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High risk Merchant Account

A merchant account is simply a type of bank account for your business, which is specifically setup to receive your payments in various ways, usually via debit or credit card, and they are the backbone of any online retail business.

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What is a merchant account?

The definition may be simple but obtaining a merchant account if you are high risk is far from simple. If you’re reading this, you are probably running a high risk business. You have researched and applied to the big guys, World Pay, PayPal, Global Payments  and the High Street Banks and realised that they don’t want your business. Even worse, maybe they did accept you initially and then shut you down and froze your funds. But why is this the case?

It is because they deem you as ‘high risk’ and essentially these guys make enough money in the ‘low risk’ industries that the reward in taking on your business does not warrant the headache and risks. But what are the risks? These bigger firms will grade you on a multitude of factors, money laundering risk, chargeback risk, industry sector (immoral or seedy), reputational risk, credit risk and the products sold (can they be dangerous, addictive or unknown?).

There are lots and if you fall into any category, they simply won’t touch you. 

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Can you get a high risk merchant account?

Don’t worry, there are providers out there that will take on your business and service you, giving you the merchant account infrastructure you need to successfully operate and grow your high risk business. Payed is one of them. There are lots of industries considered high risk: Gambling, tobacco, debt management, adult, ticket reselling and weapons just to name a few. At Payed we specialise in what we know well. Gaming, Gambling, Esports, Cryptocurrency and CBD.

You will have to jump through a few hoops as let’s be honest, you're not selling fruit and veg. Providers will need to assess merchant risk and sector, the stability of the business from a financial standing and the future potential, the credit rating of the directors and UBOs - full on compliance in your industry. All providers have a unique way of assessing risk, however most of them make this a bit of a tiresome experience.

Luckily for you, Payed has streamlined the experience to make account opening as simple as possible.

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managing risky money

High risk accounts

Some providers are better than others, naturally. But the one thing they have in common is that they are all expensive, as they have to justify the risk by increasing the reward. At Payed we offer the best possible service and products for the lowest possible price, guaranteeing that we have your best interests at heart. We will consult you on the most suitable account and payment method for you, really taking the time to understand your business needs. 

Gambling Card Payments

Gambling businesses are not always able to accept card payments, where their gaming licence and jurisdiction are taken into consideration by the payment processors. At Payed we specialise in securing card payments for casinos and games licenced out of the likes of Curacao.

Accepting Cards for Crypto

Crypto can be actively bought and sold online from many vendors, exchanges and OTC providers, but each have their own payment processing issues due to the compliance, AML and chage back risks involved in selling cryptocurrencies with credit card payments. Payed has solved these issues.

CBD Credit Card Processing

Selling CBD or Hemp products is still considered very high risk, due to the unproven health effects of something so closes tied to illegal drugs. That being said, CBD is completely legal to sell online and Payed supports CBD businesses in accepting credit card payments.

Card Payments for Esports

With Esports going through a boom, many businesses in the industry are now requiring payment processing solutions for merch, online tournaments, streaming and advertising, where debit and credit card payments are essential for the growth of these businesses. Payed has this covered.

Finance solutions for high risk business

Payments need finance solutions

Our partners not only offer payment solutions for our clients, they also improve our offering with quicker processing and reduced fees for products such as bank accounts, Bitcoin brokerage and international FX.

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FAQ

Credit Card FAQs

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Everyone’s needs are different and here at Payed we understand that. Our wealth of experience in high risk finance and a vast network in our specialist industries, allow us to tailor unique strategies to each and every customer.

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