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Stripe High Risk Merchant Account

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Are you being told by Stripe that your business is not able to process credit cards with a Stripe high risk merchant account?  Why is stripe not allowing you to process credit cards when you believe your business is just a regular business type.   The main reason that Stripe is not able to allow you to process credit cards is that their sponsoring Bank is who determines what business types they are allowed to process for.

Stripe’s main processing relationship was originally with First Data Inc, however First Data was acquired by Fiserv Inc.  The takeover of First Data has no effects on Stripe’s business model.   Every processor must be sponsored by a FDIC insured Bank.  Fiserv’s Sponsoring Bank is Wells Fargo. it is Wells Fargo that determines which business types Stripes can accept.   Stripe  does not obey these rules, they could potentially risk their whole entire business model.

Therefore, getting a stripe high risk merchant account will have to be through a different processor.  High Risk Solutions specializes in only high risk Merchant accounts and will be able  to provide these services for your business.

Are All High Risk Merchant Accounts Created Equal?

The answer to this question is No. High risk Merchant accounts have to process certain minimums in order for a processor to want to take a business on to accept credit cards. Every processor has fees on their back end in order to be able to process a high-risk business type. Because of this, the rates and fees are different between businesses. We do not believe in a one price fits all model, because it is simply not fair to the businesses that process higher volumes to not get discounted for that.  At High Risk Solutions, we review each individual application to try and obtain the best rates possible for your unique business.

How Stripe Compares To A High Risk Merchant Account

The first point differential in these merchant account services are the costs.   Stripe is a wonderful company, and it is a shame that they cannot take certain business types. Stripe has no monthly fees and I have their own internal payment Gateway which is equipped with a ton of business friendly e-commerce features. as you are probably aware, stripe is the main processor for shopify.com.  Because they can do such a scale open magnitude of processing volume, they are able to provide their merchant services without any monthly fees. They are also extremely competitive when it comes to their discount rates on credit card fees.

With a high risk merchant account, your fees will typically always be higher than a low risk merchant account. On top of that, you will have to use a second party payment Gateway that will link up to your high risk merchant account. In our opinion, we believe it is better to have a second party payment gateway than in all-in-one type service that Stripe offers. the reason being is that for any reason if your merchant account is closed off and your business has to go to another processor you will be able to take your payment gateway with you.

This is wonderful, because it already has all of your customers’ information and you won’t have to go through the troubles of manually uploading each one of your customers’ information again.  If you’re not quite sure what a payment gateway is and the features that are available with payment gateways, then please visit our home page to see all the benefits that it offers.