Operating a business classified as “high risk” can be challenging when it comes to accepting payments. High risk merchant account high riskpay com may struggle to get approved for traditional merchant accounts through banks and face higher processing fees. This is where high risk merchant account providers like HighRiskPay.com come in.
HighRiskPay.com specializes in providing merchant account services tailored for high risk businesses. They claim to have a 99% approval rate and offer competitive rates.
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But how does HighRiskPay.com truly stack up for high risk businesses? This review will provide an in-depth look at the company’s services, fees, and reputation to help you determine if they are the right fit as your high risk merchant account provider.
Overview of HighRiskPay.com
HighRiskPay.com is a subsidiary of HRP processors, a payment processor focused on serving high risk merchants. The company handles the underwriting process and sets up merchant accounts for high risk businesses struggling to get approved through traditional banks.
Some of the industries they specialize in include:
- Adult businesses
- CBD and hemp businesses
- Cryptocurrency companies
- Debt collection agencies
- High ticket sales
- Nutraceuticals and supplements
- Online gaming/gambling
- Online pharmaceuticals
- Tech support/telemarketing
- Travel clubs
In addition to merchant accounts, HighRiskPay.com offers payment gateways, POS systems, check verification services, and more. Their goal is to be a one-stop shop for the payment processing needs of high risk merchants.
According to the company, they have over 15 years of experience working specifically with high risk businesses. They claim to take the time to understand each business model and can customize solutions.
HighRiskPay com Features & Services
The core service offered by HighRiskPay.com is high risk merchant accounts. Their merchant accounts allow businesses to accept payments from all major credit cards including Visa, MasterCard, AMEX, and Discover.
Their underwriting team works to secure accounts for hard-to-place businesses. They claim to have a 99% approval rating.
Merchant accounts are available for brick-and-mortar, ecommerce, mobile, and mail order/telephone order (MOTO) businesses.
HighRiskPay.com offers its own payment gateway to authorize credit card transactions for online businesses.
Their gateway includes a virtual terminal, shopping cart plugins, and integrates with popular third-party software like Quickbooks.
For retail stores, HighRiskPay.com provides POS system solutions. They offer countertop, wireless, and pay-at-the-table POS hardware and software. Their systems allow for EMV chip card processing.
Businesses can sign up for check verification and guarantee services to minimize risk from bad checks. HighRiskPay.com verifies checking accounts and can guarantee checks up to $25,000.
Some of the other services offered include:
- High risk shopping carts
- Fraud screening
- Chargeback management
- Interchange-plus pricing
- Consolidated merchant reporting
- Dedicated account manager
Their underwriting team will assess each business to determine eligibility for these services.
HighRiskPay.com Fees & Rates
High risk merchant accounts come with higher processing costs associated with the increased risk level. Here are some details on HighRiskPay.com’s fee structure:
- Account Set-Up Fee – $495 one-time fee to establish merchant account
- Monthly Minimum Fee – $100 minimum to maintain merchant account
- Discount Rate – Interchange-plus pricing; rates start around 3.0% plus interchange
- Per Transaction Fees – $0.10 – $0.25 per transaction
- Chargeback Fee – $25 per chargeback
- Early Termination Fee – $495 if account closed within first year
- Gateway Fee – Payment gateway pricing not readily available
Rates are customized for each business based on their risk level, average order value, transaction volume, and more.
HighRiskPay.com’s fees are fairly typical for a high risk specialist. Merchants should expect to pay higher rates compared to low risk businesses.
HighRiskPay.com Contracts, Cancellations, & Terminations
HighRiskPay.com does require a merchant account agreement contract for all new sign-ups. Standard contracts are 3 years, but 1 to 2 year terms may be available.
To cancel, merchants must provide 30 days written notice. If the account is terminated within the first year, a $495 early termination fee will be charged.
HighRiskPay.com can terminate accounts at any time if the business violates the terms of service or exceeds chargeback thresholds. This is standard policy for high risk merchant providers.
