Has your payment processor labeled your business as being high risk? If yes, then it is time to understand what it means for your business and explore the options you have.

First of all, what is a high-risk merchant account?

Technically, you can receive the high-risk tag if the chances of fraud and chargebacks are higher in your business.

As a high-risk merchant account, you will have to compensate for the risk that your bank will be taking on. You will do this by paying higher processing fees for the merchant services.

So, should you give up on the idea only because your business is a high risk? Not at all. You only need to educate yourself before moving on.

Here are some crucial things you need to consider before opening a high risk merchant account for tech support:

Consult an expert

There are many agencies out there who can give you significant counseling and many exceptional insights on the matter.

Your first step would be to find an agency or organization with expertise in high-risk merchant accounts.

Moreover, the organizations that provide services and guidance to high-risk businesses will charge you fair prices.

Consider the costs

One thing that you will have to come to terms with is the money factor. Since you are striving for a high-risk merchant account, you will have to pay higher prices than a regular business with low risks.

Since your situation is specific, you have to consider costs that most low-risk businesses might not have to consider.

The costs will increase as the services increase.

This factor becomes very important to consider before you turn down any service provider under the impact that they are charging you very high.

People striving to open a high-risk merchant account often make this mistake. So enter this arena knowing you will have to spend more money than any other average business.

Sort out your priorities

It is a crucial step before you jump straight in and start spending money on services you do not need currently.

When running a conventional business, set up a credit card terminal. It is a wise thing to do so. People today are not carrying around as much cash as they used to.

Consider the following services first before moving on to the others:

Credit card terminal

Setting up a credit card terminal might be wise if you run a brick-and-mortar business. People today are not carrying around as much cash as they used to.

By giving them the convenience of using credit cards, you can keep them from avoiding purchases if they do not have cash.

Mobile payments

Does your business have a substantial online presence always on the go? Setting up mobile payment services might be a good option for you in such a case.

But, if you do not have multiple branches and run most of your operations from one place, you should forgo this option to cut costs.

POS system

Do you want to integrate your in-store management programs with your online operations, payment processes, tracking tools, and the rest?  POS system can be your modern-day solution to these demands.

Ecommerce payment gateway

Extremely beneficial if you are planning to operate your business chiefly online. You must set up an e-commerce payment gateway to ensure secure, fast, and easy payment gateways.

Although, don’t spend your hard-earned money on this service if your business doesn’t chiefly depend on online platforms or operates virtually.

Other important things to consider

While this may seem a bit daunting initially, your hard work and research will be worth it.

To make things easier for you, here are extra tips and suggestions you can look out for when setting up your high-risk merchant account:

  • Get responsive support for the times when things go wrong. No matter how hard you try, businesses must have some bad days of tech failures or plain miscommunication. Help must arrive on time.
  • If you have the money to spend, don’t be stingy with expenditure just because you have to pay more than low-risk businesses. Spend on getting quality and, if possible, customized services.
  • Ensure the complete process is highly transparent, especially regarding payments and money. Talk openly and make sure you know of all the costs beforehand.
  • Make sure that the agency or organization you are hiring uses the latest technologies and the best tools at their disposal. Don’t bother with the agencies that aren’t well updated with the latest technology or methods to achieve your goals. The process must be efficient, speedy, and user-friendly for you and your customers.
  • Now, while you aren’t an expert yourself, you must find one. Study the agency you are hiring for setting up your high-risk merchant account and look for social proof. If possible, talk to their previous clients and try to know their thoughts on the services.
  • Read your papers properly. Not the newspaper, but the contracts. Numerous people make this mistake. They do not read the contracts and Statements of Work properly and regret it later.
  • Consult a lawyer and run them through the contract if you can afford it. Consulting a lawyer before signing a document might become your saving grace.


There are several reasons your business might be considered high risk – but is it even worth it? It is.

High risk often provides high rewards.

Please consult the best services to make sure things don’t get out of hand. As we mentioned earlier, hiring good quality services will mean you have to pay more and get better results.

The best way for high-risk businesses is to seek out a customized service for themselves. This will not just ensure high-quality services, but they can also provide you with the right guidance.