Top 15 Questions To Ask Your Potential High-Risk Payment Processor

Searching for a high-risk payment processor is hard; we get it. That’s why we decided to put together the top questions we get asked by merchants.

For businesses in high-risk industries such as adult entertainment, CBD, online gambling, telemedicine, and more, selecting the right payment processor is a critical decision. With challenges like high chargeback rates, compliance requirements, and the need for specialized solutions, it’s essential to ask the right questions before partnering with a payment processor.

Why High-Risk Merchants Need Specialized Payment Processors

High-risk businesses face unique challenges that standard payment processors may not be equipped to handle. Issues like increased scrutiny, higher transaction fees, and strict compliance standards require a processor with experience and expertise in your specific industry. A specialized processor can:

• Provide tools to reduce chargebacks and fraud.
• Navigate complex compliance requirements.
• Offer flexible payment solutions tailored to high-risk industries.

What Makes a Payment Processor High-Risk Friendly?

A high-risk payment processor should:

• Have extensive experience with your industry.
• Offer flexible pricing and fee structures.
• Provide fraud prevention and chargeback management tools.
• Support multiple payment methods, including global transactions.
• Be proactive about compliance and security.

The Most Important Questions To Ask While Searching For A High-Risk Payment Processor

Do You Specialize in High-Risk Industries?

High-risk industries have unique needs. Ask whether the processor has experience working with businesses in your specific vertical. For example, processors serving CBD companies must navigate regulations around hemp products, while online gambling platforms require expertise in compliance with local gaming laws.

What is Your Approval Process for High-Risk Merchants?

Approval processes for high-risk merchants can be more complex than standard accounts. Find out how long the underwriting process takes, what documentation is required, and whether the processor provides support during onboarding.

What Chargeback Management Tools Do You Offer?

Chargebacks are a common challenge for high-risk businesses. Look for tools like chargeback alerts, analytics, and automated dispute management to keep chargeback ratios within acceptable limits and protect your merchant account from termination.

Do You Have Your Own Payment Gateway, and Which Gateways Do You Support?

A proprietary payment gateway can offer better control and integration. However, flexibility is important—ask if the processor integrates with popular gateways like NMI, Authorize.Net, or Netvalve to ensure compatibility with your systems.

What Payment Methods Do You Support?

High-risk merchants often require a variety of payment options. Ensure the processor supports credit cards, ACH, cryptocurrency, and alternative payment methods. Catering to customer preferences can increase conversions and customer satisfaction.

How Do You Ensure Compliance with Industry Regulations?

High-risk industries are often subject to strict compliance requirements, such as PCI DSS, GDPR, and local regulations. Verify that the processor has a robust compliance framework to protect your business from fines and legal risks.

What Security Measures Do You Have in Place?

Fraud prevention is critical for high-risk merchants. Look for advanced security features like tokenization, encryption, 3D Secure, and AI-driven fraud detection to safeguard sensitive data and reduce fraud.

Can You Integrate with My Ecommerce Platform?

If you’re using platforms like BigCommerce, Magento, or WooCommerce, ensure the processor integrates seamlessly. Ask about the technical expertise required and whether the integration supports a smooth customer experience across all channels.

What Are Your Transaction Fees and Pricing Models?

High-risk merchants typically pay higher fees, but transparency is key. Understand the processor’s pricing structure, including setup fees, transaction rates, chargeback costs, and any hidden charges.

How Do You Handle Rolling Reserves?

Rolling reserves are often required for high-risk merchants to mitigate potential risks. Ask about reserve percentages, timelines for release, and whether the processor offers flexibility in managing reserves.

Can You Support International Transactions?

If you operate globally or plan to expand, ask if the processor supports multi-currency payments, international credit cards, and compliance with regional regulations.

What Kind of Customer Support Do You Offer?

High-risk businesses can’t afford downtime. Ensure the processor offers 24/7 customer support and provides a dedicated account manager to resolve issues promptly.

How Do You Handle Large Transaction Volumes?

For businesses processing large volumes, scalability is key. Ask if the processor has the infrastructure to handle high transaction volumes without delays or disruptions.

Do You Offer Fraud Prevention Tools?

Beyond compliance, ask about specific fraud detection tools like velocity checks, address verification (AVS), and real-time risk scoring to reduce fraud and chargebacks.

What’s Your Experience with Emerging Payment Technologies?

Staying ahead in the payments landscape means partnering with a processor experienced in state-of-the-art technologies.

• Cryptocurrency Payments: Attract tech-savvy and global customers with support for digital currencies like Bitcoin.
• Mobile Wallets: Ensure seamless integration with Apple Pay, Google Pay, and Samsung Pay to enhance convenience.
• Multi-Channel Payments: Unified support for eCommerce, in-app, and POS transactions ensures a seamless customer experience.
• Tokenization: Protect sensitive payment data by replacing it with secure tokens, reducing PCI compliance burdens and minimizing fraud risk.
• Payment Orchestration: Optimize transaction routing, reduce costs, and ensure redundancy by consolidating multiple payment providers into a single platform.

Why Corepay is the Right Choice for High-Risk Merchants

At Corepay, we provide the following:

• Fast Approvals: Typically within 24-72 hours.
• Competitive Rates: Designed to meet your business needs.
• High-Volume Processing: Our payment gateway supports substantial transaction volumes.
• Multi-Currency Support: Enabling payments in various currencies.
• Robust Security: PCI-Level 1 compliant with ongoing monitoring and testing.
• Mobile Payment Acceptance: Seamless integration for mobile device payments.
• 24/7 Customer Support: Dedicated service to ensure uninterrupted processing.
• Fee Waivers: Transparent policies with waived annual, setup, and application fees.

At Corepay, we are committed to providing reliable, secure, and efficient credit card processing solutions for businesses of all risk levels and industries.