A Canadian high-risk merchant account is a payment processing account for companies that banks perceive as posing a high risk. The sum of money is designated to cover any potential chargebacks or fraud. Canada‘s high-risk companies must pay more for merchant services since they are more likely to experience chargebacks. The bank may add a rolling reserve to your account if a firm has a high likelihood of chargebacks or if the history reveals a lot of refunds and chargebacks.

Table of Contents

Fees for Canadian High-Risk Merchant Accounts

Speaking of fees, the unfortunate reality is that Canadian high-risk merchant accounts are more expensive than those for firms with lower risks. You will incur additional processing fees and account fees because costs are an unavoidable part of life.

However, you should know that high costs for Canadian high-risk merchant accounts were established as the norm many years ago. Nowadays, you may discover payment processors that provide aggressive rates customized to your company. Stick with the archaic method with a 15% commission rate or even higher fees. You are not required to sign contracts that last three to five years. The same is true of additional fees.

So be sure to carefully read the contract before doing anything because certain high-risk payment providers may still charge you a setup fee, monthly, yearly, or even PCI cost. You might be charged an early termination fee when you want to close the account before the deadline specified in the contract. Be sure to carefully read the contract before signing the agreement to know all the information on the termination charge.

Look for Canadian high-risk payment processors that only charge you for transactions on your website or in your app because the payment processing business is developing.

How Can I Make A Canadian High-Risk Merchant Account Application?

Application for a Canadian high-risk merchant account is a quick and easy process. Application forms for Canadian high-risk merchant accounts must be submitted online. Of course, you must also locate a reputable high-risk payment processor if you want to accept card payments. We will assist you in finding a bank that meets your company’s demands, for example, if you choose SecurionPay as your payment partner. You can begin accepting payments online or through a mobile device as soon as the acquiring bank has approved your company.

What to Think About When Looking For A Canadian High-Risk Merchant Account?

Before selecting your future payment partner, do extensive research as numerous high-risk credit card processors are available. Before selecting a choice, you need to think about several factors, some of which include the following:

Responsive Assistance

You require assistance if anything untoward occurs with payments on your website or in-app. Make sure the credit card processor you choose guarantees that all your high-risk company’s problems will be resolved.

Adaptability and Personalization.

If your business model is complex, look for a high-risk processor that enables you to execute various payment scenarios tailored to your needs. Make sure you can discuss the pricing, conditions, and features specific to your business and that you can adjust every component of the payment form.

Open Pricing

A payment processor’s website should make it simple to find the pricing structure. Look for specific details regarding the fees and any extra expenses. Verify that there are no additional or hidden costs.

Technology

You might be curious if the potential payment gateway offers many accounts. Additionally, request the APIs of the payment platform so that you may fully control the setup and payment processes.

Fast Onboarding

User-friendly payments that don’t have downtimes or unpleasant surprises are also significant. Avoid using payment processors with outdated technology and limited expertise.

Expertise

Investigate a payment company’s history and the leadership’s background to learn how long it has been in business. They are market leaders due to their experience and thorough understanding of specialty sectors. Additionally, it guarantees that the payment system you intend to use is reputable and secure, protecting your money.

Website For A High-Risk Payment Processor

Visit the processor’s website to see how it’s laid out and whether any new information is available there. A warning indication that the firm you are considering is in trouble is an outdated or rudimentary website that makes you feel like you are in the past.

Concluding Thoughts

Always read your contract carefully when applying for a Canadian high-risk merchant account because its rules may be tighter than those of a conventional merchant account. Verify any additional or hidden charges, rates, and the level of the rolling reserve.