The Best Time to Seek Out a High Risk Merchant Account

July 31, 2019 | High Risk Merchant Account | PayKings

In the complex world of payment processing, getting approved for a merchant account can be tricky, especially with those types of businesses that are considered high risk. While many companies are categorized as high risk, there are so many business owners that don’t even realize that they need a high risk merchant account, a few of which would include: online dating, the adult entertainment industry, medical marijuana stores, CBD oil, online gaming communities, automobile dealerships, and vape companies.

If your business has been recognized as needing a high risk merchant account, it is very likely that you will have difficulty finding a company to provide you with the payment processing services that you need so that you can continue to serve your customers and grow your business.

If traditional banks and aggregate payment processors like PayPal and Stripe have declined your application, it might be time for you to seek out a high risk merchant account.

Here’s how you know it’s time:


This may be the easiest way to understand whether it is time. Why? If you’re a high risk retailer, it goes without saying that you will absolutely need a high risk merchant account. If you’re not sure you fall into this category, click here for a full list of high risk industries, and say farewell to the challenges of trying to work with a traditional or aggregate payment processors.

That said, starting a business within a high risk industry isn’t a terrible thing. These industries aren’t the sketchy storefronts or prohibited stereotypes that many have presumed.

Essentially, different payment processing companies have different ways of determining the degrees of risk. Industries that need a high risk merchant account, are prone to fraud or chargebacks, and also those that have profit margins that are lower are frequently the ones that qualify for a high risk merchant account.

For all these reasons, seeking out a high risk merchant account that will ensure your financial  success is paramount.


If you are a high risk business, conventional payment processing companies will be a whole lot more difficult to strike a deal with. Sometimes the reputation of an industry can have these other banks and aggregate payment processors closing their doors to you. Applying for a high risk merchant account with a payment processor who specializes in working with high risk businesses is the ideal option.

High risk merchant account payment processing providers know what you are going through and understand how to best help your company reach its goals. Because reputable companies like PayKings are so experienced in this arena, you won’t find any jumping to conclusions, or making assumptions. They will work with your specific business type to create a solution that is unique to your needs, one that is secure, and beneficial for everybody involved.

Working with a high risk merchant account payment processing provider is your best option. When you find that you can’t strike a deal with traditional banks and aggregate companies, it will become very clear that a high risk merchant account is the route you need to take.


Chargebacks can result in your company being categorized as high risk, so in the event that you experience a hefty number of these, a high risk merchant account payment processing provider is absolutely the right choice for your company (and often times, your only option).

When a credit card is stolen, for instance, the credit card provider of the customer will begin to investigate the transaction for any suspicious activity. This contributes to a chargeback that provides the client with the amount of money spent to be refunded for the fraudulent purchase. However, this money comes out of the company’s earnings, even though service or the product was provided.

If this situation happens frequently (which it typically does with high risk businesses), traditional providers will avoid working with you, which means that you’ll need to find a payment processing provider that specializes in high risk merchant accounts with chargeback protection.

Needing a high risk merchant account should not keep you from finding the most reliable payment processing provider that will offer the lowest rates and are focused on helping your business grow.

Know what to look for and which questions to ask, so that your search for the best possible high risk merchant accounts will be a breeze. Our experienced team at PayKings have a wealth of experience helping merchants to better understand their options and are able to offer you a high risk merchant account that can be up and running in as little as six hours.

Contact us today with questions regarding any of the topics discussed in this post or to set up a high risk merchant account.

July 31, 2019 | High Risk Merchant Account | PayKings