly to process credit card payments. But if your industry usually has that designation — like the adult entertainment business — this can be seen as an opportunity because banks are willing to give better rates and fewer fees than other merchants would receive.
When your business is identified as a high risk for credit card payment processors, you may find that many processors simply won't work with your company because they don’t want to be held responsible if something goes wrong. Those that do will charge higher fees in order to offset their risks.
Some of the fees are basically general payment processing fees all merchants pay for this service. However, some high-risk merchant accounts are specifically designed to help providers balance their risks in accepting these payments from your business and make sure it is safe.
Payment processors have been charging merchants with higher-risk accounts a lot more than those that are low-risk. And, the fees can be sneaky too — some companies will charge you for things like PCI compliance and monthly statements when they were included in your previous company's service package without telling you. Some of the fees that you may encounter include:
Being a small business owner, you need to be on the lookout for new ways to save money. One way is by reducing your processing fees with high-risk merchant services providers. Always read the fine print and find out what fees apply before signing up to any service provider so that you can avoid penalties down the line.
If you want to learn the average fee per year for high-risk merchant accounts, check out Processing Card’s other resources today.Â
Wilbur Graham has been writing about mobile payments and POS systems since 2012. He got his degree in Marketing at California State University.
Demystifying Level II and III Data: What It Does for Merchants
Enter you email below to receive the guide.
High-Risk Merchant Account For Credit Repair and Education
Enter you email below to receive the guide.
Understanding 3D Secure 2.0 Technology
Enter you email below to receive the guide.