If you’re involved in a high-risk industry, operate from within certain countries, or have suffered from previous problems with another merchant account, you may need a high-risk account to process credit transactions.
Even though you can find merchant card processors to work with, you should know that they are not all the same.
The Top Three Offshore And High Risk Merchant Account Providers To Consider.
Managing your high-risk or offshore account well and finding a good merchant processor are both keys to profit and growth for your business.
With that in mind, consider these reviews of the top three merchant account providers that work with high-risk and offshore companies.
1] Wells Fargo
You might be surprised to learn that a large and famous financial institution has merchant account programs for offshore and high-risk companies. The downside is that fees may be a bit higher and less transparent than the fees from other providers.
In turn, you may also need to have a Wells Fargo bank account to work with them on offshore or high risk merchant accounts. Also, you will use this account to only process orders from U.S. customers, and you may need another account to take sales from other countries.
You may be willing to overcome some of these obstacles when you learn about the services that you can enjoy when you work with a large company that has lots of resources.
You can take sales digitally, from websites and a variety of mobile devices. Besides internet transactions, you can use your account for mail, phone, and a variety of other order types. Wells Fargo also offers security and fraud prevention software to reduce the chance of problems.
While you may pay more for your high risk merchant account from Wells Fargo than from other sources, you are likely to enjoy the benefits you get in exchange for higher fees. If you work hard to manage your account well, the company may also negotiate for better terms after awhile.
2] Soar Payments
Soar Payments doesn’t have quite the same name recognition that Wells Fargo does. However, this company has gathered higher reviews from average users for its price and services.
Soar Payments will accept U.S. and offshore merchants, give companies free equipment, and and accept a variety of different risks that Wells Fargo may decline for services.
The most overwhelming positive is that Soar Payments is very transparent about the rates that they charge and don’t slip in hidden fees or force their customers to haggle. While the company may charge different fees for different categories of businesses, they focus on serving the high-risk market, so that’s what they’re good at.
They also offer security and fraud prevention, and they can even offer processing that conforms with U.S. healthcare security requirements. If you want to work with a full-service merchant processor that offers you transparent fees and everything you need to conduct business, you might consider this Houston-based merchant processor.
3] Payline Data
Getting a high-risk or offshore merchant account doesn’t have to be a hassle when you work with Payline Data. For one thing, they approve 90 percent of the businesses that apply for an account, and this is much higher than industry averages.
Payline works with all kinds of organizations, including adult, non-profits, and more. If you’ve been turned down for a high-risk merchant account, you may find that Payline Data offers you what you need to grow your business.
Payline Data also won’t charge you termination fees or force you to sign a long-term contract. As an additional bonus, they promise that a portion of each fee that they get for processing transactions will go towards a charity.
Like the two previous companies in this review, they also offer processing on different kinds of hardware, integrate with popular eCommerce shopping cars and accounting software, and can process a variety of transaction types.
They offer fraud and security prevention and have special services that can cater to specific industries well. You can use your account to accept money via credit and debit cards from the U.S. and internationally.
If you want a high risk or offshore processor that can accommodate a variety of needs and get you set up and running quickly, consider Payline.
Are There Other High Risk Or Merchant Processors To Consider?
Even though this review covered three of the top merchant processors for offshore and high risk merchants, there are certainly plenty of others to consider. Also check out merchant account solutions reviews.
* First Data is an example of a merchant provider that usually scores high on the list, and the interesting thing to know is that an account with Wells Fargo actually works through First Data. If a Wells Fargo account doesn’t suit your needs, you may find that an account you obtain directly with First Data will give you what you need.
* Also, Netcom usually gets pretty high reviews, and they have month-to-month contracts, no requirements for monthly minimums, and no setup fees.
Choosing The Top Offshore Or High Risk Merchant Processor
Making the best choice between merchant processing can impact your business greatly. Really, the best offshore or merchant account for your company may depend upon the size and type of business.
A startup may need to make different choices than established business because some processors will only accept accounts that can guarantee a minimum amount of transactions each month. While some processors may accept certain high risk industries, they may not work with all of them.
You also need to consider where your customers and company are located. For instance, some may consider a U.S. or U.K. headquarters as domestic. Even processors that accept international payments could still exclude certain countries.
Finally, you probably already expect to pay higher fees for an offshore or high risk merchant processor than you might pay for a regular, domestic account.
Even so, different processors have different fee schedules, charges, and included services, so it pays to shop around. Even if you have unusual requirements, you can find the right processor, but it will pay to do some research before making a decision.