The Best High-Risk Payment Processing Companies of 2024

The Best High-Risk Payment Processing Companies of 2024

While we’ve made a lot of advancements in payment processing in recent years, many high-risk businesses still struggle to find the right payment processing provider who can cater to their high-risk needs.

Despite the struggles and obstacles that come with operating a high-risk business and accepting payments for that business, choosing a payment service company that’s able to cater to your business-specific needs can enhance several operational aspects of your business and ultimately impact your long-term success.

These include:

  • Transaction efficiency

  • Reduced rejection rates

  • Improved customer satisfaction

Careful, though. Choose the wrong payment processing company to work with, and those could quickly turn into massive issues like upset customers, payment processing inefficiencies, and more that could ultimately lead to a significant loss in revenue.

That’s why we’ve taken a look into some of the service providers on the market today, their pros and cons, and answered questions that’ll guide you through the process.


A Quick Word About High-Risk Payment Processing

Businesses considered high-risk are typically associated with a higher chance of fraud, chargebacks, high-value goods and services, and the hard-to-navigate regulatory environments of the industries they fall under. Industries that are mainly classified as high-risk include:

  • Adult

  • CBD/Cannabis

  • Gambling

  • Cryptocurrency

  • Tobacco, Vape and E-cigarettes

  • Travel

The biggest challenges? Businesses dealing in high-risk trades often face the challenge of finding a payment provider willing to take on the perceived risks. Some of our very own merchants have found us after having their account shut down by a provider due to the unexpected changes that come about in high-risk sectors. 

We were forced to switch from our previous acquirer due to some policy changes. So, we were on the lookout for a new provider who would, first and foremost, offer us the needed guidance in the on-boarding process. After working with PayFasto we’ve been able to avoid excessive downtime that comes with the dynamical regulations in our industry.

Max Staples PayFasto

On the other hand, adult merchants we work with have come to us with problems that stem from the scrutinization of the trade.

One of our leading adult merchants had their accounts suspended because of their quick growth. Hence, they were on the lookout for a more reliable and sustainable provider who wouldn’t minimize their reach.

Our previous providers weren’t dependable nor sustainable enough to support our website through our growth. We kept getting declined by bank after bank because we were growing quickly in a very high-risk field. We were searching for a payment provider that’s attentive, supportive, and solution-oriented. PayFasto’s team helped us find a sustainable solution and equipped us with several options. Our experience working with them has been fantastic. They’re quick on their feet and their proficiency in the field is incomparable.

What’s the Best High-Risk Payment Processor in 2024?

Our aim at PayFasto is to, first and foremost, tailor every merchant’s experience with us to their specific needs. We believe that in order for us to succeed, we have to do everything in our power to help our merchants succeed.

To do that, we’ve used our years of experience to help analyze the different characteristics of each and every business we have ever worked with and put it into practice through the tools we acquire our merchants with.

Based on those insights, we’ve created all-inclusive high-risk merchant services that include:

  • Card processing

  • Banking

  • Crypto processing

  • APMs

  • Local payment methods

  • E-wallets

  • Hosting for high-risk sites

  • Mass payouts

  • Six payment gateways integrated with over 300 acquirers worldwide

All modern prevention tools are available with a PayFasto high-rish merchant account, including chargeback prevention, chargeback alerts, fraud prevention and screening, 3D secure, token storage, card updater, and network tokens.

Customized support is at the forefront of our services, too. We are available 24 hours a day, 7 days a week. Reach us through WhatsApp, Skype, Slack, Telegram, or your preferred channel, and we’ll be there to help you out no matter the time of the day.

In addition, we value transparency and honesty. Combine this with our knowledge and you have a winning package for any high-risk merchant.

We offer a very open pricing structure, which will always be approved on your end before we enter into a cooperative relationship.

That’s why we’ve broken down the following fees for you:

  • MDR: Percentage fee per transaction that’s deducted immediately from the funds prior to being released to your main bank account, IC++ (interchange), which means that the card scheme and card issuing bank take their cut

  • Authorization fee: Acquiring fee per transaction to either approve or decline a payment

  • Refund fee: Fee per refund that’s initiated from the merchant side to reimburse a purchase

  • Chargeback fee: Fee caused by a chargeback that has gone through, as a chargeback can be prevented

  • Rolling reserve: “Involuntary” savings that are collected over time to cover unexpected costs in case of collateral damage like bankruptcy, etc.

