High Risk Commerce Review

High Risk Commerce, founded in 2014, is a company that offers merchant accounts specifically for high-risk sectors. The company provides a wide range of services designed for businesses that are frequently considered too unstable by conventional financial institutions. These sectors often consist of adult entertainment, travel services, nutritional supplements, and other industries that see a greater frequency of fraud or chargeback cases. Lets read more about High Risk Commerce Review.

The main objective of High Risk Commerce Review is to offer safe and effective payment processing solutions for merchants in high-risk industries. The company utilizes its vast network of banking partners in different continents to support payment processing, both domestically and internationally. High Risk Commerce can back transactions in more than 160 currencies worldwide, making it a flexible option for global businesses.

One of the standout features of High Risk Commerce is its commitment to transparency and customer service. The company prides itself on a transparent fee structure, ensuring clients understand the costs associated with their services before signing any contracts. This approach helps build trust and clarity, crucial elements for businesses in high-risk sectors where unexpected fees can significantly impact profitability.

Moreover, High Risk Commerce Review boasts a high approval rate of 98%, which is particularly beneficial for businesses that have faced rejection from multiple other payment processors. The company provides businesses with the choice between offshore and domestic merchant accounts, so they can select the one that aligns best with their requirements for privacy, tax benefits, and adherence to local regulations.

Customer support is another area where High Risk Commerce excels. The company provides 24/7 support to ensure that clients can resolve issues promptly, enhancing overall user experience and reliability. Although the overall feedback has been mostly positive, potential clients should closely examine contract terms and grasp the fee structures in order to be aware of potentially higher costs associated with high-risk processing.

Services and Features | High Risk Commerce Review

High Risk Commerce provides a range of services designed to cater to the requirements of high-risk sector businesses. These services consist of offshore and domestic accounts, multi-currency processing, recurring payments, and virtual terminals as well as payment gateways.

Offshore Accounts

Setup and Management: High Risk Commerce provides comprehensive setup and management for offshore merchant accounts. This includes navigating complex international regulations and ensuring compliance with all necessary legal requirements. Offshore accounts are often established in jurisdictions with favorable banking laws and tax regulations.

Benefits: Offshore accounts provide notable advantages such as increased privacy, shield against domestic political and economic uncertainties, and potential tax savings. These accounts can assist companies in operating more effectively on an international level.

Potential Higher Fees: However, the enhanced benefits and complexities involved in managing offshore accounts typically come with higher fees. These can include higher transaction fees and additional costs related to regulatory compliance and security measures.

Domestic Accounts

Features and Compliance: For businesses operating primarily within their home country, High Risk Commerce offers domestic accounts. These accounts are designed to meet local regulatory requirements and provide essential features like automated payments and secure processing.

Security Measures: Domestic accounts are equipped with strong security features to guard against fraud and chargebacks. High Risk Commerce guarantees that every transaction follows local laws and industry standards.

Limitations Compared to Offshore Accounts: While domestic accounts provide significant benefits, they do not offer the same level of privacy and tax advantages as offshore accounts. Additionally, domestic accounts may have more stringent regulatory requirements.

Multi-Currency Processing

Support for Multiple Currencies: High Risk Commerce supports multi-currency processing, allowing businesses to accept payments in over 160 different currencies. This feature is particularly beneficial for international businesses looking to expand their market reach.

Benefits for International Businesses: Multi-currency processing allows businesses to serve customers worldwide, enhancing satisfaction and boosting revenue. It also enables businesses to capitalize on advantageous exchange rates.

Awareness of Exchange Rate Laws and Fees: It is important for businesses to be aware of exchange rate laws and potential fees associated with multi-currency transactions. These can impact overall profitability and require careful management.

Recurring Payments

Setup Process: High Risk Commerce facilitates the setup of recurring payments, enabling businesses to offer subscription services and other automated payment plans. This process includes ensuring compliance with customer authorization requirements.

Benefits for Subscription Services: Repeating payments offer ease for clients and steady income for companies. They are especially beneficial for companies that provide products or services on a subscription basis.

