Monday, July 30th, 2018
Is your business associated with a high-risk industry? What is a high-risk industry? Payment processors consider certain industries to be high-risk. These merchants struggle to find the payment processing services they need from traditional providers. Travel businesses, for example, are classified as high-risk because of the high number of chargebacks and disputes they experience.
Adult businesses are also considered high-risk. While many consider the industry a solid investment, high chargeback rates, bad credit ratings of business owners, changing business procedures and moral objections typically cause traditional providers to shy away. This is where a high-risk merchant account can help.
What is a High-Risk Merchant Account?
The same as a standard merchant account, a high-risk merchant account allows businesses to safely process their customers’ credit and debit card payments. They can also allow for payments to be taken over the phone and via email. Being part of a high-risk industry is not the only reason for using a high-risk merchant account. Those who struggle with poor or no credit, high chargeback rates, “reputational” risk (e.g. adult industry), limited time in business are just a few of the other reasons why merchants turn to a high-risk merchant account.
Top 4 Merchant Account Providers for Adult Businesses
Listed in no particular order, the following are top high-risk merchant account and payment processing providers that offer services to the adult industry.
- CCBill – CCBill has been in business since 1998. They process more than a billion dollars worth of transactions annually and offer 24/7 consumer support. CCBill offers different plans that are tailored to each business and industry’s needs, including: online businesses, dating, non-profit, high risk, live entertainment, etc.
- Epoch Payment Solutions – Epoch Payment Solutions is a global merchant account provider that specialises in helping both high-risk and international businesses. They promise secure payments, flexible services and clear pricing. Keep in mind you will be paying up to 15% per transaction fee, depending on your weekly volume.
- Verotel – Verotel also specialises in high-risk and international businesses and charges up to 15.5% for each credit card payment. An advantage of partnering with Verotel is that there are few additional charges if you qualify for a premium account; this can also make transaction fees cheaper, especially if you have repeat payments from customers.
- Instalbill – Instabill is known for helping even the riskiest UK business ventures. They offer tailored services packages for many types of high-risk businesses, including: adult, ecommerce start-ups, travel merchants, gambling, etc. Instabill also boasts a good reputation for accepting new merchants and offering them support.
Would you like to learn more about merchant account providers UK? With so much information to research for each provider you consider, it helps to know what others are saying and what their experience has been. If you need help searching for providers, tips on choosing a provider or reviews to help you compare providers, consider the information Best Payment Providers has to offer.
Even if you have struggled in the past to find a provider willing to work with your adult business and failed, you can still find a great option. Take a look at the list of high-risk providers and compare the services and features they offer the adult industry.