It’s virtually impossible for eCommerce merchants to do their business without having enabled as payment type the credit or debit cards. Before you can take “plastic,” you need a payment processor who acts as a liaison between you, banks, and credit card networks. Lots of financial service providers do business exclusively with low-risk merchants, who they see as a low risk investment. That means businesses considered high-risk will have a very poorr selection of potential processors 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.
Do your Due Dilligence: If you Google »merchant account services«, you’ll most likely be overwhelmed by the results showing all the different providers for accepting card payments, either for ecommerce, MOTO, or High Risk merchants. It is important that you know who are you applying with. First, you need to find out if you’re applying for a Direct MID (merchant account directly with the acquiring bank) or Aggregate MID or Payment Facilitator MID (more merchants share a single MID). Try to get the answers to following questions: Are you working directly with the acquiring bank or a middle-man Payment Service Provider company (PSP)? Where is the provider and acquiring bank based? Are they EU/UK regulated Financial Institution and have their own PCI compliant gateway? Do they already process payments for other businesses in your niche? Can you find any complaints online?
Host Merchant Services is a Newark, Delaware-based merchant account provider that is well-suited for most general business types as well as domestic high risk merchants. The company’s products and services include point-of-sale solutions (with specific packages for the restaurant, salon, professional service, and contractor sectors), online marketing tools, an online payment gateway and virtual terminal, mobile credit card processing, gift and loyalty programs, merchant cash advance, and offshore merchant accounts. Host Merchant Services specializes in e-commerce businesses and provides a free website and email address to new merchants who require them. The company has received exclusively positive feedback on public forums, with most reviewers singling out the company’s customer service for praise.
Payment gateway for high risk business in 2019. This is a popular subject as more countries open up to new products. High-risk merchant accounts are a group 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 bad. But in some scenarios, it can be your only option. We have been writing about various aspects of the high-risk merchant account market for many years and have most likely touched on most, if not all, of the most decisive problems. Here are some more guides on high risk merchant account services. See more details at High risk merchant account fees.
Billing itself as a “new kind of service provider,” T1 Payments offers flexible underwriting, easy application process, flat rates, and expert support–all combined into a state-of-the-art solution with dedicated end-to-end service. We used all of the high risk credit card processors, to be able to compare and a strong pick is iPayTotal. They cover all business types, have a huge experience in the field, fast customer support and low fees.
Standard terminal leases run for four years and are noncancelable, meaning you’ll have to buy out the remaining months of your lease if you close your account. Note that some providers offer a “free” terminal with your account. Be wary of this and read the fine print. While this offer might work out if you only need one terminal, you’ll often end up paying a higher monthly account fee (i.e., the terminal isn’t really free), and you could also be locked into a long-term contract with a hefty early termination fee. Don’t accept a magstripe-only card reader!
iPayTotal can help you in understanding and create your high-risk merchant account and guide you through the underwriting procedure followed by the bank while onboarding an application. Regardless of whether you require a start-up merchant solution, a subscription account, a pharmacy merchant account, a travel merchant account or set up an offshore merchant account, iPayTotal can help you set up with lowest rates and no hassles for your high-risk businesses.
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