Compliance and Customer Authorization Requirements: Businesses must ensure they comply with all relevant regulations regarding recurring payments, including obtaining proper customer authorization and maintaining accurate records.

Virtual Terminal and Payment Gateway

Features and Benefits: High Risk Commerce offers virtual terminal and payment gateway services that allow businesses to process payments online securely. These services are essential for e-commerce businesses and those that need to process payments remotely.

Pricing and Fee Structure: Although High Risk Commerce does not reveal exact pricing information, it is common knowledge that the fees usually fall between 2.20% to 4.50% in addition to $0.35 for each transaction. Extra charges might be incurred for using the gateway, getting technical assistance, and utilizing additional services.

Comparison with Competitors: Compared to other high-risk payment processors, High Risk Commerce’s fee structure is relatively competitive, although it is essential for businesses to understand all potential costs involved. The company’s strong support and specialized services make it a viable option for high-risk merchants​.

Rates and Fees

High Risk Commerce offers payment processing solutions mainly for high-risk sectors, and it is important for businesses to grasp their rates and fees when evaluating their services.

Typical Rates: The typical rates for transactions with High Risk Commerce range from 2.20% to 4.50% plus $0.35 per transaction. These rates are relatively high compared to the industry average due to the increased risk associated with the businesses they serve.

Comparison with Industry Averages: High Risk Commerce’s rates are higher compared to the usual 1.5% to 3% charged by standard payment processors. This is a common occurrence for processors that serve high-risk merchants, who typically experience a higher rate of chargebacks and fraudulent activity.

Lack of Publicly Available Information: A major problem in High Risk Commerce is the absence of transparency when it comes to contract pricing. The company keeps details about its contracts and fees confidential from the public. This can present difficulties for potential clients in comprehending the financial obligations they are committing to.

Potential Changes in Contract Terms: The ambiguity extends to the potential for changes in contract terms. Without clear, upfront information, businesses may find themselves facing unexpected costs or altered conditions partway through their contract period.

Fees and Customer Service Reliability: High Risk Commerce offers storefront payment processing services, but the associated fees can be high. While these services are comprehensive, there have been mixed reviews about the reliability of their customer service. Businesses must weigh the benefits of these services against the potential cost and service reliability.

Suitability for Different Business Types: These services are appropriate for different types of high-risk businesses, however, each business should evaluate if the costs and customer support are in line with their particular requirements and expectations.

Issues with Transparency: The lack of publicly disclosed prices for virtual terminal and payment gateway services is another area of concern. This lack of transparency can make it difficult for businesses to accurately budget for their payment processing needs.

Impact on Merchant Budgeting: Without clear pricing information, merchants may face challenges in forecasting expenses, potentially leading to budget overruns and financial strain.

Terms and Conditions: High Risk Commerce offers equipment leases, but these come with their own set of terms and conditions that may include hidden fees. Businesses should scrutinize these terms to avoid unexpected costs.

Hidden Fees and Costs: Reports have been disclosed about hidden fees linked to equipment leases, which could greatly raise the total expenses of utilizing High Risk Commerce’s offerings.

Recommendations for Merchants: Merchants are advised to thoroughly review all contract terms and conditions, seek clarification on any ambiguous points, and consider the potential long-term costs of equipment leases. Whenever possible, purchasing equipment outright may be more cost-effective than leasing.

Businesses can make more informed decisions and better manage their payment processing expenses by grasping these crucial elements of High Risk Commerce’s rates and fees.

Customer Service

High Risk Commerce offers various customer service channels to support its clients, aiming to address the needs and issues that may arise in the high-risk payment processing sector.

Phone and Email Support: High Risk Commerce provides customer support via phone and email, allowing merchants to get in touch with representatives for assistance with their accounts. The support phone number and email address are prominently listed on their website, ensuring that clients can easily reach out for help.

Customer Support Form: In addition to direct phone and email support, High Risk Commerce offers a customer support form on their website. This form allows clients to submit their queries or issues online, which are then addressed by the support team.

Common Issues and Complaints: Despite the availability of multiple support channels, there have been mixed reviews regarding the quality of customer service at High Risk Commerce. Common complaints include slow response times and difficulty in resolving issues efficiently. Some customers have reported that their problems were not addressed promptly, leading to frustration and potential business disruptions.

