[jamaicabound]

Did a search on the forum and couldn't really find anything so hoping someone can help. I'm looking for a high risk merchant processor. I know there's a ton that pop up on a quick google search but I know of some people who have lost tens of thousands to scam companies and hear that like 1 in 12 are actually reputable.

I know we have a lot of ecommerce people and guys who make their living online. Wondering if anyone can suggest a high risk merchant processor?

[jamaicabound]

Hey guys, I know I posted this a while back, I recently was given 30 days to find a new payment processor so this is no longer looking for a backup, this is 26 days left to save my business.

If anyone works in merchant processing or with a bank, or heck, even if you have experience with a good merchant processor please reach out to me.

My business is on track to do about 2.5 million in sales this year, if I don't find a payment processor my business is done. I'm in an industry considered "high risk" however without getting into specifics I'm not into vaporizers or marijuana or anything illegal, its just the industry I'm in banks and credit card processors shy away from but its a huge legit industry.

If anyone who works in the industry or who thinks you may be of any help could reach out to me it would be much appreciated, my livelihood basically hangs in the balance on it.

Thank you.

[tarquin]

Try looking into local Point-of-Sale companies. There are usually one or two local companies who supply these registers to independent companies, typically restaurants. The processing is typically done through the same company that provided the POS in the first place. The fees are typically lower than traditional companies and the money is deposited within 48 hours instead of a 3-4 week lead time. This is the only thing I can think of. Good luck.

[Goodtimez]

Did you get dinged by the usual suspects? E.g., Vantiv/Litle, First data, TSS, Heartland, Cielo, Global payments, chase payment tech, elavon, Bank of America merchant services, citi merchant services?

These are the big boys. Did they all ding you? Send me a PM with why and maybe I can help.

[Goodtimez]

Did you get dinged by the usual suspects? E.g., Vantiv/Litle, First data, TSS, Heartland, Cielo, Global payments, chase payment tech, elavon, Bank of America merchant services, citi merchant services?

These are the big boys. Did they all ding you? Send me a PM with why and maybe I can help.

[ElJefe1]

I've used a couple of companies in the past authorize.net as they are decent and will work with high risk industries. They do charge a random fee like $20 per month for the gateway, and a few other small ransoms fees (which do add up and which I hate) . I then found another merchant processor pretty large and well known named intuit (less fees all around and much easier to deal with) whom gave me 30 days to find another merchant after using them for sometime with no issue. My account was flagged because we didn't do a lot of small transactions such as a retail store would. But a few transactions a month many over $5k, usually a few grand and a few for a few hundred dollars anything over $1k would usually get a hold and id have to go through this long annoying confirmation process . Our main industry (product sold) is considered high risk (because it's in tech and is used by every organization, company, non profit etc I found this to be mind boggling) and was given thirty days to find another processor. I used square in the interim and have just stuck with them. No monthly fees, swipe fees, gateway fees, confirmation, holds or any of the really irritating adverse actions merchant processors are known for. There is a fee of 3.75% for each transaction which I simply pass to my customers. Most important to my business due sometimes to time sensitivity I get my money deposited the next day into my account which for me is huge. Only negative you can only be I the U.S. Or Canada to use i get around this by having my us employees run the card. Due to excessive fees credit check, high risk worthiness etc... I'd stay away from the majority mentioned by GoodTimez as it will be expensive and time consuming just to apply in the first place.

[jamaicabound]

Yeah one thing I've learned is if you do high volume and the terms are more than 3 days before your money clears run. I had one buddy lose over 400k and another lose about 68k because they had shitty terms and had basically processed cards for weeks before they learned they were getting screwed.

Not that I like losing money but I figure if I get terms of 3 days or less most I'm out is 15k or so with how my volume is now so willing to roll the dice. I actually through pure chance ran into a guy in my city who claims to process cards for a lot of big name people in risky industries. He talks a good game as all sales people do but I know enough to know he actually does know his stuff. I got approved gotta get my official applicatoin and some docs into him this week, I've been too slammed with my business partner on vacation for the past week but if things go well I'll report back and may have a good reliable high risk processor for anyone into porn, vaporizers, debt collection, consulting, etc all the usual high risk stuff. I'll let you guys know if it works out.

I know I could probably get a square or skrilla or whatever else setup and burn them up every couple weeks but I'm not super tech saavy so don't wanna pay people to build my site around some payment platform just to have it get shutdown 3 weeks later and have to do it all over again.