Payment processing

The High Risk Business Owner’s Guide to Payment Processing Solutions

Running a high risk business is challenging, whether it’s due to your industry (e.g., car dealership), poor financials, or your probability of dealing with chargebacks. Sometimes trying to grow such a business can feel as though you’ve started off at a disadvantage, especially where payment processing is concerned. You might feel as though hard cash is your best (or only) option, but you know deep down you’re losing out if you cannot offer electronic transactions.

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With the amount of plastic being thrown around (as well as phone apps) these days in payment processing, Canada is just one example of how countries are turning into cashless societies. Over 50 percent of Canadians are ready to ditch banknotes and coins, and two-thirds want to give up cheques. Your high risk business can’t afford to miss such a large portion of potential customers.

It can seem complicated at the outset to find suitable payment solutions for a high risk business, which is why we’ve put together a handy guide for you. Check out our steps to finding an ideal solution below.

Personalized Solutions

Look at your business and account for its unique needs, such as the ability to process faster transactions or perhaps the need for heavy-duty security for credit card payments. Often, high risk merchants don’t consider whether a merchant account provider can design a personalized set of solutions. Merchant services aren’t one size fit all. If you want to avoid costly (and downright confusing) monthly statements, you should have an idea of what solutions suit your business best.

Different payment processing solutions come with different rates. If your business requires card-present terminals, for instance, you’ll be dealing with interchange and interchange plus rates per each transaction. Online solutions will have you dealing with fixed rates since there’s no card-present transaction involved.

If a merchant services provider doesn’t offer customized solutions for your business and only focuses on package deals, be wary. Ultimately, you’re looking for solutions that optimize your customer service, which will drive more sales. Only open a merchant account once you’re sure you’ve secured options that work for you.

Security and Compliance

All-inclusive plans also come with an important feature for every high risk merchant—security. When you apply the plan’s 2.1-percent rate to your monthly credit sales volume, you get up to $1,000 protection from chargebacks. Whenever there’s a disputed charge, your provider will ensure your revenue isn’t affected by the auto-debit that occurs during a chargeback case.

As the owner of a high risk business, you must ensure you’re not only secure but compliant with your payment solutions. If you decide card-present terminals are the way to go, for example, make sure the provider you’re working with is Payment Card Industry Data Security Standard (PCI DSS) compliant. If your business is found to be lacking in compliance, it can spell disaster for your business both financially and reputation-wise.

You have enough worries regarding reputation and growing your business as a high risk merchant. Assure your payment solutions are customized, affordable, and secure.


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Matt Moore

As the President and Co-Founder of BNA Smart Payment Systems, Matt is responsible for the company’s strategic direction, daily operations, and growth. Entrepreneurial by nature, he brings a wealth of sales and marketing experience earned from over 36 years in business. He has developed, implemented, and directed international sales and marketing strategies, established strategic alliances with international companies, and demonstrated leadership in the electronic payments market. Prior to BNA, Matthew served at the senior levels of major EFT/POS companies, helping them increase sales and optimize customer service. Matt is also a father of three, a fitness enthusiast who does power lifting and CrossFit, and he enjoys weekends at the cottage.

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