The founder of a rejected kratom business found a $2.1M solution.
Having received three declines from large kratom processors, the business finally succeeded by turning to HighRiskPay. Thanks to their unique process, Process.com was authorized to approve more than $2.1 million every year after six months. More young people are experiencing this now.
Today, HighRiskPay.com is one of the fastest-growing high-risk merchant account service providers, focusing especially on providing approval to those in business with CBD, firearms, and cryptocurrency. Besides offering quick approvals, their platform offers 135 ways to pay and has moved to AI underwriting, allowing better and fairer chances for approval without limiting itself to old credit statistics.
Five Industries Where HighRiskPay Does Business (But Other Merchant Payments Frequently Decline)
Unlike various other legacy payment processors, HighRiskPay.com targets riskier or heavily regulated sectors while setting up appropriate systems for each one. More than three-quarters, or 89%, of their CBD/hemp products are approved as long as merchants can provide up-to-date tests and ensure the product is legal in the relevant state. They also ensure the website complies with FDA disclaimers, a requirement often forgotten by many.
HighRiskPay helps licensed gun shops in the U.S. with their transactions through its “Second Amendment Program.” Though the FFL is compulsory, being able to sell ammo through the Firearm Cabinet is what makes them different from other companies.
Cryptocurrency businesses go through different processes when handling exchanges, wallets, and NFT marketplaces. Due to minimal changes in their prices, stablecoins are chosen first by merchants to lower their risks during crypto transactions.
Firms that can’t avoid chargebacks due to subscription box services appreciate pausing and billing features and improved protections against these disputed transactions. This comes in handy mainly for products like consumables and monthly subscription boxes.
Post-COVID, when many people asked for refunds and cancelled travel plans, travel merchants are now supported by allowing dynamic descriptive text and using risk-based transaction rules. This industry coverage is what makes HighRiskPay a top solution for developing companies in specific business sectors.
In 2024, AI will offer better underwriting and will decrease the amount of reserves.
AI-based underwriting is now practised, as it takes into account the bank’s cash flow, how consistent its revenue is and what other people say about their experience with the bank. This has proven to be life-changing for those who are rejected because of poor credit or a high-risk score. Now, the time for preliminary decisions is as short as 23 minutes instead of the previous full week.
Perhaps the biggest benefit is that reserve requirements with HighRiskPay can be worked out to suit you. Whereas most merchants require a minimum of 10%, many businesses with no payment issues succeed in obtaining rates as low as 5%, while PaymentCloud and CompetitorX keep their reserves fixed at 15% or more as a rule.
The fees charged by the company can be easily understood and lead to real savings.
Processing $100,000 a month can lead to significant cost savings with HighRiskPay. No one needs to pay a setup fee since it’s offered free by this company, in comparison to the average industry fee of $299. Since PaySimple’s rate is 3.5%, compared to the average of 4.9%, they save $1,400 every month on fees alone. Plus, Halo commands a fee of only $50 a month, making that amount almost half of the standard $99, giving you an annual savings of $588.
Users of HighRiskPay are able to use an online fee calculator, which allows them to quickly know the costs and savings they can expect from the merchant services.
Simple Steps for Increasing Your Chances of Approval
To get approved swiftly and on better terms, you need to plan carefully. Giving three months of processing statements, plus affirmation of PCI DSS compliance and an image of the “About Us” page, lets the bank identify business trustworthiness.
In addition to documents, applicants should provide a volume projection with an extra 20% to avoid fraud issues during scaling. Include a plan detailing how you will handle chargebacks, providing timelines for refunds, steps for dealing with customers, and details about shipping. They lower the apparent risks and usually result in friendlier fees and less money kept in reserves.
Risk Management Included: Automating Preventative Process
HighRiskPay assists merchants in maintaining their compliance even before and after their accounts are approved. By using AI, the chargeback alert system notifies merchants when a dispute may happen, so they can act up to 72 hours ahead. Providing this window earlier greatly helps to remember sales and may also lower your chargeback rate.
For urgent problems, their representation engine ensures that 63% of clients win with greater speed and controlled procedures. Even so, only so much protection can be achieved. If a merchant has chargebacks of 2% or more for two consecutive months or if their transaction volume goes up by more than 300% without the company being informed, the company will terminate their account automatically. Being very clear about the boundaries at the start of work ensures there are no negative shocks.
Competitor Comparison: How HighRiskPay Stacks Up
| Feature | HighRiskPay | PaymentCloud | Durango Merchant |
| Approval Time | 24–48 hours | 5–7 days | 3 days |
| CBD Approval Rate | 89% | 76% | 81% |
| Crypto Fees | 4.2% | 5.9% | N/A |
This data paints a clear picture: HighRiskPay.com leads in both speed and speciality service access. While others lean on traditional timelines and generalized risk assessments, HighRiskPay uses smart tools and transparent benchmarks to serve high-risk merchants without unnecessary red tape.
Read More: Unsent Project: A 2024 Deep Dive into Grief, AI, and Anonymous Catharsis
Conclusion
Despite the abundance of similar options and high charges, HighRiskPay.com catches attention by focusing on both their customers and the way they serve them. They are uniquely prepared for the current payment situation thanks to their use of AI within underwriting, holding fewer reserves, and specific plans for various industries.
If you want to sell CBD items, NFTs, firearms, or packages for travel, obtaining approval can now be a breeze. It used to take weeks to handle these tasks, yet with the right approach and plan, you can do it in just 2 days and keep the costs low for your business in the future.
FAQs
Will I be approved even if I’ve been let go by another business?
Yes. The company vets out its cases on a case-by-case basis. Many businesses formerly put on the termination list have now been approved after offering evidence and an improvement plan.
Are you part of the surveillance system known as the MATCH list?
Reporting a termination to MATCH is only done by HighRiskPay if there is fraud or a major violation. In some cases, they aid in fixing issues with MATCH results.
Will I be able to lower my rates or reserve before the event?
After cleaning up their activities for six months, businesses can request discounts on their transaction fees and reserved amount, using their performance record as a guideline.
Should I have an LLC to be considered for the program?
If paperwork is in order, freelancers or sole proprietors can also receive consideration.
Is HighRiskPay.com a legitimate company?
It is a licensed provider with confirmed reviews, straightforward links to important gateways, and experience in high-risk industries.
