Top Considerations When Picking a High-Risk Payment Processor

Tuesday, January 25th, 2022

When looking for a high-risk payment processor, there are a few things to consider before making your final decision. You want one that is credible, has a good reputation, and can help you grow your business.

The right high-risk payment processing company will help you get paid faster and allow you to expand your business through online payments. 

7 Considerations When Picking a High-Risk Payment Processor

Look for these factors when searching for a high-risk payment processer:

1. Relevance to your sector

You want to find a company that has been around for several years and has served businesses in your sector longer than anyone else. 

2. Reputation

This is very important because it will set companies apart from each other. You want to find a service that others have recognized as one of the best processors. 

3. Payment Speed

The speed at which you get paid by customers is essential in running a scalable business and taking your company to the next level.

4. Fees and costs. 

One huge difference between processors is their fees and costs. Ensure that you know exactly what you will be charged, from setup fees to monthly and transaction fees. If any charges seem too high, ask about them and why they are necessary.

5. Are there special requirements? 

Some processors will require that you have specific security measures in place before they work with you — like PCI compliance or even a physical address in the United States. If you meet their standards, they may offer discounted rates, but they may not work with you at all if you don’t.

6. Are there restrictions on which customers you can accept?

You might not be able to accept customers from specific countries or those who have recently been involved in a chargeback. If you do accept them, expect higher fees associated with the additional risk.

7. Do they offer discounts based on volume? 

Discounts are certainly lovely, but if you’re bringing in only small-ticket items, it’s unlikely to make up for the increased processing fees associated with being high-risk.

Final Words

Do not rush the selection process when choosing a service provider. If possible, write down a checklist of the factors that matter most to your business and double-check each element before committing to a service.