High Risk Merchant Solutions 2023: Reviews & Complaints
Note: High Risk Merchant Solutions’ website is down as of 2023. We are currently unable to determine whether the company is still operating or not. If you have any information, please let us know in the comments below.
Company Overview
Founded in 2015, High Risk Merchant Solutions is a merchant account provider that serves both standard and high-risk businesses. The company is powered by The Steward Group, which is the organization behind 2 other payment processors named ASAP Merchant Services or ASAP Solutions Consulting and The Southern Institute. ASAP Merchant Services and The Southern Institute list the same contact phone number, which may indicate that they are the same company.
High Risk Merchant Solutions Payment Processing
High Risk Merchant Solutions claims to offer CBD merchant accounts as well as credit card processing for retail, travel, timeshare, telemarketing, credit monitoring, offshore payments, continuity, herbal medicines, MLM, nutraceuticals, and e-cigarettes. High Risk Merchant Solutions processes all major debit and credit cards for high-risk businesses.
Location & Ownership
High Risk Merchant Solutions does not disclose its location or its acquiring bank. However, Carlos Anderson, a managing partner at “Steward Group Merchant Processing”, lists his location as Aspen, Colorado.
Table of Contents
- Costs & Contract: Offers variable contract terms depending on…
- Complaints & Service: Complaints number fewer than…
- BBB Rating: Currently does not have a profile with…
- Sales & Marketing: Does not appear to hire independent sales agents and has not…
High Risk Merchant Solutions Customer Reviews
Here's What Their Clients Say
| Item | Result |
|---|---|
| Total Online Complaints | <10 |
| Live Customer Support | Yes |
| Most Common Complaint | N/A |
| Recent Lawsuits | No |
No Public Complaints
We are unable to locate any negative High Risk Merchant Solutions reviews, which is a good sign that the company isn’t a ripoff or a scam. High Risk Merchant Solutions has been active for over three years, so it is a positive sign to see that it has maintained such a clean complaint record. We will interpret this lack of client complaints as evidence that the company is operating ethically. If you have a High Risk Merchant Solutions review to make, please do so in the comments below.
High Risk Merchant Solutions Lawsuits and Fines
We have not found any outstanding class-action lawsuits or FTC complaints filed against High Risk Merchant Solutions. Dissatisfied clients who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.
We should note that it is very difficult to find legal information about the company due to its generic name.
High Risk Merchant Solutions Customer Support
High Risk Merchant Solutions does not list any customer support contact information on its website. This falls far short of the minimum level of service that we expect from top-rated payment processors for great customer service, but it appears to serve the company’s merchants well.
High Risk Merchant Solutions Online Ratings
Here's How They Rate Online
No Profile Available
The Better Business Bureau does not maintain a profile for High Risk Merchant Solutions at this time. We therefore will not factor a BBB rating into this review.
High Risk Merchant Solutions Fees, Rates & Costs
A Closer Look at The Contract
| Item | Result | >
|---|---|
| Cancellation Penalties | Unclear |
| Monthly & Annual Fees | Unclear |
| Processing Rates | Variable |
| Equipment Leasing | Unclear |
Variable Contract Terms
High Risk Merchant Solutions does not disclose its pricing to the public, and there are no HRMS reviews that mention specific High Risk Merchant Solutions rates or fees charged by the company. Despite giving no definitive pricing, company’s website does advertise different rates being “as low as” for different high-risk businesses. Domestic high-risk merchants can receive rates as low as 2.99%, standard-risk businesses as low as 0.59%, international off-shore accounts as low as 4.50%, and e-commerce rates as low as 1.00%. However, these rates are nothing more than advertisements and do not provide clients with insight into what they may actually pay.
As an all-purpose payment processor with offshore processing options, it’s likely that the company’s contract terms will vary dramatically depending on each business’ type, location, and processing history. High Risk Merchant Solutions offers payment processing equipment, but it is possible that this equipment may come with a long-term lease. Business owners are advised to purchase their own equipment whenever possible to avoid getting locked into long-term, non-cancellable equipment leases.
