An online payment processing is the most important requirement of any business that works with websites.
Running a business that falls into the high-risk category is not easy— whether your high-risk merchant account rest on on your probability of managing a high ratio of chargebacks or your mediocre financials.
Sometimes trying to grow your business and look for the right high-risk merchant account can feel as if you have started out wrong.
You may think that hard money is your only or best alternative. However, you need to know that you’re missing out big-time if you cannot offer a high-risk credit card payment processing. In general, your business can’t stand a large number of clients and sales.
In order to process credit card payments, you will need a payment processing service or the right merchant account.
However, it can be difficult to find the right payment processing solution for your business need with your best interest in mind and offers low rates. Especially if you are under the high-risk umbrella.
But, what exactly it means to be a high-risk business?
There are many things that define a high-risk business.
It can be an industry notorious for high rates of returns and chargebacks. It can be a business with high costs such as airline tickets and timeshares. Offering subscription-based services or products such as magazines or online dating.
It may also be any business that presents a higher risk of fraud. Or simply the nature of the business itself such as adult business, online gambling, and online pharmacies.
And although a high-risk business usually points out to the business itself, it can also point to the business owner themselves. For instance, those with particularly bad credits are also classified as high-risk.
However, it is important to note that a business deemed high-risk by a processor, may not be by another. Unfortunately, there are no one industry-wide standards that can identify one business as a high-risk while clearing all others of this designation. It’s incredibly subjective and can only be based on several factors.
The Challenges of Obtaining A High-risk Merchant Account
Each processor and banks have their own method of classifying business. However, when working with a high-risk merchant account, there are some challenges than you might face.
You can experience extra frustrating processes in order to obtain a merchant account services. You can also be limited to only a particular number of transactions every month. Most of the time, processors and banks require you to have a certain amount of cash reserves. Also, high-risk merchant accounts have higher fees as well as processing rates, unlike the normal business.
You will also experience lots of denied applications, especially if you have a business classified as high-risk due to its nature— for instance, adult business, vape and e-cigarettes, and online gambling business.
Not only that, high-risk merchants are not usually accepted for normal credit card processing solutions. Thus, you will need to fin processors and acquirers specializing in high-risk merchant services that are ready to accept the high liability and risk associated with such businesses. They are called “high-risk payment processors”.
Benefits of High-risk Merchant Account
Despite the alarming risks of a high-risk merchant account, there are some benefits you can get— even if you need to extra fees and go through added frustrations in processing merchant accounts.
You will have more payment acceptance options. While low-risk businesses can only collect specific kinds of revenue via credit cards, a high-risk merchant has fewer limitations. This means that they can:
- Process higher sales volumes for special sales and launch events
- Offer recurring payments
- Sell a broad variety of services and products
- Ability to internationally offer their products and services
With high-risk merchant accounts having fewer restrictions, they can reach their goals for a global expansion than low-risk business.
Now the key here is choosing the right merchant services providers and payment processing partners.
iPayTotal Ltd. — Your reliable High-Risk Merchant Account Provider
In need of a merchant account for your high-risk business, but don’t know where to start?
Worry no more!
Choose iPayTotal and you will have a reliable high-risk merchant account that will satisfy your customers and bring in more profits for your business.
iPayTotal helps merchants that fall under the high-risk category to easily and quickly acquire a payment processing solution for their high-risk business at an affordable rate. As a matter of fact, we primarily serve those high-risk businesses. Our high-risk processing services include a reliable online payment gateway, chargeback dispute resolution, merchant cash advance, ACH processing, and MOTO processing facility.
iPayTotal is available to accept any applications from a high-risk business on a case-to-case basis including:
- Collection Agencies: Must have 2 years of history and required to submit taxes as proof of processing at least $75,000 annually.
- Adult and Emotional Contents: Must have 3 – months of payment processing statements with the company name showing total sales, returns, refunds, and chargebacks.
- Credit Repair: Must have a minimum of 3 – 4 months of good processing history.
- Tobacco and tobacco paraphernalia: Should not have any references or any links to marijuana and marijuana-related directories or websites
- Nutraceuticals: Should have 3 – 4 months of payment processing history
- Negative Options marketing: Forbidden from including free trials.
