For high-risk businesses, getting approved for a merchant account may be a difficult process. However, there are some providers that specialize in processing payments for high-risk industries, making approval much easier for high-risk merchants.
Some high-risk merchant payment processors include SMB Global, Soar Payments, and Easy Pay Direct. The best one for your business will depend on your processing history, type of industry, budget, and monthly volume.
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SMB Global offers affordable pricing and contract lengths to most high-risk businesses, including those that work with CBD and those in the travel industry. Their range of services is primarily suited to those with online stores, or for those who are looking for offshore merchant accounts. However, they lack a mobile app for easy management.
Despite this, they are known for their excellent customer service in case you run into any problems.
Soar Payments offers a streamlined application process and pricing quotes for high-risk merchants. However, like most high-risk providers, they lack detailed pricing information on their website. Keep in mind that they have a $495 early termination fee, but charge no application fees. They only work with businesses based in the United States.
Easy Pay Direct charges an initial account setup fee of $99. However, they don’t charge an early termination fee if you need to end your three-year contract. They work with a large range of high-risk businesses, which makes them a good go-to if you have trouble gaining approval.
When choosing a high-risk merchant provider to work with, looking for security features such as encryption and extra verification can prevent expensive chargeback fees from occurring. You may also be able to negotiate terms before signing your contract in order to lower your costs and penalties.
For more guidance on choosing the best high-risk merchant provider to work with, check out our guide at Processing Card.
Wilbur Graham has been writing about mobile payments and POS systems since 2012. He got his degree in Marketing at California State University.
