High Risk Payment Processing

High-risk merchants often face difficulties in finding a trustworthy payment processor. The application process for high-risk payment processing can be time-consuming and require extra effort. Fortunately, at Shark Processing, we specialize in high-risk payments and can assist you in opening a high-risk merchant account, no matter your industry. Our team of experts is here to support you every step of the way.

What Is High-Risk Payment Processing?

Processing high-risk payments is crucial for businesses that handle online transactions. It ensures that customer payments are processed securely, protecting both the customer and the company. Various payment methods, such as credit cards, debit cards, and other options, can be used for processing. To stay competitive, businesses must use reliable high-risk payment processing companies like Shark Processing that guarantees safe transactions.

How Are High-Risk Payment Gateways Different?

  • Enhanced security measures: To safeguard sensitive client data from potential threats, high-risk payment gateways often have extensive security features and protocols.
  • Stringent verification methods: To assure the legality of transactions and limit the risk of fraud, these gateways frequently feature more robust verification measures for merchants and customers.
  • Risk assessment tools: High-risk payment gateways use risk analysis tools like merchant underwriting to examine real-time transactions and spot possibly fraudulent activity.
  • Comprehensive fraud protection systems: These gateways deploy refined fraud prevention systems that detect and prevent fraudulent transactions using machine learning techniques and artificial intelligence.
  • Higher transaction fees: Because high-risk transactions are deemed risky, these payment gateways may charge higher fees than ordinary gateways.
  • Specialized industry focuses: High-risk payment gateways may specialize in providing specific businesses deemed high-risk, such as online gambling, adult entertainment, or medicines.
  • Chargeback management: High-risk payment gateways typically have strong chargeback management systems to assist merchants in successfully handling and mitigating chargeback disputes.
  • Compliance with regulatory criteria: High-risk payment gateways comply with strict regulatory requirements and compliance standards to ensure legality and transparency in their activities.

What Are High-Risk Payment Processing Features?

Payment processing is more than facilitating payments and ensuring money goes through the merchant’s account. There are a lot of other features that high risk processing companies like Shark Processing offers; some of them are as follows:

Mobile Payment

Mobile payments enable users to transact using their phones and are the newest cashless payment technology. Merchants can receive mobile credit card reader devices from payment processors that customers can use in-store. This enables people to transfer funds without a card.

Simple Checkout

As its name implies, simple checkout is a feature that makes the purchasing process simpler for online customers. With the help of this functionality, retailers may create "Buy Now" buttons that take customers to a streamlined checkout page where they can enter their payment details. Additionally, it serves as a digital call to action that motivates profitable consumer behavior.

Automated Recurring Billing

Automated recurring billing might be helpful for companies that offer monthly services. When customers want to subscribe, you may use this functionality to bill them regularly. Without human intervention, payment processors, like Shark Processing, will automatically charge their linked account and disburse the funds into your merchant account.

Customer Information Management

Customer information management helps to automatically fill up your customers’ order fulfillment forms when they decide to make another purchase. This feature allows you to safely and securely save information such as the purchasers’ names, credit card information, contact information, shipping addresses, and payment method preferences. Additionally, all data is encrypted to safeguard customers against fraud and identity theft.

Fraud Detection

This tool automatically detects possible fraud by analyzing consumer information entered during the purchase. As a result, potentially fraudulent transactions are automatically refused, and both the customer and the merchant receive reports alerting them to the potential risk.

E-Check Processing

Due to its low processing costs, e-Checks are increasingly replacing checks as a favored mode of payment for both consumers and businesses. Giving your customers access to this feature may increase your payment alternatives and serve a broader range of customers.

Shopping Cart Integration

Drag-and-drop shopping carts make web design more efficient and less expensive for small enterprises to launch online stores. This functionality allows customers to make simple payments without affecting their online presence.

What Are High-Risk Payment Processing Industries?

