Friday, December 10th, 2021
Are you seeking help with the best high-risk merchant account providers? How can you choose from among so many options out there? Who can help you make the right choice for your business?
Businesses With Bad Credit
Your business may be tabbed as high risk because of several factors. These may include a higher rate of chargebacks, vulnerability to fraud, the location of your business, your bad credit, or your history of bankruptcy. The higher the risk, the harder it’ll be for you to get access to merchant services, including business funding and a merchant account.
So, if you’re a high-risk merchant, you should apply to a high-risk payment processor. High-risk merchant accounts are significantly more expensive as compared to low-risk ones. So, make sure to look for the cheapest possible rates in the industry when applying. Also, shop around to find a merchant processor that doesn’t shy away from hard-to-approve businesses.
E.g., Square and Stripe might stay away from businesses deemed high risk. Sometimes, these payment giants remove merchant accounts without prior warning. Fortunately, you can work with a reliable payments comparison specialist like BestPaymentProviders.com that can help you with the best high-risk merchant account providers.
Best Payment Providers US is focused on terms, complaints, and integration of processors. Besides, Best Payment Provider US reviews all the details concerning payments processing companies so you can find the best deal for your financial needs.
Best High-Risk Merchant Account Providers
Since it can be rather challenging to find the right high-risk merchant account service provider, you should carefully consider all the related factors. Let’s go through the top 5 high-risk merchant account providers:
1. eMerchant Broker
- Best for many high-risk businesses that might have difficulty finding a merchant account, such as online CBD businesses
- Contract length: Standard 1–3 years, unspecified auto-renewal
- Cancellation fee: $295–$595
- Chargeback protection: Integration w/fee
- Payment types: eCommerce, card-present (limited), virtual terminal (w/fee), mobile payment (w/fee)
- High-quality customer support
- Honest sales practices
2. Durango Merchant Services
- Best for online sellers, including international or offshore
- Contract length: Month-to-month, 3 years for very high risk, 1-year auto-renewal
- Cancellation fee: 0
- Chargeback protection: Yes
- Payment types: card-present, eCommerce, mobile payment, virtual terminal (w/fee)
3. Host Merchant Services
- Best interchange-plus pricing for hard-to-place businesses
- Contract length: Standard 1–3 years
- Cancellation fee: $0 for qualified merchant accounts, otherwise $250–$500
- Chargeback protection: Yes
- Payment types: card-present, mobile payment, eCommerce (w/fee), virtual terminal (w/fee)
4. SMB Global
- Best for chargeback monitoring and management
- Contract length: Expect standard 3 years, unspecified auto-renewal
- Cancellation fee: $500 (Standard for high-risk merchants)
- Chargeback protection: Yes
- Payment types: card-present, eCommerce (w/fee), mobile payment (w/fee)
5. Soar Payments
- Best for an instant quote and automated application process
- Contract length: Standard 2 years, 1-year auto-renewal
- Cancellation fee: $495
- Chargeback protection: Integration w/fee
- Payment types: card-present, mobile payment, eCommerce (w/fee), virtual terminal (w/fee)
Best High-Risk Merchant Account Providers for Bad Credit Merchants
If you need a high-risk merchant account, you should find a reliable and convenient payment processor. This may seem frustrating. Thankfully, there are payments comparison experts that can help you get the best for your business needs.