  • Transaction fee: Fee per transaction on the high-risk gateways side, which occurs on approved and declined transactions

  • 3DS fee: Fee to activate the use of 3DS on transactions, which is mandatory in EU

  • Set up fee: Start-up fee charged before the solution provider takes on a deal if it’s deemed riskier than average OR a setup fee which will be charged after getting your merchant account approved by the acquiring bank

  • Monthly fee: Recurring fee for the high-risk gateway services, including activation, monitoring, and maintenance

  • Dormancy fee: Fee charged after 3 months of inactivity on the merchant’s side

Extra tools that can be added, if needed, include:

  • Fraud screening: Fee for extra fraud prevention tools that go through every single transaction to pick up on patterns and prevent fraudulent activity

  • Chargeback alerts: Fee for alerts that give the merchant the opportunity to stop the chargeback from happening by refunding or resolving disputes at the root

A series of lock icons connecting digital devices to a central POS system, illustrating encrypted payment processing for high-risk businesses.

Tips for Choosing the Best High-Risk Payment Processing Company

Before settling on a high-risk payment service provider, it’s important to really understand your needs, depending on what industry you’re in and which region you operate from, as well as those of your target audience.

Remember, the likelihood and process of getting approved for a high-risk merchant account are more situation-specific than anything else in payment services.

In general, the following factors include the main points every business should consider when selecting a high-risk payment processor.


Security First

Clients of high-risk establishments (really any business) want reassurance that their data is in safe hands. They’re aware of the main risks and the common cyber threats, so being able to guarantee that everything is handled with care and caution can be game-changing in terms of reach and customer trust

Some of the tools we’ve incorporated into our operations at PayFasto to help you tend to those customers’ needs include machine learning tools that surpass human capabilities when it comes to monitoring payment patterns, for example.


High Approval Rates

A high-risk service provider’s approval rate reveals the number of transactions the service provider has been able to authorize and approve successfully.

So, a proven track record with a positive rate can give great insight into how well the provider could aid your business’s transaction processing and growth. 


Clear Fees and Contract Terms

High-risk accounts typically come with higher fees due to the complications and, well, higher chance of risk. The fees included are often less negotiable as well, which makes pricing a huge factor when comparing different high-risk payment processors.

People want to be paid immediately, so it’s important to consider the contract terms when researching different providers. Each industry, region, and acquirer sets different fees which often also depend on a business’s history. Generally, the standard payouts are weekly with a 10% rolling reserve.


Great Customer Support

The customer support capabilities of a payment service provider are often overlooked and underrated.

When operating in a high-risk industry, though, a fast and knowledgeable support team can totally transform the future of your business. In such trades, unforeseen issues need to be addressed promptly and head-on.

The support team at PayFasto, for example, consists of six experienced and eager payment specialists who are happy to assist with any doubts or matters round-the-clock.

PayFasto is more responsive and offers better support than competitors in the space offering high-risk payment processing solutions. We try to restrict the industries we work with so we can ensure we're truly knowledgeable about the select few we do business with.


Easy to Use & Integrate

Integration and ease of use of payment services can greatly enhance the operational side of a business as well as enhance the customer experience.

Third-party payment platforms that are easy to use will likely increase the number of customers who finish purchases. 

At PayFasto, that’s why we work with six different integrated gateways, and we’re building our very own CMS to make our merchants’ lives easier.

The CMS will enable our customers to access their own dashboard to have a clear overview of their volumes, transaction processes, processing fees, and payment terms, among other features.

The issue is that every single developer that each merchant works with views integration documentation differently. That's why our goal is to continue developing in-house dashboards and platforms that are easy to navigate and understand.


Get Started with PayFasto

The best way to go about this process is by carefully assessing all of your top choices. Consider your business’s specific needs and circumstances and try to pick a high-risk payment processor who’d be able to cater to those needs. 

PayFasto is a leading solution provider that helps merchants around the world and offers all-inclusive merchant service packages along with competitive pricing. “High risk, high reward” is the motto we live, breathe, and work by.

For high-risk merchant account and payment gateway solutions from one of the best high-risk payment processing companies, get a free, no-obligation quote for a high-risk merchant account and payment gateway here.

We’ll review your business information and get back to you ASAP.

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There are years of industry experience behind our high-risk merchant guides and tips...