REVIEW - Best High Risk Merchant Accounts
Review Of The Best High Risk Merchant Accounts
Businesses that are considered to be within a high risk industry, typically hit a brick wall when searching for a merchant account. First off, acquiring banks and processors must fly under Visa / MC Rules ( The Card Associations ), which have a prohibited list of merchant types that are unacceptable under the association rules. Further, the processors and acquiring banks maintain their own unacceptable lists, based on their history of losses on a particular industry. These facts make getting a merchant account approved for high risk businesses can be quit taunting to say the least.
Best High Risk Merchant Accounts:
Though trial and error, plus speaking with many high risk merchant account providers, we have compiled a study list of the best high risk merchant accounts:
High Risk Merchant Account LLC
HRMA-LLC welcomes many different business types, including travel merchant accounts, collection agency merchant accounts, and nutraceutical merchant accounts. They are well versed and very knowledgeable on the industry and have one of the fastest turn-around times in the industry. No application fees and very transparent on rates and fees. Best of all, no smoke & mirrors or pretty rainbows, they shoot straight with no hype. Over 99% Approved. They are the best high risk merchant account in our study.
RATES: Typically range from 2.95% - 4.95%
UPFONT FEES: None On Domestic Accounts
ROLLING RESERVE: Sometimes required for very high risk.
Company Website BBB Accredited Google Map
Phone: 1-877 493-4622
Humboldt Merchant Services
HBMS has been serving merchants since 1997. Another industry leader, specializing in higher risk merchant accounts, e-cigarette merchant accounts, and multilevel marketing merchant accounts. They are very honest with an A+ BBB Rating with no complains. They run a very tight ship and offer many different solutions, including their chargeback prevention program called Fraud-Cast.
RATES: Typically range from 2.95% - 4.95%
UPFONT FEES: None
ROLLING RESERVE: Sometimes required for very high risk.
Company Website BBB Accredited Google Map
Phone: 1-877 387-5642
Group Iso Merchant Services
GroupISO is a registered ISO of Citizens Bank and Merrick Bank. Company offers high to medium risk merchant accounts, specializing in hard to place merchants. Company has an appetite for risk, if you have a well-polished business model with a strong track record of low chargebacks. Great solution for existing businesses within a hard industry type. Company recently rolled-out their new Merchant Funding Program is you need capital.
RATES: Typically range from 2.95% - 4.95%
UPFONT FEES: None
ROLLING RESERVE: Sometimes required for very high risk.
Company Website BBB Accredited Google Map
Phone: 1-800 722-4476
PaylineData Services LLC
PaylineData, a Pineapple Payments company, offers industry-leading technology and products to power killer payment experiences. Our omni-channel solutions provide options for businesses across all industries and sizes, from startups to large caps and tailored to suit your individual needs. Unlike other payment vendors who focus primarily on their bottom line.
RATES: Typically range from 2.95% - 4.95%
UPFONT FEES: None On Domestic Accounts
ROLLING RESERVE: Sometimes required for very high risk.
Company Website BBB Accredited Google Map
Phone: 1-800 887-3877
Netcom Pay Systems
Netcom PaySystems is a registered ISO of Citizens Bank and Fifth Third Bank, offering medium high-risk ecommerce solutions. Solution for mid-risk ecommerce webmasters with no gateway set-up fee, no pci compliance fess, and no termination fees. The company offers great value for medium risk business types. Extremely straightforward and helpful customer service.
RATES: Typically range from 2.35% - 3.95% ( Medium Risk )
UPFONT FEES: None
ROLLING RESERVE: Very Rarely Required
Company Website BBB Accredited Google Map
Phone: 1-800 875-6680
Conclusion:
Getting a merchant account is always a challenge but qualifying for one when you are in an industry listed as undesirable, prohibited, or even unacceptable, you will surly be pulling your hair out. We compiled this list to save you sometime and hopefully get you approved quicker. Call any of the companies above for assistance. Keep in mind that these companies are not “Magical Houdini Experts”, as many times it may simply be impossible to get you approved.
You should anticipate paying a premium on your rate, as these types of accounts always come at a cost. Further anticipate a “Rolling Reserve Account” attached to your account to protect from chargeback losses. A pre-agreed percentage of your sales will roll into your reserve account and they will be held by the processor to cover any losses incurred by the processor, for your failure to cover your chargebacks. This protection extended to a processor is many time a pre-requisite to them taking risk on your account.
We hope this information helps you in finding the best high risk merchant account for your business.