High Risk Merchant Account - PayKings Payment Processing

High Risk Merchant Accounts

High Risk Merchant Accounts are provided by alternative
PayKings partners and not provided by westamerica bank

High Risk Merchant Accounts and Payment Gateway Solutions

The PayKings team has high risk merchant accounts for businesses with payment processing volumes of $20,000-$100,000,000+ per month. Our gateway services give you access to information regarding your merchant account for high risk business, including individual transactions and batch totals with comprehensive reporting tools. Merchant Payments Acceptance Corp’s end-to-end solution offers flexible products and high risk merchant account services that enable merchants to accept nearly all types of electronic payments including major credit cards: MasterCard®, VISA®, American Express®, Discover®, Diners Club International®, signature debit cards Gift and loyalty cards, and ACH.

Start Accepting Payments today

Apply for a merchant account

What is a High Risk Merchant Account?

  1. A high risk merchant account is similar to a bank account for business owners considered to be high risk.
  2. Factors from credit score to industry type can categorize your business as high risk.
  3. Your high risk merchant account allows consumers to purchase online.
  4. Applying is easy; click to get started.

What Makes a Merchant in Need of a High Risk Merchant Account?

How do you know if your business has been categorized as a high risk merchant and why is it important to make sure you have the right high risk merchant account for your business? Not understanding the difference or the importance could have a detrimental impact on your business.

Businesses that are considered high risk have to know who the right processors are, and those high risk merchant account providers that are willing to process transactions for your high risk business. Reputable companies, like PayKings, are offering solutions to those businesses that need it most. These payment processors are willing to accept the liability for the increased risk associated with those categorized as high risk businesses.

Surprisingly, most merchants who do fall into this class are unaware of it. For a complete list of high risk merchants and to see if your business might require a high risk merchant account, please click here.

high risk merchant account providers

What are the Most Common Reasons a Business might Need High Risk Merchant Accounts?

  • The business is selling products online: This type of service is commonly referred to as Card-Not-Present merchants.
  • The business is in a highly regulated industry: Such businesses involved with selling tobacco or e-cigs, firearms, and alcohol are among a few of the many that would fall in this category.
  • The business is in an industry that a bank may see as a reputational risk: Companies that deal with information technology that might risk stolen customer information could be considered a reputational risk, as are those in any adult industry.
  • The business industry is known for having a high instance of chargebacks or fraud: Merchant accounts that fall in this arena often experience increased chargebacks, identity theft, account takeover, and more; convincing banks to run in the other direction.
  • The business sells products or services on a continuity or recurring billing model: This type of business model brings a lot of chargebacks when clients are billed without consent or remembering they even signed up; too many chargebacks will lead to your account shutting down entirely.
  • The person signing on the merchant account has bad credit: This one is a no-brainer. Banks are less willing to lend funds to those with bad credit which is when a high-risk processing company comes in handy.

Start Accepting Payments today

Apply for a merchant account

high risk industries

Why is it Important to Have the “Right” Payment Processor for your High Risk Merchant Account?

The main reason to make sure you have a merchant account for high risk business when you start is to avoid the chances of your merchant account being shut down. The bank can close your account and hold funds, even without notice. This means you have no way of selling your products or services, it stops all cash flow entirely, and the money from the products or services you sold could be held by the banks for months.

When you start off with the right high risk merchant accounts, you increase the prolonged longevity of the account. The bank’s underwriting or due-diligence does not end after the account has been opened. There is ongoing risk monitoring that is associated with all high risk merchant accounts. So if an account has been opened under false pretenses or the business model is deemed high risk after the fact, expect the account to be closed. Alternatively, starting out with the right high risk merchant accounts betters the odds that the acquiring banks will be more lenient.

The label of high risk merchant isn’t taboo. Factors such as your industry, location, and even the clientele can categorize your business and apply that high risk merchant account label. However, this shouldn’t send you into a panic, just because you may be more difficult to finance, doesn’t mean you can’t get the payment processing your business needs. Many times the approval process can be quick and many companies like PayKings provide free quotes.

How to Get Approved for a Merchant Account for High Risk Business

High risk merchants can improve their chances of getting approved by highlighting the best features of the business. A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring.

Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval.

Finally, high risk merchant accounts should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk.

Recent Reviews

Technology is rapidly changing how people buy and how sellers sell. If you are a high risk merchant, I cannot say enough about what PayKings can bring to your business. They are truly the experts when it comes to payment processing for high risk merchants. They are rapidly growing and taking over this market space. That is clearly due to their subject matter expertise, their well trained and knowledgeable staff, their cutting edge innovation and their desire to stay well ahead of the curve as things continue to evolve. So, bottom line, if you are a high risk merchant in need of payment processing services do not hesitate to check out PayKings. You will not be sorry. I HIGHLY recommend them.
Ann Niewold
Ann Niewold
16:52 09 May 18
I have worked closely with PayKings for 5 years. I have been so satisfied, both with opening new accounts and maintenance with older accounts. I have always found them to be organized, expedient, and honest. To say that many companies in this space are difficult to work with is a severe understatement (most are completely unreliable)... PayKings has proven again and again to be experts in the space who have a true goal in mind of helping their clients achieve their goals. They are professionals with experience. Their expertise was earned through hard work in a very difficult industry.
Mary-Frances Mullins
Mary-Frances Mullins
17:09 20 Mar 18
Are you considered a "high risk merchant"? If so, I absolutely recommend using PayKings for your business needs. They are the leading company in high risk payment processing, with a highly skilled and professional team behind them. You won't regret it.
Stefani Daidone
Stefani Daidone
16:33 09 May 18
If you need a payment processor for your business that's considered a "high risk merchant" then these guys know what they're doing. It's easy and painless to get set up - and then you can get back to running your business without having to worry about your payment processing.
Ryan Trattles
Ryan Trattles
14:30 09 May 18
PayKings are by far the best high risk merchant account payment processors in the game. Professional, highly efficient, skilled at what they do, and knowledgable in everything high risk merchant related. I would recommend them to anyone I know who needs payment processing.
Jessyka Lee
Jessyka Lee
13:48 09 May 18
I have been working with PayKings for about 3 years now. I am completely satisfied and refer this company to anyone looking for a merchant. Their attention to detail, guidance and understanding is above all other merchants I have worked with.
Monse DaSilva
Monse DaSilva
19:24 20 Mar 18
"The Paykings team has been fantastic and helping set us up with merchant accounts, transitioning us from one gateway to another, and implementing recurring billing with account updater. I would highly recommend them to any Mid to Enterprise level company looking for white glove service for merchant processing."
Jeanette Loeb
Jeanette Loeb
13:38 12 Apr 18

Ready to get started?

Start Accepting Payments Today

Apply for a merchant account