Comparison with Top-Rated Payment Processors: High Risk Commerce’s customer service lacks when compared to top-rated payment processors. Top processors in the industry frequently offer round-the-clock support with quicker resolution times and more extensive aid, establishing a benchmark that High Risk Commerce has not yet consistently reached.

Use of Independent Resellers: High Risk Commerce does not heavily rely on independent resellers, which is a positive aspect of their sales strategy. This approach can help minimize the risk of aggressive sales tactics and misleading information that can sometimes be associated with third-party resellers.

Marketing Practices: The company promotes its services through conventional advertising and referral partnerships. Lack of proof of unethical marketing or deceptive ads shows their ethical approach.

Ethical Considerations and Transparency: Transparency and ethical considerations are crucial in the high-risk payment processing industry. High Risk Commerce upholds a relatively ethical approach by steering clear of aggressive telemarketing strategies and making sure that crucial terms are communicated to potential clients. However, there is room for improvement in terms of providing more detailed and clear information about fees and contract terms upfront.

High Risk Commerce offers several support channels and attempts to maintain ethical marketing practices, it has room to improve in terms of customer service quality and transparency. By addressing common complaints and enhancing support responsiveness, the company can better meet the needs of its high-risk merchant clientele.

Complaints and Issues

High Risk Commerce, similar to many firms in the industry of high-risk payment processing, has encountered numerous grievances and challenges from its customers. Potential clients must comprehend these issues in order to make well-informed decisions.

Common Customer Complaints: High Risk Commerce has received complaints related to digital content and downloads, particularly about the quality and delivery of digital products. Customers have reported instances where digital content purchased through platforms using High Risk Commerce was either not delivered or did not meet expected quality standards.

Quality and Delivery Issues: Concerns exist regarding the punctual delivery and the pledged quality of digital goods. Making sure that merchants uphold strict standards for digital products can help reduce these grievances and improve customer happiness.

Risks and Customer Experiences: Forex trading is inherently risky, and High Risk Commerce clients have reported losses due to volatile market conditions. Some brokers have been accused of manipulating trades to their advantage, leading to significant financial losses for traders.

Broker Practices and Complaints: Concerns consist of dishonest broker behaviors, like disregarding trades or not giving sufficient market details. These behaviors may result in customers feeling distrust and dissatisfaction.

Interest Rates and Hidden Fees: Customers have reported high-interest rates and hidden fees associated with loan services provided by High Risk Commerce. These undisclosed costs can significantly impact the overall affordability and perceived value of the loans.

Customer Service Issues: Concerns have been raised about customer service, specifically pointing out slow response times and uncooperative support staff. These issues can worsen the financial burden on borrowers managing loan payments.

Quality of Technical Support: The quality of technical support provided by High Risk Commerce has been questioned. Customers have cited difficulties in resolving technical issues related to payment processing and account management.

Common Complaints and Resolutions: Common complaints include long wait times and insufficient technical expertise. Improving training for support staff and streamlining the resolution process can help address these issues.

Practices and Customer Experiences: High Risk Commerce’s use of collection agencies has drawn criticism for aggressive and sometimes unethical practices. Customers have reported harassment and lack of transparency in debt collection processes.

Transparency and Legal Issues: Legal issues arise when collection agencies fail to follow proper procedures, leading to disputes and potential legal actions. Ensuring transparency and adherence to legal standards is essential for maintaining trust.

Reliability and Customer Protection: Penny auction sites using High Risk Commerce have faced reliability issues. Customers often complain about not receiving products or being charged excessive fees.

Fraudulent Activities and Measures: There have been instances of fraudulent activities, such as fake bids or rigged auctions. Implementing stricter oversight and customer protection measures can help reduce these risks.

Customer Feedback: Telemarketing practices employed by High Risk Commerce have received negative feedback. Customers report receiving unsolicited calls and being pressured into purchasing services.

Ethical Concerns and Industry Standards: Ensuring ethical telemarketing practices and adhering to industry standards can improve customer perception and reduce complaints.

