3 Payment Solutions for Your High Risk Merchant Account

If your business has been assessed as high risk, there’s no need to panic. You’ll still be able to find payment solutions that don’t cost you an exorbitant amount of money. What you’ll need is a high risk merchant account and a payment processing company that specializes in offering them.

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Those companies will have payment solutions for your high risk merchant account that’ll allow your business to grow and thrive.

1. Credit Card Processing

Credit card processing is one type of payment solution to consider if you’re a high risk merchant. It’s something that many processing service companies can be wary of if you’re classified as high risk because there’s a larger risk of credit card fraud and chargebacks.

For example, an airline is a high risk company because tickets are purchased for a lot of money online using a credit card. If someone is perpetrating credit card fraud, they could have taken the flight and already arrived in an entirely different country before the airline or the processing company finds out about the fraud.

When you hire a company that specializes in high risk accounts, you’re better situated to start getting credit card processing because you don’t have to have a fear of rejection that you’ll be deemed too high of a risk. The high-risk payment processing company you hire is equipped to handle your business and to help you succeed.

2. Online Processing

Online stores are another payment solution to consider if you’re a high risk merchant account. Many low risk companies also have online stores, but if you’re solely an e-commerce platform, you’re more likely to be deemed high risk because your entire business is processed through credit card transactions, and there’s once again a higher chance of fraud.

However, just because there’s a higher chance of fraud doesn’t mean that having an online store is a bad business idea; it just means you need to partner with a processing company that handles high risk merchants specifically. This type of business will be able to provide you with better security than other processing companies to ensure you’re keeping your risk to a minimum when processing credit cards. This also helps you maintain your good business reputation and keeps chargebacks at bay.

3. Point of Service (POS) Terminals

Another payment solution to consider if you’re a high risk merchant account is point of sale (POS) terminals that’ll help you process customers in store quickly. This is a great solution if your business is a grocery store or a restaurant. Those types of businesses process a high volume of customers, and having slow transaction times isn’t an option if the business wants to succeed. POS terminals allow for either chip reading, the tap function, or swiping.

Payment solutions for high risk merchant accounts are similar to a low risk account. The two main differences between them are the fees that a high risk account has to pay and the security measures that are in place. Partnering with a company that specializes in high risk merchant accounts ensures you have all of the added security you need to protect yourself from fraud and chargebacks. It also ensures that you’re giving your business the best chance to succeed because you won’t be partnered with a payment processor who’s afraid to take you on as an account.

The payment solutions mentioned above are good ones for a high risk merchant account, but you need to figure out what kind of solution you’re looking for and which one fits best with your business.


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James Newman

James brings over 30 years of experience in the telecommunications and merchant services industry to his role as Client Relations Specialist for BNA Smart Payment Systems. With a focus on sales, marketing and client services, the last 10 years have been spent with BNA. He has completed over 2,000 hours of professional business training, including professional sales, solution selling, conflict resolution, appraisal workshop, strategic marketing, and financial analysis. Outside of work, James is almost constantly reading fiction. In direct contradiction to this rather silent interest, he took up the guitar six years ago and regularly, happily, and shamelessly destroys the peace and quiet of his family home.

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