High Risk Pay Review

Variable Contract Terms

As a high risk specialist, High Risk Pay likely customizes its pricing depending on each merchant’s business type, location, and processing history. Its website’s Rates & Fees section details a swipe rate beginning at 1.79% plus 0.25 for merchants with good credit and a keyed-in rate starting at 2.19% plus $0.25. Rates for high risk merchants begin at 2.95% plus $0.25 but are likely to be higher. A transaction fee of $0.50 is attached to the rate of international and adult entertainment merchants. International merchants thus can expect rates beginning anywhere from 3.50% to 6.95% plus $0.50. Meanwhile, adult entertainment merchants are charged the highest rates beginning at 9.95% plus $0.50

The company’s website does disclose additional pricing details including a $10 monthly fee and its qualified per-transaction fees for certain business types. The company claims not to charge an application or setup fee, and we have not seen any mention of other common fees such as early termination fees and PCI compliance fees.

Virtual Terminal and Payment Gateway Pricing

In addition to its storefront payment processing services, High Risk Pay also dedicates a portion of its website that advertises its virtual terminal and payment gateway services. Virtual terminal rates begin at 2.95% plus $0.25 and are also charged a gateway transaction fee of $0.10 per purchase. A monthly gateway fee of $10 also applies.

High Risk Means High Fees

High risk merchants who sign up with High Risk Pay 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 merchants pose. High risk merchants can reduce their risk of fund holds and chargebacks by being open and transparent with High Risk Pay about their business type and product lineup from the start.

No Red Flags

High Risk Pay appears to offer fairly standard pricing for a high risk processor. High risk merchants should not expect the company’s pricing to compete with the cheapest merchant accounts. If you have any information about the standard High Risk Pay agreement, please share it in the comment section below.

Low Complaint Total

We have located only a few High Risk Pay complaints, none of which accuse the company of being a ripoff or a scam. Commonly cited issues include a difficult signup process and unexpectedly closed accounts. One complaint posted with the BCA raises the alarming possibility that the company is misrepresenting its banking relationships:

I was going through the application process with them (for a merchant services account) but they said they had to have a man come out to my home and take pictures as part of the application process. So, that was awkward but okay, I really need to process some transactions already. Next, they said underwriting needs my username and password for my paypal account. They said if they cannot log into my paypal account they will not approve my application.

At this point, this all started seeming like an email from a Nigerian Prince from the 1990’s. No one does business like this. What business asks another business for their username and password to their personal online bank? I get if you need to see bank statements that’s all fine and good when when you give an ultimatum that I either give you my banking login information or you won’t approve me, I guess I’m not getting approved. Could you imagine how far that would go if you pulled that kind of thing off with Microsoft? Seriously, Mr. Gates, this is HighRiskPay.com and we need your Paypal username/password… right…

Moving right along, their applications have BMO Harris Bank logo’s all over them so I went to BMO Harris Bank locally and BMO Harris corporate looked into it and determined that this company has no legal rights to be using BMO Harrris Bank’s logos or likeness. BMO Harris Bank is investigating and I also filed a police report with local law enforcement. I’ve placed a fraud alert on my credit and changed my bank account. These people are shady and up to something. Stay away from them!!!

We have not found any similar allegations elsewhere, so it is difficult to know at this time whether this merchant’s claims are accurate.

High Risk Pay Lawsuits

We have not found any outstanding class-action lawsuits or FTC complaints filed against High Risk Pay. Dissatisfied merchants who wish to pursue a non-litigious course of action against the company should consider reporting it to the relevant supervisory organizations.

High Risk Pay Customer Support Options

High Risk Pay does not list any dedicated customer support contact information on its website. This falls short of our expectation of top-rated payment processors for great customer service. The company’s general contact channels may redirect to customer support.

Clean Complaint Record

The Better Business Bureau currently assigns High Risk Pay an “A+” rating and has granted the company accreditation since 2014. The company has received 0 complaints in the last 36 months.

What Merchants Say

High Risk Pay has received one negative informal review to its BBB profile. This review describes a lengthy signup process:

Very deceptive advertising. The ’24 Hour Approval’ in particular. I’m 6 weeks in so far and have completed a very invasive screening process (giving logins to personal financial accounts, having ‘inspectors’ visit my home, etc …) and have all but given up at this point. It’s gotten to the point where they rarely even reply to my emails.

Merchants who fail to obtain approval can improve their future chances by understanding why their merchant account application was denied.

An “A” Performance

Given the company’s clean complaint record, we agree with the BBB’s rating at this time.

Inside/Outside Sales Team

High Risk Pay appears to market itself primarily through affiliate partnerships and independent resellers. We have not found any High Risk Pay sales complaints, but we have seen one complaint filed against Merchant Account Providers that mentions deceptive sales conduct. This lone complaint mentioned an undisclosed $149 fee charged after account activation, but the fact that it was posted in 2011 limits its usefulness in evaluating the company’s current practices.

High Risk Pay Rate Quotes

High Risk Pay lists multiple per-transaction rates ranging from 1.79% plus $0.25 to 9.95% plus $0.50. Each quoted rate applies to a different business type. However, the company only lists the qualified rate for each merchant type without mentioning the higher mid-qualified and non-qualified rates that merchants will pay on most transactions. We consider this type of rate quoting to be deceptive because it could give merchants an unrealistic expectation of the rates they will pay.

A “B” Rating

For now, High Risk Pay is only showing a few minor issues with its sales approach. However, if you believe that the company has misrepresented itself to you, you can double-check your monthly bill with a third-party statement audit.