Many industries are considered high-risk due to their higher risk of chargebacks, fraud, and participation with products and services that can be seen adversely. These high-risk industries include:

  • Payday loans
  • Kratom payment processing
  • CBD payment processing
  • Hemp
  • Adult entertainment, products, and services
  • Digital products and vouchers
  • Travel merchant account
  • Tech support merchant account
  • Alcohol
  • Automotive
  • Charter
  • Cryptocurrency
  • Firearms
  • Forex
  • Guns and ammunition
  • Jewelry
  • Nutraceuticals
  • Pharmaceuticals
  • Property management
  • Glass Merchant
  • HHC Merchant
  • Medical Collection Agencies
  • Delta 10 THC
  • Peptides
  • Large Digital Goods
  • Subscriptions

These businesses deserve to enjoy seamless, safe, and efficient payments. That’s why several high-risk payment processors like Shark Processing have taken it upon themselves to cater to these merchants’ needs.

What Are High-Risk Payment Processing Benefits?

Payment Processing services ultimately enhance the shopping experience for you and your customers and help to support long-term revenue growth, and initially enable cashless payments. Here’s why you should only work with the top payment processing gateways:

  • Security – Engaging with a reputable payment processor, such as Shark Processing, can assist in minimizing that risk because they provide strong security features. Security features make buyers feel more secure, especially when experimenting with cashless and cardless techniques.
  • Efficiency – Quick and immediate payouts might help you maintain a regular cash flow. Merchants can accept payments without any hassle because payment processors operate quickly to transmit money and authenticate payments.
  • Variety – Offering consumers various options will help in serving everyone in your target market, even if some payment options will always be more prevalent.
  • Ease – Customer information management, QuickBooks, automated recurring billing, and similar features aim to make payments easier for your buyers and your business.

What Is A High-Risk Payment Processing Fee?

To use a payment processor, the merchant must pay a charge. The price of these fees isn’t fixed, much like other high-risk merchant services offered by Shark Processing. Payment processors decide the costs based on several variables. These comprise:

  • Interchange rates – These are imposed by card providers, including Visa and MasterCard, and can differ from issuer to issuer. The interchange fee covers the expense of potential fraud or chargebacks and the risk that card brands face by accepting the sale. The kind of card you use and how it is used are only two variables that might impact your interchange rates.
  • Merchant account fees – Every payment processed and distributed into the high risk merchant accounts, offered by Shark Processing, is subject to a per-transaction fee by the acquiring banks overseeing these accounts. They may also levy a nominal fee for ongoing maintenance and potential legal conflicts.
  • Payment method – Card-not-present transactions generally carry a higher risk than payments made with a physical card. Any time a payment is made without the card’s presence, fees are frequently substantially greater. Because of this, the payment method affects the processing fees.

How To Choose a High-Risk Payment Processor?

How can you be sure you’re associating with a provider guaranteed to expand your business? You should take into account the following pointers when choosing high-risk payment solutions:

  • List of previous clients – Look through their portfolio and check if any familiar, reputable businesses are on it. Providers like Shark Processing who work with the best high-risk merchant in the industry often have more polished services you can trust.
  • Features and tools – Think about the functions that are most important to you: Is it efficiency, security and fraud protection, or client retention? Then discover what a payment processor may provide to fulfill your needs so you can establish a connection that won’t let you down.
  • Affordable rates – It is true that working with a payment processor costs money. You must ensure you’re working with affordable payment processing services that won’t zap your business dry with outrageous costs, given all the fees they can apply to each transaction they handle.
  • Positive feedback – It doesn’t matter how good a payment processor is if customers aren’t happy with their experience. There are a ton of internet tools that can offer you more information about a provider like Shark Processing based on user-generated feedback.

How To Apply for High-Risk Payment Processing?

Here’s how to apply for high-risk payment processing:

  • Research high-risk payment processors: Begin by looking into and finding trustworthy high-risk payment processors, such as Shark Processing that serve your sector or business type.
  • Prepare your documents –Your provider will ask for several documents to process your government-issued application ID, signed application, canceled check, and three months of bank statements to showcase financial stability. Ask for a thorough list of criteria to ensure you’re ready because this can vary from processor to processor.
  • Fill out the application- Provide all the necessary information thoroughly and correctly in an application form and submit it.
  • Submit your application form and documents – Fill out the application form and send your supporting documents for evaluation. The payment processor, like Shark Processing, will evaluate your business during this period to see if you are a good fit for their service.
  • Review and negotiate conditions: After you submit your application, the processor will review it and may give you terms and pricing. Scrutinize these conditions and, if necessary, negotiate to ensure they meet your company’s requirements.
  • Integration and setup: If your application is approved, the processor will walk you through the integration process and help you set up your payment gateway or API.
  • Test and launch: Before going live, thoroughly test the payment processing system to ensure it functions properly. After successful testing, you can officially launch your high-risk payment processing system.