Technical Issues and User Experience: Customers have reported difficulties using High Risk Commerce’s virtual terminal, including technical glitches and a confusing interface. These issues can hinder efficient transaction processing.

Customer Feedback and Improvements: Feedback highlights the need for a more user-friendly interface and reliable performance. Continuous improvements based on customer input can enhance the overall user experience.

Customizability and Problems: While the hosted payment solution offered by High Risk Commerce is customizable, it has also faced criticism for being problematic. Issues include integration difficulties and inconsistent performance.

User Experience and Feedback: Customers have provided mixed feedback, with some appreciating the flexibility and others frustrated by technical challenges. Regular updates and better support can help address these concerns and improve user satisfaction.

Pros and Cons

When evaluating High Risk Commerce, it’s essential to consider both its advantages and disadvantages to determine if it’s the right fit for your business. Here are the key pros and cons of High Risk Commerce.

Pros

Specialized Services for High-Risk Industries: High Risk Commerce is tailored specifically for high-risk industries, such as adult entertainment, travel services, and nutritional supplements. This specialization means the company has developed expertise in managing the unique challenges and risks associated with these sectors. Their services are designed to help businesses that might struggle to get approved by traditional payment processors.

Multi-Currency Processing Capability: One of the standout features of High Risk Commerce is its multi-currency processing capability. This enables businesses to receive payments in more than 160 various currencies, making it a great option for companies with an international clientele. This feature not only expands market reach but also helps businesses take advantage of favorable exchange rates.

Recurring Payment Options: High Risk Commerce offers robust recurring payment options, which are essential for businesses that rely on subscription models or automated billing. This feature ensures that recurring transactions are handled smoothly, providing convenience for both the business and its customers.

No Setup Fees: Unlike many payment processors that charge hefty setup fees, High Risk Commerce emphasizes that they do not charge any setup fees. This could be a major money-saving benefit for startups or those wanting to change processors with no extra initial fees.

Cons

Higher-Than-Average Transaction Fees: One of the main drawbacks of High Risk Commerce is its higher-than-average transaction fees. Businesses may find these costs much higher than those provided by typical payment processors, with rates varying from 2.20% to 4.50% and an additional $0.35 per transaction. This is a typical issue for high-risk payment processors, but it’s a crucial consideration for budgeting.

Lack of Transparent Pricing Information: High Risk Commerce does not provide clear, detailed pricing information on their website. Businesses may struggle to grasp their total costs and accurately compare High Risk Commerce with other providers due to the lack of transparency. Businesses must request detailed quotes and contracts to avoid unexpected charges.

Potential Issues with Customer Service: Customer service quality is another area where High Risk Commerce receives mixed reviews. Some customers have reported slow response times and difficulties in resolving issues. Efficient customer service is vital for payment processing companies, as delays can directly impact business operations.

Ambiguous Contract Terms and Conditions: Contracts with High Risk Commerce may have unclear terms and conditions, leading to surprises like unexpected modifications or hidden charges, according to some businesses. It is important for potential clients to carefully examine and comprehend all contract terms before agreeing to prevent unexpected problems in the future.

In summary, High Risk Commerce offers valuable services tailored for high-risk industries with notable advantages like multi-currency processing and no setup fees. However, businesses should weigh these benefits against the higher transaction fees, lack of transparent pricing, potential customer service issues, and ambiguous contract terms.

BBB Rating

High Risk Commerce does not currently have a profile with the Better Business Bureau (BBB). The absence of a BBB profile can affect its credibility, as many consumers and businesses rely on BBB ratings to assess a company’s trustworthiness and service quality. Without an accredited rating, potential clients may have reservations about the company’s reliability and customer service standards. This lack of visibility on the BBB platform can be a significant factor for businesses that prioritize transparency and a proven track record in choosing their payment processors.

Final Thoughts

High Risk Commerce provides specific services for industries with high-risk factors, though it comes with increased transaction fees and unclear pricing. Potential vendors need to thoroughly examine the terms and compare them with those of other processors. Although it has strong capabilities in handling multiple currencies and recurring payments, its customer service and unclear contracts are significant drawbacks.