High-Risk Merchant Account for a Unique Transaction Journey for High-Risk Businesses in Singapore

In today’s world, everyone is going cashless as nobody wants to carry a wallet loaded with cash. Your credit and debit cards are the new go-to form of payment.

If you have a business that doesn’t accept credit or debit cards, you could be losing many potential consumers. It has become a necessity in today’s world. Not accepting these transaction methods breaches your business credibility and image amongst the consumers.

Accepting online transactions is essential for your business, but, you cannot start accepting online payments because you want to. Firstly, you need to set up a merchant account that will act as an intermediary between the consumers and your bank account for accepting online payments.

What is a Merchant Account?

Merchant Account is a service provided by a bank to gather all online transactions from merchant consumers. It is a type of business account that requires a business to partner with a merchant acquiring bank.

It helps enable a merchant’s business to accept and facilitate all communications in an electronically made card transaction. You need a business license to set up a merchant account.

High-risk merchant account

Firstly, what is a risk, it is a concept made by the human conscience when getting exposed to something that you consider dangerous or fear the most. A particular risk or fear for someone might not be the same for others.

Now, what is a “high-risk” merchant account? Being a high-risk business means that the business is more prone to frauds or chargebacks. Whereas, a high-risk merchant account is a payment solution provided for high-risk businesses.

There could be various reasons why your business is high-risk. Some being: your industry might have a higher volume of returns, or simply because you are a new merchant with no prior processed payments.

A high-risk business means a higher processing fee. This higher fee for the risk the payment processor takes for your business.

Yet, there are a fair amount of benefits of a high-risk merchant account:

Work internationally

• Fewer restrictions for international transactions
• More chances of global expansion

Flexible payment options

• Wider variety of products
• Process higher volume of sales

How to opt for a Reputed High-risk Payment Processor?

If you’re a high-risk merchant or if you think you may be one, following the given tips ought to assist you in opting for a merchant account that accepts your business and meets your needs:

• Check The Processor’s Accepted Business Types: The payment processor could be a high-risk expert, but that doesn’t mean it serves all high-risk business varieties.
• Look for A Processor that gives Load Balancing: With load balancing, you’ll unfold your transactions across multiple merchant accounts that are integrated into one payment gateway.
• Read Contract Carefully: As most high-risk merchant account suppliers work with multiple processors, they do not list their fees online as they can vary according to the merchant account the business gets matched.

Best High-Risk Merchant Account Solution Processors have many things in common such as honest sales practices, a simple onboarding method, customized client service, and unbiased contract terms.

With the above criteria, let’s inspect our suggested high-risk merchant account and solution suppliers.

1. Payssion

Payssion is a world payment service supplier. The company has a variety of payment strategies and successfully integrates them for business owners from around the world.

A commission is charged for every successful transaction. The corporate doesn’t charge integration fees and has no monthly commission or hidden fee.

• PayOp

PayOp is a payment aggregator for numerous businesses. The corporate offers payment process services for 170 countries with 300+ payment strategies and native acquiring. Via a personal account, you can choose your offered payment method, which is accessible for both, legal entities as well as individuals. 

• PaySpace

PaySpace has been providing every type of payment process option for over a decade. It is a payment gateway that’s appropriate for medium and giant businesses, startups, and corporations searching for a high-risk payment supplier.

• Authorize.net

Authorize.net is a company that permits merchants to accept credit card payments on the site with checks and contactless strategies. The commission plan is split into two parts: 

• For customers having their merchant account
• For different users using their payment gateway

Periodically some business owners like to have a Merchant Account as soon as possible. Whereas no merchant account provider offers instant approval, some provide approval quicker than others.

While some firms provide fast review processes, you can’t get an instant approval for a High-risk Merchant Account. There isn’t such a factor as instant approval for any form of Merchant services account.

Although traditional low-risk businesses get approved within a day or 2, high-risk Merchant accounts need a minimum of 3 to 5 business days to get approved. The process can be as long as 3 to 5 weeks.

Why thus long? Approving a high-risk business needs an additional intensive investigation into the credit history of both the business and its owner while also considering the business’s nature.

Can you Speed up the High-risk Merchant Account Instant Approval Process?

To speed up the approval method, you should work with a well-thought-of Merchant Account supplier that focuses on high-risk processing. Operating with a partner with proven skills and experience in your trade can expedite the signup and approval method.

You need to give additional info once applying for a Merchant account as a high-risk business owner. Providing all the information with your initial application will surely save your time throughout the High-risk Merchant Account Approval method.

What PayCly offer you?

An article on high-risk payment processors and we won’t include our high-risk merchant account services?

PayCly is a team of experienced professionals for Payment Gateway Singapore and financial institutions. We work with numerous high-risk industries, including adult entertainment, gambling, vape merchants, CBD, etc.

Provide safe and secure gateway services at the best price and suggest to you the best suppliers with time-saving High-risk Merchant Account Approvals. We are one of the best payment solution providers for merchants who wish to make online transactions.

PayCly works with multiple payments processing corporations across the world. We offer numerous payment solutions to merchants worldwide. We tend to welcome merchants from most industries.