What is Considered a High Risk Business Merchant Account?
A high-risk merchant account is a payment processing account for businesses that traditional payment processors classify as high risk. High risk refers to a higher probability of chargebacks or fraud relative to more traditional businesses. Additionally, criteria like transaction size, industry, sales model, and order fulfillment timeframes can influence whether or not a given business is classified as high risk.
Unfortunately, once a business is classified as high risk, securing payment processing can be costly or even completely out of reach with traditional financial institutions. That’s where TailoredPay comes in: As a high risk payment processor, we have relationships with banks and industry expertise that enable us to provide your high risk business with the payment processing services it needs.
Is Your Business High Risk?
Who Needs a High Risk Merchant Account
High Risk Business Types Includes:
How Long Does It Take To Set up a High Risk Merchant Account?
The average approval time for a U.S. merchant account with TailoredPay as your high-risk merchant services provider is between 2 and 3 business days. Occasionally, the underwriter might request additional information. This can extend the timeframe for new account approvals, but typically only adds another 2 days onto the process, if you submit the information promptly.
What are the High Risk Merchant Account Fees?
It’s true that high risk merchant accounts generally come with higher fees than low risk accounts. However, you can get reasonable rates that enable you to retain more of your profits if you know what to look for. Additionally, the lower the reserves a provider requires the more cash flow you have available for your business.
How Can TailoredPay Help
As your high risk merchant processor, we help you secure payment processing so your business can grow and thrive.
TailoredPay |
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Digital application process |
Approvals within 48-72 hours |
No setup fees |
Wide range of industries accepted |
Focus on high-risk merchants |
Chargeback prevention system |
Traditional Providers |
---|
Digital application process |
Approvals within 48-72 hours |
No setup fees |
Wide range of industries accepted |
Focus on high-risk merchants |
Chargeback prevention system |
Your Reliable Payment Processing Solution
At TailoredPay we’re high risk merchant account and payment processing experts that have our clients’ best interest in mind. Our carefully selected range of online and virtual payment gateways are ideal for high risk businesses of all shapes and sizes.
Get in touch today, and find out how TailoredPay can help your business succeed.
High Risk Merchant Accounts:
Frequently Asked Questions