What is High Risk Merchant Account?
A High Risk merchant account is a type of account, approved by a bank that allows businesses to accept credit or debit card payment from their customers.High-risk merchant accounts are a subset of services that allow businesses to accept card payments from customers.This face limited choices in processors, plus higher fees and stricter contracts. Being labeled as high-risk sounds bad. But in some scenarios, it can be your best option.
Examples Of High Risk Merchant Account
- First Of All Casinos, Gambling, or Gaming come under high risk. Because, these games are popular all over the world. But, there is also high risk in casino and gambling. It may give profit or loss.
- Secondly, all mobile networks give unlimited calling. So Telemarketing, Calling Cards, VoIP has become high business.
- In the same way it has high risk because calls charges are high. People convert to the other network.
- Pharmaceuticals, Online Drug Providers also come under high risk.
- Adult Entertainment, Dating Services can ban any time. Because it is illegal in some countries.
- Travel, Accommodations, Ticketing Agents are high risk business and in the same way ,this business has high profits. It depends upon seasons.
- Credit Repair/Debt Reduction Counseling
How do IPG Approves High Risk Merchant Account
- High-risk merchant account can be tricky, but it’s not impossible.
- First of all, getting an merchant account is not so simple as well as not even impossible.
- There are some steps to follow to apply for high risk merchant account.
- After this, IPG charges very less amount of money comparing to others.Then, they inquiry from the customers acquiring bank about previous business history,volume, frauds, duration of the time.
- Finally they will approve your application form.
- When it comes to setting up a payment gateway for your high risk business. We know how crucial it is to perform your job without concern.Anyhow, we review three such providers below, and give you our pick for the best high-risk provider.
- Our API is easy to use, enables merchants to process consumer payments. It is easy to integrate.
Talk To Our Expert Now
We are dedicated to value our customers more than they demand. IPG wants to be the game changer for the high risk businesses. At IPG, we make it our agenda to ensure that your business can process credit card payments with a high-risk merchant account. We partner directly with numerous banks, specializing in hundreds of different high-risk industry types; all in efforts to get you legitimate approvals and processing solutions. We offer the kind of value and personalized service your business needs to get off the ground and grow. Our support team will work with you to identify the best merchant services and payment products to fit your needs. And, whether you have a question about your merchant account, need help with chargebacks, or have a question about your statement, our representatives are ready to help 24/7.
Frequently Asked Questions
What type of fraud protection is available for high risk merchant accounts?
Sophisticated fraud protection tools are included in every merchant account. You can set the desired level of protection through your payment processing gateway. In addition, services are offered to you help you control and reduce charge backs.
How do you apply for a high risk merchant account?
Applying for a high risk merchant account is the same as applying for a standard merchant account. You fill out an application form and submit supporting due diligence documentation for the acquiring bank.
Is there any set-up charges with IPG or the bank when applying for a merchant account?
The acquiring banks do typically charge a setup fee if you approach them directly. However, we charge very less comparing to others