How Can Shark Processing Help Find The Right Payment Gateway?

Shark Processing can be your ultimate partner for finding the best payment gateway for your company. We guide you through the dynamic world of high-risk payment processing using our knowledge and broad network.

Our committed team knows the particular issues you encounter as a high-risk merchant and will collaborate with you to provide a key that meets your requirements. We have developed connections with recognized high-risk payment processors to give you access to dependable and secure payment channels.

High Risk Merchant Account Faqs

How Does A High-Risk Payment Processing Gateway Work?

The bank uses the information the customer provides when they complete a transaction by putting their card information into the virtual point-of-sale (VPOS) to check that everything is accurate. The bank checks to determine if the buyer’s account has enough money and the information provided is accurate. Once approved, the payment gateway sends the data to the card’s brand so that it may release the money and then arranges for its transfer into the merchant’s account.

Is My Payment Gateway High Or Low Risk?

Aside from the industry, It is dependent on various factors like your average transaction cost, the method of payment buyers usually choose, and your credit score contributes to your risk rating.

How To Find A Reliable Payment Gateway Provider For A High-Risk Business?

When searching for a payment gateway provider for high-risk accounts, look for reputable high-risk merchant account providers. Payment processing companies like Shark Processing are perfect for high-risk merchant accounts as they are experienced in handling high-risk businesses and offering tailored solutions to meet specific needs.

Is My Business In Need Of A High-Risk Payment Gateway?

Any company operating today must maintain a consistent pace with competitors. Sticking with conventional cold, hard cash, and bank transfers can put you behind if most of your competition takes other ways of payment, both online and offline.

High-risk payment processing offers solutions that expand the possibilities for you and your buyers.

Is My Industry Considered Low, Mid, Or High Risk?

Low-risk merchants sell conventional goods and services, with usual transactions costing less than $500. Most businesses within this category deal with apparel, furniture, homeware, bags, shoes, and other predictable goods that usually don’t experience chargebacks.

Factors like dealing in products or services that fall under a legal gray area may be present in the high-risk category and low-risk industries, with the apparent difference being that mid-risk merchants may only tick off a small number of them.

High-risk merchants might meet most if not all, listed criteria. It is crucial to note that soar payments specialize in mid-risk and some specific high-risk industries.

Is There Any Application Or Setup Fee For High-Risk Payment Processing?

The question has no definitive answer as it may vary according to your payment processor. Some payment processors will demand an upfront fee to process your application, but others won’t charge you anything.

Whether you pay the fee at the time of application or after your payment processing facilities are operational, these payment processors will recoup the cost of establishing your account.

How Long Has Your Payment Processing Gateway Been Running?

Shark Processing has had years of experience with various high-risk merchants, offering seamless, polished solutions that make it easier to run your business.

What Currencies Do You Process For High-Risk Payment Processing?

For the record, payment processors accept payments in various currencies. However, their capacity and each client’s needs will considerably impact the currencies they can accept.

Can I Use Any Payment Gateway?

Not every payment gateway suits every business, especially if you’re considered high-risk. To find the best payment gateway for you, look for a reliable payment gateway through Shark Processing, which specializes in offshore business needs.

How Does The Integration Work?

Integration with a payment gateway involves connecting your website and the gateway’s API. This allows for secure and seamless online credit card processing.

Are Your Payment Gateways Secure?

Yes, our payment gateways prioritize security measures to protect sensitive customer data. From encryption protocols to fraud prevention systems, we ensure a secure payment environment for your business and customers.

How To Choose The Right Payment Gateway?

Consider factors like competitive pricing, reliability as a risk merchant account provider, processing history, dedicated customer support, and compatibility with your industry (such as a CBD or vape merchant account). Look for payment gateway platforms like ours that cater to businesses operating in high-risk or offshore environments and accept credit cards.


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