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The past years have witnessed a massive rise in digital payment methods, such as debit/credit cards. It has become vital for merchants to provide such services for a smooth business. But for that, you need a merchant account provider. If you are a high-risk business owner, it can be challenging for you to find one.
In such cases, high-risk payment processors come to the rescue. In this post, you will know some popular companies that provide end-to-end payment services and ensure customer satisfaction.
List of Payment Providers for High-Risk Merchants
Here is a list of the most popular payment providers in the market.
1. Payment Cloud
Here are some of the things to know about Payment Cloud payment processors.
- Payment cloud is one of the most popular payment processors specializing in providing high-risk businesses approved for a merchant account.
- It guides all the application processes and provides multiple backend processors to ensure the lowest prices for their consumers.
- Some popular low-risk payment processors, such as Dharma Merchant Services and Stripe, usually refer their clients with high-risk applications to payment clouds.
- They provide all primary payment types, such as debit card, credit card, and automated clearing house payments (ACH Payments)
- Although the pricing is not public, its existing users say that the prices are reasonable. You should visit the official site and follow the process to get a price quote from the company.
- The company does not charge any setup fees, application fees, and annual fees.
So here is a summarized list of the various features of the payment cloud.
|Things people love||The missing features|
|Excellent Customer support system||No price disclosed|
|No extra cost for account set-up, application process, etc||Some users face difficulty in navigating the site.|
|Free credit card terminal||There is a possibility of high fees if your business does not have a high risk.|
|Good review by the public|
2. Durango Public Service
Here are few things to know about Durango Public Service
- It is one of the best and oldest high-risk payment processors. The company is known for their excellent customer support, fair prices, and honesty.
- Like Payment clouds, Durango also does not provide the details of rates or fees on its website. It depends on quoting price according to the service required.
- One of the best features offered by Durango is offshore merchant processing. That means, if you want, they can set up a merchant account for you outside US-based banks and processors.
- Another popular service by Durango is personal account manager. It ensures a high-level service which is not possible with random group representatives.
- Durango supports its eCommerce clients through the Durango Pay payment gateway. That includes all security features and standard payment methods to run a safe business.
We present here a list of the pros and cons of Durango Public Service
|Offshore account for international clients||Prices are not publicly available|
|Economical pricing and fair contract terms||Might face problems when the manager is not available|
|Provides mobile card reader||Sometimes charge early termination fees|
|Personal account manager|
|Secure processing with Durango Pay gateway.|
|Has high approval rates|
3. Host Merchant Services
Here are facts about Host Merchant Service
- Host Merchant primarily focuses on low-risk businesses. However, it incorporates some high-risk categories.
- Its full range of services and products with interchange-plus-only pricing makes it one of the most preferred service providers if you get approved.
- Host merchant services are ideal for businesses in the eCommerce sector. Its backend processor is TSYS merchant solutions.
- Besides, the clients have a choice between Authorize.Net, transaction exchange gateway, and other third-party gateways.
- The company provides 24/7 customer support that attracts a lot of attention from merchants.
Here is what you get and what you miss if you are a client of Host Merchant Services.
|What you get||What you miss|
|Mostly early termination fee is zero||Chargeback protection tools are limited|
|The setup or application fee is zero||The pricing might look more to a small business owner|
|No limit on monthly minimums||Sometimes, early termination fees are required.|
|Great Customer support|
|Many direct eCommerce and POS integration.|
4. SMB Global
Here are some things to know about SMB Global
- Unlike most other service providers, SMB offers payment processors to various businesses, such as the travel industry.
- Its top-notch customer support system and fair prices garner a lot of love and appreciation from people.
Here is a list of the pros and cons of SMB Global services
|Excellent chargeback support||Does not have a mobile application|
|Offshore merchant processing is available||No public prices|
|Economical pricing and reliable contract terms||An Early cancellation fee for high-risk merchants.|
|Offers great customer support||Do not contract with CBD vendors.|
|Offers service to a wide range of industries|
|More than 175 shopping cart integrations|
5. Soar Payments
Here are some facts to know about Soar Payments:
- Its competitive pricing attracts low-risk and high-risk merchants.
- They are focused on eCommerce services.
|Offers Custom Pricing Quote||Work only with US-based merchants|
|Automated application process||Charges early termination fee|
|No application fee|
So, this was the list.
Payment processors are a great help for business owners, particularly high-risk ones. Besides, they save the efforts and time you put in for merchant account approval. Payment processors ensure that your business transactions work smoothly. They also protect from fraud.