Businesses in high-risk industries often face unique challenges when it comes to payment processing. High-risk industries include sectors like adult entertainment, travel, online gambling, CBD sales, and subscription-based services. Traditional payment processors often avoid serving these businesses due to increased chargeback rates and regulatory concerns. However, specialized high-risk merchant account providers have stepped in to fill the gap.
This article highlights the features and benefits of some of the top high-risk merchant account providers to help businesses make a more informed decision.
What Makes a Merchant Account Provider High-Risk?
Before comparing providers, it’s important to clarify what makes a merchant account “high-risk.” High-risk account providers cater to businesses deemed risky by traditional credit card processors due to the following factors:
- High incident rates of chargebacks or fraud.
- Industry classification (e.g., adult, gambling, or subscription services).
- High transaction volumes or irregular sales.
These providers specialize in mitigating risks, providing solutions tailored to businesses with these characteristics.
Best High-Risk Merchant Account Providers
1. PayKings
PayKings is one of the most widely trusted high-risk merchant account providers. They serve businesses across over 25 industries classified as high-risk, including nutraceuticals, travel, and firearms.
Key Features:
- High acceptance rates for high-risk industries.
- Fraud prevention tools to reduce risk exposure.
- Scalable solutions for businesses with high transaction volumes.
PayKings is favored for its strong customer support and willingness to work with industries rejected by other providers.
2. Durango Merchant Services
Durango Merchant Services specializes in offering tailored solutions based on the unique needs of each high-risk business. Their consultative approach sets them apart from competitors.
Key Features:
- ACH payment solutions in addition to credit card processing.
- Integration with eCommerce platforms and a wide array of shopping carts.
- Competitive fees as compared to traditional high-risk accounts.
With their flexibility and international processing capabilities, Durango is a valuable option for businesses aiming to reach a global audience.
3. SMB Global
SMB Global is another notable provider catering to high-risk merchants, especially those operating exclusively online. Their expertise lies in helping online businesses with international clientele.
Key Features:
- Multi-currency payment support.
- Customized tools for chargeback mitigation.
- Partnering with global banks to ensure approval.
Their streamlined workflows make them an excellent choice for startups and growing businesses exploring high-risk industries.
4. eMerchantBroker (EMB)
eMerchantBroker has a strong reputation for its quick approval process, even for merchants facing multiple declines. They serve industries like CBD sales, collections agencies, and travel industries.
Key Features:
- Chargeback management solutions, including real-time tracking.
- Easy integration for online stores and mobile payment systems.
- Approvals as quickly as 24–48 hours.
eMerchantBroker’s primary selling point is its focus on reducing chargebacks while offering a user-friendly experience for merchants.
5. PaymentCloud
PaymentCloud is an excellent all-rounder option in handling high-risk accounts. They focus on customizing merchant accounts according to business-specific requirements.
Key Features:
- Easy approval processes for new merchants.
- Free integration with most payment gateways.
- A highly competitive fee structure for startups.
By offering a balance of affordability and reliability, PaymentCloud is an ideal choice for businesses with less experience navigating high-risk scenarios.
How to Choose the Best Provider for Your Business
Here’s what to keep in mind when selecting a high-risk merchant account provider:
- Industry Compatibility: Ensure the provider has experience with your type of business.
- Fees: High-risk accounts often come with higher fees. Compare processing rates and chargeback fees across providers.
- Fraud Protection: Look for providers offering robust fraud prevention tools like encryption, PCI compliance, and chargeback mitigation.
- Customer Support: Assess the responsiveness and professionalism of their customer service teams to avoid unnecessary disruptions.
By carefully balancing fees, features, and compatibility, you can choose a provider that meets the unique needs of your business.
