High Risk Merchant Accounts

Is Your Business Considered “Too Risky” for a Merchant Account?

We Approve High Risk at Leap Payments

What Does It Mean to Be a High Risk Business?

By now, you’ve probably heard the term “high risk” in the merchant service industry. Possibly you’ve heard it from a previous merchant service provider who shut you down, or maybe you’re a new business struggling to get approved elsewhere – but what does it really mean to be a high risk merchant, and why is it so hard to get approved for high risk merchant services and credit card processing?

The term high risk is mostly self-explanatory, but, in the banking and processing world, it’s a little more complicated. Merchant service providers (MSP) work with partnering banks to provide their card processing services to businesses.

A high risk merchant account provider works with merchants to submit their applications to the bank and assist with pushing through any documents and negotiating for an approval. Typically, this can be a rather simple task with rates and fees being the only point of contention. However, when stepping into the world of high risk merchant accounts, everything changes.

What Is Considered a High Risk Business?

When it comes to high risk, banks always have the final say; they are the ones who determine whether a business will be labeled as high risk and can deny anyone they see unfit. A good high risk merchant account provider will fight to the bitter end with their bank to get your account approved. If you’re working with someone who isn’t giving it everything they have, it’s time to find another provider. Business types can be deemed risky by the banks for a variety of reasons, such as:

  • Questionable Products or Services
  • Elevated Chargeback Risks
  • Delayed Delivery from Time of Purchase
  • Industries Deemed Distasteful
  • Poor Financials or Credit

Many credit card processing providers claim to be experts in dealing with high risk businesses, but the reality is most MSPs only deal with one bank. This means their bank might accept one or two high risk industries, but, if you fall outside of those few, you may be declined without any further chances of approval. The high risk merchant account industry is notorious for these one-trick ponies and can end up wasting weeks of your time stringing you along when their bank doesn’t actually support your business type.

Leap Payments for Your High Risk Merchant Account

At Leap Payments, we make it our goal to ensure that your business can process credit card payments with a high risk merchant account. We partner directly with numerous banks, specializing in hundreds of different high risk industry types; all in efforts to get you legitimate approvals and processing solutions. We can support industries considered by some to be “too high risk to approve” with both domestic and offshore accounts, thus enabling your business to be approved for a high risk merchant account.

We believe that your business deserves a chance to prove itself and process payments like any other business can. Get your high risk merchant account with our quick approvals and award winning service. Now is the time that your merchant service provider helped fight for you!

How To Get A High Risk Merchant Account

Step 1 Circle Process Guide

Getting Approved for a High Risk Merchant Account

Starting the approval process is fast and simple. Contact us via our Contact Form or by phone at (800) 993-6300 to speak with one of our high risk merchant service specialists. Your dedicated high risk merchant account manager will work one on one with you to find the best solution and rate at one of our many direct banking partners. They will guide you along the process of meeting compliance standards, gathering the necessary documents and fight to negotiate any rigorous bank requirements.

Step 2 Circle Process Guide

Setting Up Your New High Risk Payment Gateway

Now that you’re finally approved, we will assist with integrating your new high risk merchant account with one of our many available payment gateways. If you choose to do so, you can switch gateways or continue using your existing gateway and equipment. Depending on the bank you are approved at, some restrictions may apply with gateways and equipment. Ask your high risk processing manager for more details on what works best for you.

Chargeback Mitigation & Account Monitoring

You’re finally processing credit cards and collecting payments. The vital goal has been completed, but that doesn’t mean that it’s the end of our award-winning customer service. Leap Payments offers fully customized account monitoring and chargeback mitigation tools to keep your hard earned, brand new merchant account up and running. All too often, at other merchant service providers, we hear from merchants that they get approved and shut down within the same week. Stay on track, stay protected.

Step 1.

Getting Approved for a High Risk Merchant Account

Starting the approval process is fast and simple. Contact us via our Contact Form or by phone at (800) 993-6300 to speak with one of our high risk merchant service specialists. Your dedicated high risk merchant account manager will work one on one with you to find the best solution and rate at one of our many direct banking partners. They will guide you along the process of meeting compliance standards, gathering the necessary documents and fight to negotiate any rigorous bank requirements.