Virtual Terminal and Payment Gateway Pricing
In addition to its storefront payment processing services, High Risk Merchant Solutions also dedicates a portion of its website to advertising its virtual terminal and payment gateway services. However, pricing is not disclosed on either of those services. The company does advertise that its basic e-commerce rate starts at 1.00% but this is likely a qualified rate that does not apply to high-risk businesses or all clients in general. Additional rates and fees, including gateway fees, technical support fees, batch fees, and additional transaction rates typically apply to these e-commerce services.
High-Risk, High Fees
High-risk businesses that sign up with High Risk Merchant Solutions should expect to pay higher-than-average fees, and they may also be subject to cash reserves on their accounts. This is standard practice within the industry due to the elevated risk of chargebacks that many high-risk clients pose. High-risk businesses can reduce their risk of fund-holds and chargebacks by being open and transparent with High Risk Merchant Solutions about their business type and product lineup from the start.
High Risk Merchant Solutions CBD Pricing
High Risk Merchant Solutions has previously offered CBD payment processing with no contract or monthly minimum fee, but it’s possible that this solution was powered by Elavon. Elavon has recently purged all of its CBD accounts, so High Risk Merchant Solutions may offer different CBD contract terms at this time.
No Red Flags
We cannot find any High Risk Merchant Solutions complaints related to the company’s pricing, and there’s no reason to believe that the company’s clients are dissatisfied with their pricing at this time. It is possible that High Risk Merchant Solutions offers a wide range of potential contract types, so business owners should understand how to spot undesirable terms in their contract.
We also encourage readers to check out our list of the providers of the best merchant accounts.
High Risk Merchant Solutions Employee Reviews & Sales Tacitcs
Should You Work For Them?
| Item | Result |
|---|---|
| Uses Independent Resellers | No |
| Telemarketing | Possible |
| Misleading Marketing | Yes |
| Discloses All Important Terms | No |
Inside Sales Team
High Risk Merchant Solutions appears to rely on an in-house sales team and referral partners to market its services. Despite the fact that the company may employ independently contracted sales agents, we have not found any High Risk Merchant Solutions complaints that mention deceptive conduct. We will therefore assume for the time being that the company’s sales approach is transparent and ethical.
This compares favorably to our list of best credit card processors.
High Risk Merchant Solutions Rate Quotes
High Risk Merchant Solutions lists rate quotes “as low as” 2.99% for high-risk, 4.50% for offshore, 0.59% for retail, and 1.00% for e-commerce. These High Risk Merchant Solutions rates are likely not all-inclusive and will not be the effective rate paid by the vast majority of the company’s clients. We therefore consider them to be slightly deceptive because they could give merchants an unrealistic expectation of the rates they will pay. If you suspect that a High Risk Merchant Solutions sales agent has misled you about your rates, you can double-check your monthly bill with a third-party statement audit.
Our High Risk Merchant Solutions Review Summary
Our Final Thoughts
High Risk Merchant Solutions rates as a reliable credit card processing provider according to our rating criteria. The company enjoys a clean complaint record and is able to serve both standard and high-risk merchants. However, business owners should be aware that we have not found detailed information about the company’s pricing and fees. We will continue to monitor the company and update this review as needed. For now, readers should be sure to compare High Risk Merchant Solutions’ pricing to that offered by other top-rated high-risk payment processors.
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Ivan Regina
High Risk Merchant Solutions has been an absolute game-changer for my business! As an entrepreneur in the high-risk industry, I faced numerous challenges finding a reliable payment processing partner. However, since partnering with High Risk Merchant Solutions, all my worries have vanished.
Their seamless and secure payment gateway has allowed my customers to transact with ease, boosting our sales significantly. The team’s expertise and 24/7 support have been nothing short of exceptional. Whenever I had questions or needed assistance, they were always there, ready to help.
Thanks to High Risk Merchant Solutions, I now have the confidence to focus on growing my business instead of worrying about payment processing hurdles. I highly recommend them to any business operating in a high-risk space. They truly deliver on their promises and have exceeded all my expectations. Kudos to the team for their outstanding service!