It’s practically impossible for commerce merchants to work without receiving payments from credit or debit cards. Before you can take “plastic,” you have to use a payment service provider who acts as a link between you, banks, and credit card networks. Many financial processors do business only with with low-risk merchants, who they see as a safer investment. That means businesses considered high-risk will have a very small selection of potential payment services to choose from. Any processor you approach will take a careful, detailed look at your business to determine if you fall under their definition of “high risk,” based on the financial risk your company represents.
Rates and Fees: Usually this is the focus point of any merchant account application and the first question you’ll be asking your provider. Please see Rates & Fees and Interchange Rates Explained for more information. You should know that for all EEA (EU/UK) based companies, doing business within EEA, the EU Commission has lowered the interchange fees down to very low numbers (0.20%-0.30%). On top of interchange fees, the Card Scheme Fee and Acquirer/Provider’s margin are added. The most transparent and »fair« way to be charged for your captured card payments is the interchange++ rate model where you can clearly see a breakdown of exact interchange, CSF and margin. Typical rate is Interchange++1.00%; or 2-3% blended.
Instabill was one of the better high risk merchant account providers we came across in our search. Their customer support agents were very clear and forthcoming with information. One thing to note is that Instabill is not cheap. For example, a Tech Support business would need to pay 4.95% + 0.25 plus the interchange fee for every transaction. That is significantly more than what non-high risk merchants charge, and even slightly higher than other companies on this list. However, this is unavoidable in high-risk industries. The reason we were pleased with Instabill’s offer was due to how easy it was to get pricing information in the first place – something that can’t be said for a lot of their competitors. Instabill does not post any of their prices online, since the cost will be highly dependent on the industry and bank involved in setting up the merchant account. However, you can get a quote by speaking with a sales representative and obtain a quote very quickly.
Third party high risk merchant accounts in 2019. This is a hot subject as more countries open up to new services. High-risk merchant accounts are a collection of financial services that offers companies to accept card payments from customers. Credit card processors assign merchants to one of two categories: high risk or low (normal) risk, based on a number of factors. High-risk merchants face reduced choices in processors, plus raised fees and strong binding contracts. Being considered as high-risk sounds terrible. But in some cases, it can be your only option. We have been talking about diverse properties of the high-risk merchant account industry for years and have almost sure reached on most, if not all, of the most decisive issues. Here are some more tips on high risk merchant account. See more info at High risk merchant account fees.
Focusing primarily on high-risk e-commerce businesses, eMerchantBroker claims they approve 99% of all account applications. The company has a positive reputation for transparent customer service and reliable support. We worked with all of the high risk credit card processors, to be able to compare and a very good pick is iPayTotal. They cover all business types, have a vast experience in the business, fast customer support and low fees.
High-risk merchants have essentially the same needs as everyone else when it comes to selecting a merchant account – it’s just harder to find them if you’re in the high-risk category. High-risk retailers are going to want to have access to reliable, up-to-date credit card terminals, as well as possibly POS systems and mobile payments solutions. eCommerce merchants in the high-risk category will need a solid payment gateway, and possibly a virtual terminal to go with it. Integration with online shopping carts is another important feature.
Our National and International Connections with Acquiring Partners gives us the edge to offer Reliable Credit, Debit and Echeck Processing to almost every industry which is considered high risk. No Matter if you are located in USA, Australia, Latin America, EU or Africa. We have the capabilities of getting the right payment processor for your high-risk merchant account. Today, consumers expect to shop for your products or services online, therefore it is vital to offer a secure, convenient online shopping, otherwise, you’re missing out on significant sales revenue. We understand your need to offer a hassle-free solution. We review your business details and select appropriate banking partners amongst our network of acquiring banks and regulated EU payment institutions. For no additional fee, we work closely with you throughout the application process.
IPAYTOTAL LTD
Company Address: 60 Windsor Avenue London, England SW19 2RR
Company Website: https://ipaytotal.com/.
Support Email: support@ipaytotal.com
UK Tel:+44 800 776 5988
US Tel:+1 845 215 4017
Company # 11357725