How to Find the Perfect High-Risk Credit Card Processing Partner Online?

Your business comes under high risk if it has a high chargeback or refund ratio. Most business owners need to be made aware that they are high-risk. They will realize the situation only after applying for a merchant account to carry out the monthly transaction for debit cards and credit cards. These kinds of industries may have age restrictions, legal or other issues.

Some examples of high-risk industries are online gaming, gambling, medical marijuana, nutraceuticals, etc. It isn’t easy to find credit card processing high risk payment providers. It will be challenging if you are on a budget and not interested in paying excessive fees. 

What is a high-risk merchant account?

High-risk merchant accounts support high-risk businesses, whether industry or business practices and have payment processing services. It can help to prevent transaction issues and fraudulent activities. Companies having increased chargebacks and refunds each month may be subject to a rolling reserve on your account.

The following characteristics are responsible for characterizing your business as high-risk such as 

  1. Getting $20,000 or more in monthly sales
  2. The transaction of credit cards over $500
  3. Countries where business is fraud at higher levels
  4. History of poor credit
  5. Frequent chargebacks

Ways to find the high-risk credit card processor

There are several ways available when you search for a payment provider, and it is necessary to do research before selecting one, as it will impact your future finances.

  1. Do thorough research about high-risk payment providers

High-risk merchants have to do good research when they search for service providers. It is essential to select a merchant services provider that works well with other high-risk customers in the same industry. It is generally charged with extra costs in this situation. Don’t go for the payment providers who use predatory, inflated fees when tackling high–risk clients.

To avoid this predatory processing provider, you go through the online reviews and select them. Select a clear, high-quality website to look for a high-risk merchant account provider. A trustworthy website will display the price on the page or give a link to get you a quote. 

The cheap website may show only a limited budget on the part of the payment processing provider that may be converted to poor ease of use and have high fees without any reason if the provider requires to recoup losses. Carefully read the terms and conditions before selecting the providers found on the merchant application, and clear your doubts by asking questions whenever necessary. It will ensure that disappointments go down.

  1. Be open with the merchant service provider

After elaborating on your options and getting a high-risk merchant account, you should be honest with the merchant service provider. You have all the information about your industry and the nature of your business from the beginning onwards; you should let them know. They can only support you if you are true to them, leading to accurate rates quotes.

You have to give the relevant information, such as credit details, financial statements, and merchant account history, whenever there is a need.

  1. Select the service providers that support all your needs

Before selecting the service provider, you have to confirm that they can meet all your needs regarding payment processing. It will allow you to maintain the services you have to work with multiple payment providers. Payment processors should offer the following services, credit card terminals, mobile payment solutions, POS systems, payment gateways, chargeback management solutions, and integrations.

Remember that they should only add these to the base rate for your high-risk business account if the service provider provides them at an affordable price.

  1. Service providers should not demand long-term contracts

As you explore the different payment providers, you may identify that some may demand long-term contracts, especially for high-risk merchants. So you don’t select the service provider they require since one may not know how the business needs may alter. Most merchant service processors lock their merchants into long-term contracts.

The automatic renewal clause may catch you by surprise. You can avoid this by verifying outright about the contract periods and reading the fine print. Moreover, looking for a provider that offers flexibility through month-to-month contracts will be best. Like this, you can change your services if the needs of your business change.

  1. Find a service processor that values service

At least you have to confirm whether the service provider values the service. You have to take care of your company until you sign the contract; this processor provides 24/7 support, troubleshooting, training, and maintenance. You can understand whether they provide service based on the reviews.

  1. Up-to-date technology

Your payment provider should know about current trends in payment and offer an open API. Don’t go with the providers who have outdated websites, excessive downtimes, and a lack of information to meet your business necessity. Onboarding should be seamless, and it needs only days, not weeks.

Things needed to check when partnering with a payment processor

Making a partner with a payment processor begins with an application. It is considered a high-risk application, and more documents are needed to finish the submission. KYC, or know your customer documents, are required by the laws. Here is the list of requirements to submit your application:

  1. Passport or driver’s license
  2. Bank statements for last three months
  3. Processing statements of last three months
  4. Articles of incorporation
  5. Social security confirmation number
  6. Void check

After submitting your application, the processor’s underwriting team will go through it with the help of your documents. If you have furnished all the information clearly, you can get approval within three days or before. All the process needs a couple of weeks to complete. You can speed up things by providing additional documents when the underwriting team requests.


Choose a perfect credit card processor if your business deals with a specific industry, multiple industries, or diverse industries. It will meet all your needs, and no need to face any difficulties with your high-risk merchant account. Be careful of the cost implications when selecting a processing partner online.

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