High-Risk Pay is a payment processor that offers a number of services for storefront businesses. It advertises payment gateway and virtual terminal services at rates starting at 2.95% plus $0.25 per transaction. The monthly gateway fee is $10. For a business with a small volume of sales, this may be more cost-effective than using a full-fledged payment gateway.
High-risk payment processors protect businesses from fraud
High-risk merchant accounts allow high-risk businesses to tailor payment scenarios and terms to their specific needs. These accounts also allow high-risk businesses to sell products around the world. Many high-risk merchant accounts offer multiple currencies for customers to pay in. High-risk businesses may have a history of chargebacks or a reputation for being controversial.
Several industries are high-risk, including those that offer gambling and adult entertainment. These industries often have a high rate of chargebacks, which are usually the result of returned, canceled, or fraudulent claims. As a result, banks and credit card networks are often forced to recover the money. This is not a good situation for financial institutions, so many will decline to offer accounts to high-risk businesses.
While there is no perfect solution for each business, a high-risk payment processor can help protect your business from fraud by offering better rates and terms than a regular merchant account. While some variables are out of your control, you can take steps to improve your credit score and decrease the number of chargebacks that occur.
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They charge higher fees
When choosing a high-risk payment processor, be sure to read through the contract carefully. The fees and rates associated with this type of merchant account are higher than typical merchant accounts. You should monitor your account regularly and ensure that it is secure. Moreover, avoid any payment processor that doesn’t offer transparency.
High-Risk Pay offers various per-transaction rates, ranging from 1.79% plus $0.25 to 9.95% plus $0.50. However, high-risk merchants should note that the company only lists qualified rates for all types of merchants and does not mention the non-qualified or mid-qualified rates. Despite these minor shortcomings, High-Risk Pay rates are still competitive when compared to other high-risk payment processors.
High-risk payment processor High-Risk Pay also offers payment gateway and storefront services. Its virtual terminal rates start at 2.95% plus $0.25 per transaction. However, there’s a $10 monthly gateway fee.
They offer competitive rates
High-Risk Pay is a company that provides a wide range of payment processing services. It is not affiliated with any single acquiring bank and is headquartered in Ladera Ranch, California. The website lists a variety of per-transaction rates that vary depending on the merchant’s location and type of business. The company also provides information about its processing history and whether it has been the subject of any public complaints. It also has several independent sales representatives.
If you’re interested in a high-risk payment processor, make sure you look into its fees. Some providers charge a monthly or annual fee, as well as a PCI fee. Others may also charge a fee for early cancellation, so be sure to read the fine print. Also, look into their chargeback rates. You should make sure that the high-risk payment processor only charges you for transactions that occur on your website or through their app.
When choosing a high-risk payment processor, look for competitive rates and flexible payment forms. A high-risk payment processor should also be transparent about its pricing and payment conditions. If your business is complex, it should be able to customize a payment form specifically for your business.