High Risk Merchant Account Canada

Need Canadian payment processing solutions for your high risk merchant account?

PayKings can offer businesses that are considered high risk credit card processing options that are compliant with Canadian payment processing laws and regulations.

High Risk Payment Processing in Canada

If you’re a merchant selling or looking to accept payments from Canadian consumers, you need to know how to seek high risk Canadian payment processing solutions in a way that won’t get your merchant account frozen or shut down. In Canada, there are legal protections for consumers centered around credit card payment processing. This means the popular payment processors in Canada like PayPal, Stripe, will shut down your merchant account once your customers start filing for chargebacks.
When you look for a Canadian payment processor that will provide you with a high risk merchant account, they need to know the ins and outs of the Canadian laws and regulations that dictate credit card processing in Canada. The experts at PayKings are well versed in international and Canadian payment processing regulations and the intricacies of high risk payment processing industries. We can help secure your high risk merchant account for Canadian payment processing at good rates and are compliant with Canadian laws.

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High Risk Businesses in Canada

There are a few factors that payment processors and acquiring banks look at when accessing risk in payment processing. The leading cause of getting your merchant account shut down by an aggregate payment processor are consumer credit card chargebacks. Customers file for chargebacks for many reasons, but there are a few industries that are known by payment processors for having higher than average consumer chargeback instances. For example, eCommerce businesses are high risk due to the credit card fraud that results from data breaches and by its very card-not-present nature. Recently, the production, use, and sale of marijuana and cannabis products were legalized in the entire nation of Canada. In other places around the globe, marijuana and cannabis remain illegal. The varying international laws and regulations around the cannabis industry make getting credit card payment processing solutions for marijuana products bought and sold in Canada a challenge. Canadian businesses and dispensaries that sell products such as marijuana, CBD, and hemp need to seek high risk payment processing solutions in order to accept credit card payments.

High Risk Merchant Account Canada

A high risk merchant account is, in the simplest terms, a bank account set up just for your business. When a customer purchases something from Canada, or from your Canadian eCommerce or retail store, their credit card transaction is processed and approved through a payment gateway and ultimately deposited into your merchant account. Low risk processing industries rarely need to be concerned with what services they choose to process their credit card payments because they have fewer instances of consumer chargebacks. High risk businesses, on the other hand, do because once those chargebacks start getting filed, your merchant account will get shut down by the popular processors.

When a customer files a chargeback, the acquiring bank (aka the credit card organization like Visa, Mastercard, etc.) refunds the customer the funds directly. The acquiring bank, will then, in turn, penalize the merchant for these funds. This could mean higher processing rates, or worse, a closure of your merchant account with no access to the funds therein If you do business in Canada and have had your merchant account frozen or shut down, you need to seek high risk payment processing services and a Canadian high risk merchant account. A dedicated, Canadian high risk merchant account is a merchant account set up just for you and your businesses payment processing needs. PayKings has over 20 relationships with acquiring banks and understand the intricacies of high risk payment processing in Canada and will work on your behalf to negotiate the best rate on your Canadian high risk merchant account.

Don’t Miss Out on Canadian Business

Start with the right merchant account, payment gateway, and payment processor that can handle your high risk Canadian payments without getting interrupted. PayKings will provide you with a free quote on your high risk merchant account Canada. Get started today.

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