As with other high-risk industries, particularly multi-level, negative option marketing, credit repairs, CBD selling, and technical support, we suggest that initially consult us through Skype or phone to talk about possibilities and options.
After a couple of inquiries, we should have a better understanding of your business and provide you with an accurate and reasonable assessment.
Personalized Payment Processing Solutions
Here at iPayTotal, we offer a payment processing solution after fully understanding your business’ particular needs. Whether it is for the interest of complete security or the capacity to process transaction, we only provide the best solutions for your high-risk business.
In simpler terms, we essentially help you open a high-risk merchant account which only incorporates to all the choices that work for you and your business.
All-Inclusive Pricing Plans and Payment Processing Compliance and Security
The pricing for a payment processing solution for the high-risk merchants is where things get confusing and problematic. However, with iPayTotal it doesn’t have to be.
We offer an honest pricing plan based on your business needs. There will be no hidden fees, so rest assured that we only provide you the services for the amount you paid.
In addition, an all-inclusive plan is backed with safety and compliance. We will guarantee that your revenue will not be affected at whatever point there is a disputed chargeback. We are also compliant with the PCI DSS or Payment Card Industry Data Security Standards. This is to prevent any damage to your business’ reputation or finances.
Payment Gateway Solutions
Maintaining a seamless checkout experience is a must for your business as well as for your security. And with iPayTotal, we offer high-risk payment gateway solutions that provide over 175 online shopping cart integration for stress-free connectivity with most online shopping cart providers.
In addition, for businesses looking for a customized and more flexible gateway solution, we have a developer-friendly APIs that allows you full customization and authority in accepting payments.
International Credit Card Processing
iPayTotal also supports global online payment processing. We provide reliable online payment processing for online businesses to accept payments globally from their customers.
International merchant accounts are the payment solutions that give online businesses the ability to accept credit card payments from customers around the globe. And with an international merchant account, you can process and accept payments with over 160 currencies.
Most online businesses outside Europe and the US have difficulty in finding the right international merchant account. This prevents their business from expanding and having a global presence on the internet.
As a result, an online business will reach a plateau in their sales, being unable to process multi-currency transactions. Put it simply, without an international merchant account, the ceiling for an online business is rather low.
Offshore VS. Domestic Merchant Accounts
Domestic merchant accounts are the bank in your country providing the settlement services for a transaction. Domestic merchants have quick funding times (usually 1 – 3 business days) and with relatively lower rates than offshore accounts.
Meanwhile, an offshore (international) account means that a foreign bank is responsible for the settlements of transactions. Offshore accounts have the advantage of accepting payments in numerous currencies while helping you reach a global clientele.
Since international accounts offer more benefits than domestic accounts, the pricing is also higher. As the interchange may vary between industry to industry and country to country, most offshore accounts have a monthly fee ranging from $20 – $50 with a requires of –month rolling reserve of 10 percent from the processing.
International Merchant Account From iPayTotal
Grow your business and reach new clientele and markets via multi-currency online transactions. Here at iPayTotal, we have a range of real-time payment processing solutions which allows you the chance of expanding your business around the world into new countries and regions as well as earning more profits through a single integration with a secure and powerful platform.
If you’re located outside the US and would like to accept credit cards in your country, iPayTotal offers merchant services and credit card processing for international merchants.
Here at iPayTotal, we specialize in high-risk merchant accounts and offering payment processing solutions to a wide variety of industries, anywhere in the globe. The same solutions are available for international merchants including mobile payments for the on-the-go businesses, online payments for the online business and other retail solutions.
Our international banking partner understands the merchant acquiring business and can manage your funds, settling directly with you. Each banking partner operates within the guidelines of major brands such as American Express, MasterCard, Visa and more.
We do not just help you get started. We also serve as your advisor for the life of your merchant account.
In addition, some international merchant account providers can charge you from $500 – $1,000 for applying. But with us, your application is completely free!
And we even offer you an application checklist for your international merchant account to get you started. The quicker we receive the required documents for your application, the faster we can have you for processing.