What Are the Benefits of Working With a High-Risk Payment Processor?
A high-risk payment processor is equipped to offer credit card processing services to merchants who have been turned away elsewhere. If your business has had issues with past payment processors, or if you work in an industry that credit card companies have deemed high-risk (such as adult merchandise, CBD, or multi-level marketing), many payment processors will deny services due to the belief that you present a potential liability.
A high-risk payment processor knows how to safely work with these types of merchants. We have advanced fraud prevention measures in place and are capable of customizing each account based on the needs of the merchant. When you work with a high-risk processor like High Risk Merchant Pay, you have the freedom to accept credit card payments without limitations. You can also accept payments in more currencies.
What Is the TMF/Match List?
MATCH stands for “Member Alert to Control High-Risk Merchants.” It’s the most current version of what was previously known as the Terminated Merchant File (TMF). Mastercard created the list to help banks identify potential high-risk merchants. Businesses may be placed on the list because of the industry in which they operate or because of a company-specific event like PCI non-compliance, illegal transactions, or excessive chargebacks.
Low-risk payment processors typically won’t work with merchants that have been added to the MATCH list. If your business is MATCH-listed, you’ll need to find a high-risk payment processor.
What Is a Chargeback?
If a customer makes a purchase from your business and then demands a refund from the bank (and not from you directly), this is known as a chargeback. Customers may initiate chargebacks because they didn’t receive the item, they weren’t happy with the item, or the purchase was made fraudulently. Quite often, chargebacks result from fraud on the part of the buyer in an effort to get something for nothing. If you have too many chargebacks associated with your business, your merchant account may be terminated. High Risk Merchant Pay offers chargeback mitigation tools to protect you.
What Is a Rolling Reserve?
A rolling reserve is very common among credit card processors for high-risk industries. It is an amount, usually 0-10 percent, of a merchant’s sales that the processor holds for a set period of time (in the case of High Risk Merchant Pay, 180 days). This is because credit card companies give customers 180 days to initiate a chargeback. If there is a chargeback, or a merchant stops processing, High Risk Merchant Pay is responsible for paying the money back to the customer. A rolling reserve helps mitigate the risk and protects the processor from any potential loss. A rolling reserve clause will be included in your Merchant Service Agreement with High Risk Merchant Pay.
Is High Risk Merchant Pay PCI-Compliant?
Yes. High Risk Merchant Pay meets and exceeds all industry standards for PCI DSS compliance. Both our payment gateways and ecommerce platform integrations are secured and audited by the Payment Card Industry Security Standards Council. We also offer PCI compliance services to help our merchants remain in compliance with their own websites.
What Types of Currency Does HRMP Accept?
We maintain relationships with banks across the globe so that our merchants can process the most currencies worldwide. As of right now, our merchants can process payments in over 169 currencies. If you have a question about whether we accept a certain currency, feel free to call us at 844-956-1262.
Is HRMP Compatible With My Ecommerce Platform?
We can integrate with over 175 major ecommerce platforms, including all major shopping carts like WooCommerce, Shopify, Magento, BigCommerce, and Volusion. The setup process is simple, and we’re constantly adding new shopping carts.
What Industries Does HRMP Work With?
High Risk Merchant Pay works with all major industries, but we specialize in high-risk markets. For instance, we’re the longest-running CBD payment processor currently active. We also work with industries such as:
- Adult merchandise
- Credit repair
- Debt collection
- Fantasy sports
- MOTO (card-not-present)
- Multi-level marketing
- Online dating
- Online gaming
If you’d like to learn more or sign up, contact High Risk Merchant Pay today.