To choose vendors that are the best fit for high-risk merchants, Forbes Advisor researched the industry and analyzed several different providers. Businesses operating in high-risk industries will have different needs than most. As a result, we were specifically looking for providers that provide services to these merchants.
Then, we each provider according to how well they scored in five categories of features using 15 different metrics that were weighted to favor features that high-risk small business owners find valuable in a provider. The following is a breakdown of the categories we used to rank the providers that made the top of the list.
Pricing
Many consumers value a transparent fee structure. Companies that provide this information up front were rated more highly than if contacting a representative is required. Companies that offered online quotes for their pricing also fared better in our ratings. Pricing accounted for 10% of our weighted scoring.
Features
Different businesses will have varying levels of needs. Companies that provide versatile options to meet those needs received higher scores. Features we looked for include a reporting dashboard, invoicing, data exports, contactless payments, chargeback monitoring and fast deposits.
Additionally, having reliable, accessible support, including offshore account support, is crucial when things go awry. Companies with multiple channels of communication available were rated more highly than those that rely solely on limited channels. We weighted features at 60% of our total score.
Third-party Reviews
We took a look at reviews and recognition from customers and third-party reviewers to see what actual users think of the services. Companies were scored both on the average rating and the number of reviews. The review sites we looked at included the Better Business Bureau (BBB), Capterra and Trustpilot. Reviews given by real users that scored high (4 out of 5 or higher) fared better in our rankings. These accounted for 15% of the total score.
Expert Analysis
For our final review, we looked at a high-risk merchant service provider’s popularity and stand-out functionality as noted by real users to determine our expert’s score, which made up 15% of the total score.
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FAQs
Best merchant services
- Stripe: Best for global payments.
- Square: Most flexible.
- Helcim: Most affordable.
- Paysafe: Best for high-risk businesses.
- PayPal: Easiest to use.
- Merchant One: Best for poor credit.
- ProMerchant: Best payment options.
- Elavon Payment Processing: Best integrations.
HDFC Bank is a private bank in India that offers one of the best business banking accounts to startups, small businesses, and large corporations. The bank has various account options and services, including cash deposits, cheque collection and payments, and debit cards.
Which payment gateway is accepting new merchants? ›
Instamojo Payment Gateway allows new merchants to create a merchant account instantly to collect online payments with ease with or without a website. Charges of Instamojo are quite reasonable. Instamojo Payment Gateway charges are: Annual maintenance Charge: ZERO.
How do I choose a merchant account provider? ›
Review security and compliance
Ensure that the merchant services provider you choose adheres to strict security standards, such as PCI DSS, to protect sensitive customer data. Additionally, ask about the provider's fraud-prevention measures and their track record in dealing with security incidents.
Who is a high risk merchant? ›
Businesses may be deemed high-risk based on their industry, such as tobacco or firearm sales, or because they sell internationally, have subscription pricing or don't have much cash in the bank. That's where high-risk merchant accounts come in.
What is the best payment service provider? ›
14 Best Payment Processing Companies of May 2024
| Product | Best for▼ |
|---|
| PayPal Learn more on PayPal's secure website | 5.0/5 Best for Alternative payment methods |
| Payline Read Review | 4.5/5 Best for Free trial |
| Dharma Merchant Services Read Review | 4.5/5 Best for Nonprofits |
11 more rowsMerchant banks issue letters of credit, internationally transfer funds, and consult on trades and trading technology. They charge fees to provide advisory and other related services to their clients. Leading merchant banks include J.P. Morgan (JPM), Goldman Sachs (GS), and Citigroup (C).
What is a high risk bank account? ›
A high-risk merchant account is designed for businesses deemed as “high-risk.” These types of businesses have a greater likelihood of chargebacks, fraud, or other financial risk factors. High-risk businesses require such accounts to be able to accept credit and debit card payments.
What is the largest merchant bank in the world? ›
By market capitalization
| Rank | Bank name | Market cap (US$ billion) |
|---|
| 1 | JPMorgan Chase | 491.76 |
| 2 | Bank of America | 266.45 |
| 3 | Industrial and Commercial Bank of China | 219.45 |
| 4 | Wells Fargo | 178.74 |
6 more rowsPayU is one of the top payment gateways in India, which supports 150+ modes of payment including UPI, net banking, debit and credit cards, and static and dynamic QR. The payment gateway allows businesses to accept payments in multiple currencies.
PayPal is undoubtedly one of the best payment gateways in USA. It was established in 1998 as Cofinity and has more than 360 million active users across the globe. PayPal is a global online payment solution that allows users to make payments and money transfers digitally.
Which is the best payment aggregator? ›
Razorpay
Razorpay is a top payment aggregator in India, also known for its secure and safe payment gateway. They give businesses a range of features designed to meet their different requirements, including multi-currency support, recreating payments, and a perceptive dashboard for managing deals.
What is the average merchant account fee? ›
Credit card processing fees for merchants equal approximately 1.3% to 3.5% of each credit card transaction. The exact amount depends on the payment network (e.g., Visa, Mastercard, Discover, or American Express), the type of credit card, and the merchant category code (MCC) of the business.
Can I have multiple merchant Center accounts? ›
Manual steps
Create your Merchant Center account at the Merchant Center signup page. If you plan to manage multiple Merchant Center accounts (one per merchant), request the conversion of your new Merchant Center account to an advanced account (MCA). See Convert to an advanced account for more information.
Which merchant payment is best? ›
The best payment gateways at a glance
| Best for | Standout feature |
|---|
| PayPal | First-time users | Extremely simple setup |
| Stripe | Accessible analytics | Flexible, with a wide range of tools and plugins |
| Shopify Payments | eCommerce stores | All-in-one eCommerce solution |
| Square | Selling online and offline | Includes a basic website builder |
2 more rowsJan 2, 2024
Credit card processing fees for merchants equal approximately 1.3% to 3.5% of each credit card transaction. The exact amount depends on the payment network (e.g., Visa, Mastercard, Discover, or American Express), the type of credit card, and the merchant category code (MCC) of the business.
What's better, Stripe or Square? ›
The main difference between Square and Stripe is that Square is best suited for in-person transactions while Stripe is a developer-friendly platform best suited for e-commerce, subscriptions and other online payments.
How do I choose a payment gateway provider? ›
Here are several factors to consider when choosing a payment gateway:
- Transaction fees. Most payment gateways charge a fee per transaction. ...
- Payment methods. ...
- Security. ...
- Integration. ...
- Customer experience. ...
- Global transactions. ...
- Customer support. ...
- Fraud detection.
The top merchant acquirers in the United States consisted of Chase and Fiserv - a conglomerate that includes Citi, Santander and BBVA, among others - in 2023. Based on total purchase transactions, both two companies had a number of over 37 billion.
