Know about the 7 Best High-Risk Merchant Account Processors For 2022
High-risk merchant account processors in 2022 are in big demand because of the uncertain international economy in the past few years. Business owners from the risky industry now need to work on foolproof business plans. After so much loss in the last three years, the businesses especially the high-risk ones cannot bear to have any further loss. Merchant accounts are vital for a smooth commercial operation and also the safety of money transactions.
Here is a list of the best high-risk merchant processors in 2022 –
Host Merchant Services
With a standard contract length of 1 to 3 years, this merchant service provider has a 0$ fee for the qualified merchants otherwise $250–$500 according to the industry. If you look for chargeback protection then YES it does provide that on multiple payment methods. Get mobile payments, card-present payments, virtual terminal, e-commerce payments, and ACH that is Automated Clearing House are available. The merchant service provider is considered good for the small businesses that have the caliber to perform well in the coming years.
Durango
If as a high-risk merchant account seeker, you are looking for a peaceful and hassle-free merchant account solution then Durango is your answer. Get a high-risk merchant account even if your existing account has been terminated or rejected. Businesses with a low credit score can also contact this merchant account processor. Accept diverse payments with multi-currency payments. Get timely help in case of any technical issue in a transaction. The merchant account provider is available 24×7 with its team of professionals.
EskayPay
It is another name that all high-risk merchant account seekers should know. This merchant account provider also provides payment gateway services and credit card processing. It deals with clients from all high-risk industries including casinos, online gaming, IPTV, adult entertainment, etc. The merchant account provider is known for providing speedy transaction service. It has a vast network of acquirers and it can connect you to multiple merchant accounts providing acquiring banks. In short, you can easily end your search for the 7 Best High-Risk merchant account processors for 2022 because it is a reliable name.
Soar Payments
This merchant account provider offers minimum industry pricing and provides instant online quotes with an affordable per transaction fee. It has a vast profile that includes merchants from many high-risk industries. Antiques and collectibles, catering, fantasy sports, hotels and lodging, ammunition and firearms, glassware, health and beauty, martial arts, and much more. The application process of this merchant account provider is simple. Just apply online, get your instant quotes in a few minutes, and once approved start accepting payments. It can be a good choice if you are looking for top high-risk merchant account options.
CorePlay
It can be unfair to you if we miss to include this name in the list of best merchant account processors in 2022. Merchant accounts for every industry are available here which is why this account provider is popular.
It has three prime categories of merchant accounts:-
1) High-risk merchant accounts
2) low-risk merchant accounts
3) Moto merchant accounts
The company provides speedy approval decisions to the merchants and is known in the industry for its transparency. It nullifies the challenge and struggle of choosing the right high-risk merchant account or the right PSP. It also has a strong chargeback management strategy that you can rely upon.
SMB Global
Minimum 3 years of contract with auto-renewal facility, this merchant account provider is also significant for high-risk merchants. However, the company may change its policy on the contract length that you can come to know through conversation. Month-to-month subscription is also possible and the cancellation fee is $500 for every industry. It provides chargeback protection and the payment methods are – Ecommerce (w/fee), mobile payment, card-present, E-check, and ACH.
CARDMAX
The merchant account provider introduces itself as the ‘future of online payments, which sounds right because its merchant account solutions are futuristic. It has internal banking solutions, a multi-bank set up to avoid delays in transactions, and ensures industry-leading approval rates. It is among the fastest-growing companies that provide innovative payment solutions. The industry-based customization helps the merchants get the desired and practical solution for all of their business requirements. The guarantee of the safe landing of the money transactions to its destination whether it is a payment, a chargeback, or currency conversion, makes CARDMAX an icon.
Conclusion
The above-mentioned options are suitable for merchants from all sorts of high-risk industries. They have multiple features in their merchant account solutions and you should feel satisfied with any of them. However, the given list is just like a suggestion based on the industry research, the final decision always depends on the discretion of the merchant. But one thing is important to understand here. No matter how good is the merchant account provider, you should always try to control your chargeback and other business issues. It is because your business gets faster approval for a merchant account if the acquirer notices that you efficiently control your business.
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