HighRiskPay.com Reputation & Reviews
HighRiskPay.com appears to have a mixed reputation based on reviews available online:
- Trustpilot – 1.8 out of 5 stars based on 13 reviews
- Consumer Affairs – 1.5 out of 5 stars based on 29 reviews
- BBB – B+ rating with 2 complaints closed in last 3 years
The most common complaints relate to sudden account terminations, difficulty reaching customer service, and unexpected fees.
However, it’s important to note most online reviews for high risk merchant account providers tend to be negative. Their services are high-touch and customers are often unsatisfied when accounts are terminated or fees are higher than expected.
Considering their focus on extremely high-risk industries, HighRiskPay.com’s reputation appears on par with competitors such as StaxPay and PayKings. Merchants seem split on whether they deliver adequate customer service or not.
HighRiskPay.com Customer Support
HighRiskPay.com provides customer support via:
- Phone – Available 24/7
- Email – Typically respond within 12-24 hours
- Live Chat – Limited hours (9am – 6pm EST)
Response times for inquiries may vary. Some merchants have complained of poor customer service, while others report quick resolution of issues.
Overall, their customer support options seem standard for the high risk space. Merchants may need to be proactive about following up on issues.
Is HighRiskPay.com Recommended for High Risk Businesses?
HighRiskPay.com delivers on the core offering of providing high risk merchant accounts with fair and transparent pricing. Their approval rates appear solid and they integrate necessary services like payment gateways.
However, merchants in extremely high-risk industries should be prepared for sudden terminations and have backup processing options available. Customer service responsiveness also seems hit or miss based on reviews.
For high risk ecommerce businesses with an established history and reasonable chargeback rates, HighRiskPay.com could be a good option worth evaluating.
But newer companies or those with significant chargeback problems may struggle to maintain accounts long-term. More customer service focused providers may be a better fit.
In summary, HighRiskPay.com merits consideration especially for ecommerce businesses selling regulated products (e.g. CBD, supplements). But merchants should go in with proper expectations around customer service and potential account terminations.
Frequently Asked Questions
Q1. What types of high risk businesses does HighRiskPay.com specialize in?
HighRiskPay.com specializes in providing merchant accounts and payment processing services to industries like adult entertainment, CBD, cryptocurrency exchanges, debt collections, gambling sites, high ticket sales, nutraceuticals, online pharmacies, telemarketing, and travel clubs.
Q2. What are the fees for a high risk merchant account through HighRiskPay.com?
Typical fees include a $495 account set-up fee, $100 monthly minimum fee, transaction fees around 0.10 – 0.25 per transaction, interchange-plus pricing for discount rates, and a $495 early termination fee if the account is closed within the first year.
Q3. Does HighRiskPay.com offer a payment gateway?
Yes, HighRiskPay.com has its own payment gateway that integrates with platforms like Quickbooks, WooCommerce, and Shopify. It allows for online credit card processing.
Q4. Can HighRiskPay.com help businesses that have been rejected by other providers?
HighRiskPay.com claims to have a 99% approval rate for high risk merchant accounts. Their underwriting team works to get accounts approved for merchants rejected elsewhere. But the highest risk businesses may still struggle to get approved.
Q5. How do I cancel my HighRiskPay.com merchant account?
Cancellations require submitting 30 days written notice. You may be charged a $495 early termination fee if closing the account within the first year. HighRiskPay.com can also terminate accounts at any time per the terms of service.
HighRiskPay.com is a legitimate option for businesses requiring a high risk merchant account. Their approval rates are strong and pricing is competitive.
However, customer service inconsistencies and sudden terminations are concerns based on reviews. More patient, service-focused providers may be a wiser choice for certain high risk businesses.
Ultimately, HighRiskPay.com is best suited for established ecommerce merchants selling regulated products like CBD. But the highest risk merchants should temper expectations and have backups ready.
Use this review as a starting point, but conduct some additional research to determine if HighRiskPay.com is the right high risk merchant account provider for your business. Carefully compare their pricing and services against other top providers like StaxPay and PaymentCloud.