Step 2.

Setting Up Your New High Risk Payment Gateway

Now that you’re finally approved, we will assist with integrating your new high risk merchant account with one of our many available payment gateways. If you choose to do so, you can switch gateways or continue using your existing gateway and equipment. Depending on the bank you are approved at, some restrictions may apply with gateways and equipment. Ask your high risk processing manager for more details on what works best for you.

Step 3.

Chargeback Mitigation & Account Monitoring

You’re finally processing credit cards and collecting payments. The vital goal has been completed, but that doesn’t mean that it’s the end of our award-winning customer service. Leap Payments offers fully customized account monitoring and chargeback mitigation tools to keep your hard earned, brand new merchant account up and running. All too often, at other merchant service providers, we hear from merchants that they get approved and shut down within the same week. Stay on track, stay protected.

What Makes Leap Payments the Go-To Solution for High Risk Merchant Accounts?

Chances are, operating within the high risk area, this isn’t your first rodeo with merchant services. You have probably dealt with a different provider at some point or another. With so many merchant service providers in the marketplace, all promising the same things, what makes Leap Payments different? Experience, Dedication, Connections & Solutions. The key to success when pursuing a high risk merchant account is; Persistent Efforts of a Knowledgeable Expert with The Proper Banking Connections.

Experience
Dealing with an inexperienced merchant service company inside the high risk space can waste weeks and even months of your time and still leave you without a solution. We hear complaints all the time about providers giving applicants the run around or applying them at 10 different banks that don’t even work with their industry. This method of blindly shooting out applications to random banks in hopes for a good outcome, can hurt your chances of getting accepted at a bank that can handle your industry type. Don’t leave it to chance. For years, we’ve been getting businesses in almost every industry approved because of our extensive knowledge of high risk requirements. We’ll only set you up with the banks we know deal in your niche and negotiate the fairest terms.

Connections
Working with a merchant account provider with access to only a single or even a select few banks to tackle high risk industries is like hiring a handyman that only has a hammer and duct tape in his toolbox. The space of getting a high risk merchant account approved is complex and difficult to navigate. If there was truly a one size fits all solution, everyone would offer it. The truth of the matter is it takes diverse types of connections with many different banks and resources to properly coordinate the delicate intricacies of high risk merchant services. At Leap Payments, we have dedicated ourselves to finding the best solution for each industry, even going as far as dropping prior partnerships that did not benefit our merchants. This is something we have spent countless weeks and months of perfecting to provide merchants with a seamless experience for their high risk payment processing.

Dedication
Just because a MSP has been in the high risk industry for awhile, doesn’t guarantee that you will be getting the best solution possible. High risk in not easy to navigate. Because of this, it’s common to see a provider send out an application to only one or two banks and stop once the application has been declined. Unlike most providers, Leap Payments will fight for you. We negotiate for you and go back and forth with the banks until a final verdict has been reached. Be aware of providers just looking for a short-term high risk merchant they can overcharge.

Solutions
Let’s say you have your new high risk merchant account and you’re ready to begin processing. Everything is done now, right? It’s correct to say as long as you get approved, the providers are all the same, right? Well, not really. There are services and benefits that certain merchant providers offer that others do not. These could negatively or positively impact your business depending on who you process with. Leap Payments is proud to claim their industry leading solutions, available to all it’s merchants:

  • 48-72 Hour High Risk Account Approvals
  • Multiple High Risk Payment Gateway Options
  • Load Balancing with Multiple MIDs
  • Lowered or Customized Reserves
  • Chargeback Mitigation Tools & Monitoring

High Risk Industries We Specialize In

If your industry or business type is not listed, don’t worry, this is not a complete list of the high risk merchant accounts we support. Please contact us via our Contact Form or by phone at (800) 993-6300 to speak with one of our high risk merchant service specialists.

Interested In A High Risk Merchant Account?

Contact Us Below & Secure Yours Today!

Or Call: (800) 993-6300

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