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High Risk Hard to Place Merchants

Have You Been Turned Down For Credit Card Processing Because Of Being High Risk?
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High risk merchant accounts allow businesses who are considered high-risk, to accept payments in store, in office or online. Businesses looking for fast approval in the high-risk space can apply and receive competitive rates on their merchant accounts and payment gateways.

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      What are High Risk Merchant Accounts?

  • High risk merchant accounts are a payment processing service for businesses in high risk industries.

  • A Paypal merchant account, for example, will only support businesses that are        low risk.

  • Different factors would require you to find high risk merchant services.

  • Factors from credit score, chargebacks, to industry type can categorize your business as high risk.

Do I Need A High Risk Merchant Account?

How do you know if your business has been categorized as a high risk merchant? And why is it important to make sure you have the right merchant account for your business? It’s important to understand the difference because it can have a major impact on your business.

Businesses in this category have to know who the right high risk merchant account providers are. We have the solutions for high risk merchants. Whereas, Stripe merchant services and Square payment processing will not fully support industries like CBD, adult, and firearms.

How To Compare High Risk Merchant Accounts

Do your due diligence on high risk merchant accounts. With reputable companies, like Coastal Payment Systems, who are offering payment processing solutions, like merchant accounts and payment gateways, to those businesses that need it most.

These merchant account providers are high risk payment processing companies that are willing to accept the liability for the increased risk. Surprisingly, most merchants who fall into this class are unaware of it. Luckily we have a list of industries that often look for application approval. View our list of industries to see if your business may require these custom services.

  • Adult novelty

  • Auctions

  • Bail bonds

  • CBD & hemp

  • Coaching & seminars (including online educational services, courses, etc.)

  • Collection agencies

  • Continuity / subscription offers

  • Cannabis-related businesses aka MRBs (tier 2 and 3 only)

  • Credit repair

  • Dating

  • Debt consolidation

  • Debt repayment (i.e. short-term lenders such as payday & collection agencies)

  • Digital Goods

  • Doc Prep

  • Extended warranty

  • Fantasy sports

  • Firearm Dealers (in store and online)

  • Health supplements

  • Vape & paraphernalia (no CNP tobacco/nicotine-based products)

  • Medical marijuana cards/doctors

  • Multi-level marketing (MLM)

  • Pawn shops

  • Timeshare relief/exit services

  • Travel (including airlines, cruise lines, and other related verticals)

  • Telemedicine (no prescription drugs, just telemed/teledoc services)

  • Sweepstakes & raffles

  • State lotteries

What are the Most Common Reasons a Business might Need High Risk Merchant Accounts?

01. The business is selling products online:

A high risk ecommerce merchant account is a type of service commonly referred to as Card-Not-Present merchants.

02. The business is in a highly regulated industry:

Businesses like that sell CBD oils online, e-cigs, firearms, and adult are among a few of the many that would fall in this category.

03. The business is in an industry that a bank may see as a reputational risk:

Companies like IT or security services deal with customer information and could be considered a reputational risk. Additionally, adult merchant accounts qualify.

04. The business industry is known for having a high instance of chargebacks or fraud:

Merchant accounts that fall in this arena often experience increased chargebacks, identity theft, account takeover.  This makes banks run in the other direction.

05. The business sells products or services using a continuity or recurring billing model:

This type of business model brings a lot of chargebacks when clients are billed without consent or remembering they even signed up. Resultantly, many chargebacks will lead to your account shutting down entirely.

06. The person signing on the merchant account has bad credit:

This one is a no-brainer. Banks are less willing to lend funds to those with bad credit. That’s when a high-risk processing company comes in handy.

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