There’s an obvious division between high risk and low risk merchants across the entire commercial landscape — and it’s really no secret. For instance, you could take your low risk business anywhere and get almost instant approval for merchant accounts, payment gateways, loans, and more. Try the same with a high risk account, and providers will have you jumping through hoops before they even consider approval.
But for as ‘unaccommodating’ as these services might seem, there are a select few that have risen to the occasion to provide professional, polished, and effective solutions for business in high risk industries. And here, we’re talking about the 7 best high risk payment gateways you can partner up with to streamline your digital payment collection options.
In the realm of payment processors, Authorize.net is often considered the ultimate choice for both low and high risk merchants. They provide two main options for clients hoping to streamline their payment processing facilities. The first is an all-in-one solution that includes a merchant account and a payment gateway. The second is the gateway-only service, for merchants that already have a merchant account.
Their holistic solutions combine security, convenience, and control to give you comprehensive tools that cover all of the bases. Some of their features include virtual terminals, mobile payments, simple checkout, automated recurrent billing, a customer information manager, phone payments, and eChecks, to name a few.
All of these can be integrated to existing shopping carts, allowing you to experience their streamlined service without having to perform a complete overhaul on your website.
Do note though that since they are pretty well established, and because their tools and features are particularly comprehensive and individualized, Authorize.net charges slightly more than your average high risk payment gateway. Nonetheless, you might be able to get their services at a discount if you set up a merchant account with someone else and then get the gateway service-only package.
Established in 2011, PayKings has slowly but surely cemented its reputation as one of the most reliable payment gateways for high risk merchants in the modern world. They’ve partnered up with a number of trusted merchant service providers available, allowing them to deliver a range of services that incorporate features that are more technical and specialized.
Since they work with high risk merchants, PayKings is mainly focused on providing services and support that focus on security and chargeback prevention. They have robust fraud and chargeback protection features that help to minimize the risk for businesses and protect their merchant accounts from sudden and damaging closure or freezing.
In terms of the cost of their services, PayKings doesn’t charge either set-up or application fees, which is definitely a plus. And while they list 2.49% as their rate on their website, they indicate that this is the lowest they’ll go. This means that higher risk merchants will likely have to pay much more. To get a better idea of how much they actually charge, it would be best to contact them directly.
Based in Austin, Texas, and operating since 2021, Easy Pay Direct works with some 60,000 clients, making it one of the most prolific payment gateways in the industry. Their primary product — called the EPD Gateway — is compatible with every merchant account provider you might know of. So you can avail of their service even if you’ve already got a merchant account set up.
While they also cater to low risk merchants, Easy Pay Direct mainly markets their services to high risk merchants operating in industries like hemp, CBD, kratom, neutraceuticals, travel, payday loans, subscriptions, and more. Their gateway solutions provide tools like POS systems, wireless terminals, mobile payments systems, and fraud and chargeback prevention facilities.
Charging a fee of $99 for account set up, Easy Pay Direct makes up for the application charge with their reasonable charges. Of course, again, they use a tiered fee system, so what you see on their website might not be the fees you get for a high risk merchant account. But nonetheless, their rates are relatively lower.
You really can’t go wrong with a high risk payment gateway like Payment Cloud. Considered a veteran in the industry, Payment Cloud works with all sorts of merchants but has gained significant popularity among high risk merchants looking for streamlined, polished, and reliable solutions that integrate easily with various shopping carts for small businesses.
It’s worth pointing out that Payment Cloud doesn’t perform all of its services in-house. However they do partner up with some of the most prominent providers on the scene, so you can be sure to get top-class service and support with their range of payment gateway services that includes features like customer information management, recurrent billing, and fraud protection.
What really puts Payment Cloud at an advantage over its competitors is the fact that they offer excellent customer support services that keep you in the loop no matter what the issue. Their personnel is highly accessible, letting you get prompt resolve for various payment processing issues that might negatively affect your sales.
These guys have an extensive network of backend payment processing partners that allows them to provide payment gateway services for anyone and everyone. Generally, however, most of their solutions are tailored for online businesses, so you might not find the comprehensive list of features you need to support your brick-and-mortar needs.
Compatible with over 175 different shopping carts, SMB Global’s features can easily integrate with whatever eCommerce storefront you might have already set up. They’re also known for their reasonable contract terms that help clients take full control of their payment gateway services and terminate contracts without having to worry about steep penalties and termination fees.
Their flexible contracts keep your best interest at heart and keep you from having to pay unreasonable penalties for most things that others would charge for.
Perhaps the only downside with SMB Global is that they’re not entirely transparent with their fees and rates. Of course, that’s not something that’s unique to the provider. But even then, their non-disclosure makes it difficult for prospective clients to map out future expenses when signing on with the payment gateway provider.
If you’re tired of having to wait hours to get your customer service requests addressed, then Durango might be the guys for you. Offering payment processing services to mostly high risk merchants, Durango provides dedicated account managers that respond to concerns and allow customers to get the prompt resolution they need to keep accepting digital payments.
Durango has worked with countless merchants during their time, and they’ve developed something of a fool-proof system that allows them to cover all of their clients’ concerns from convenience to security. Their range of payment processing solutions also comes at a fair price, so you can get the features set up for your storefront without having to worry about exorbitant recurring expenses.
Easy to integrate with most shopping carts, Durango offers client-friendly solutions that simplify and streamline the user experience. Compared to any other provider, they offer the best contract terms that aim to keep clients comfortable and confident that they won’t find themselves in a tight spot down the line.
While they might not be quite as popular as the other options on the list, Soar Payments has built quite the reputation for itself over the course of the past few years. One of the reasons for that is because they’ve developed such a rapid application and approval process that automates most of the steps to get you on board much faster than any other provider.
Soar Payments has found a way to automate and streamline their price quoting facilities so you can get accurate estimates for the fees and charges you can expect for your business. And because their rates are pretty reasonable, most of those who try the instant quoting feature mostly decide to sign on without hesitation.
The provider offers various hardware options, eCommerce integrations, chargeback management, fraud protection, and eCheck processing, to name a few. And if you run into any issues with their products and services down the line, you can expect to get prompt customer support by reaching out to their hotline.
It’s no simple task to find the right high risk payment gateway for a business that’s got a lot riding on it. These technologies are essential to the success of any venture, and choosing the wrong provider can make it difficult for you to grow your business and expand your reach.
Fortunately, even high risk merchants aren’t left without a choice. These options deliver excellent service and promise to help you improve your business with payment processing and gateway solutions that are designed specifically for high risk merchants. Just make sure you take the time to shop around, read the contract terms, and compare providers to get a better idea of who can truly meet your needs.
