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What are the requirements from high risk payment processors?

icecold

icecold

Mentor Group Gold
Jun 18, 2016
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#1
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I have submitted my standard package with all company documents, business description, KYC, and website URL to three different payment processors listed below, as well as some others I found in the mentor group gold resource database.

The first two responded fairly quickly and accepted my business case, but I am not disclosing the URL for obvious reasons. The last one just confirmed receipt of everything and said they are reviewing it.

Should I continue sending it to the ones I find? I can easily use 5 - 6 active accounts. Total revenue is €1M per month.

 
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#2
No one can answer your question 100% - you have found some good high risk processors.
icecold said:
Should I continue sending it to the ones I find? I can easily use 5 - 6 active accounts. Total revenue is €1M per month.
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Searching the forum some experts say you must be carefully with mass apply, payment processors cross check.
 
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#4
What's your business niche?

To answer your questions, a PSP will look at several factors when working with you. These include your business niche, your website structure, the method in which you accept payments, the location of your customers, the duration of your business operations, your social footprint, and where your business is registered. Compliance issues arise if your monthly volume does not correlate with the business plan or documents you initially provided. This is a common reason why many people get blocked by PSPs. Therefore, it's essential to be knowledgeable about your actions, choose the right PSP, and avoid simply opting for the first one that accepts your business. For handling larger volumes, having a relationship manager (RM) or human support is crucial to ensure smooth operations without interruptions.

that's what our partners usually look for.
 
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#5
ActionMan said:
Sometimes NO KYC is involved.
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In what case you don't need KYC!

If you have a good offer for OCT to accept credit cards again, please feel free to PM ;)
 
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#6
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#8
icecold said:
Should I continue sending it to the ones I find? I can easily use 5 - 6 active accounts. Total revenue is €1M per month.
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At a time when we were searching for a reasonable payment service provider, we reached out to everyone we could, and the problem was that 80% of those we contacted were just resellers. As a result, several PSPs received our application multiple times and declined it.

I would stick to the 5-6 providers you have already contacted and get them fully resolved before sending to more. Building a good network takes time.
 
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#9
I will respond to you mg thread.

Backtoback said:
can you share the ones they accepted you and which business you apply in the mentor group?
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yes, will put all this in the thread there which is opened, I don't want to share it here.

hiju said:
Searching the forum some experts say you must be carefully with mass apply, payment processors cross check.
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I got another approval this morning, now I have been approved by 4 payment processors, waiting for integration API for the last one, we already integrating with the first.
 
#11
The more payment options you can offer your customers the more money you get into your bank account. I add as many different payment methods as possible to our e-store.

Today we are accepting, credit cards, crypto, nochex, bank transfer and paypal.
 
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#12
belarus said:
The more payment options you can offer your customers the more money you get into your bank account. I add as many different payment methods as possible to our e-store.

Today we are accepting, credit cards, crypto, nochex, bank transfer and paypal.
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That's indeed correct!

In our experience, our clients take it a step further by offering BNPL (Buy Now, Pay Later) models to their customers (e.g., Klarna) or incorporating a variety of alternative and local payment methods. For instance, GrabPay in Singapore and Malaysia, Paytm in India, Knet in Kuwait, Canadian Interac, and Alipay or WeChat in China and Hong Kong.

Many people prefer using these payment methods, which significantly boosts conversions. Our clients, especially in the Gaming and E-commerce sectors, strive to enable as many payment options as possible. So having these options available, makes a huge difference for customers retention.
 
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#14
icecold said:
I have submitted my standard package with all company documents, business description, KYC, and website URL to three different payment processors listed below, as well as some others I found in the mentor group gold resource database.

The first two responded fairly quickly and accepted my business case, but I am not disclosing the URL for obvious reasons. The last one just confirmed receipt of everything and said they are reviewing it.

Should I continue sending it to the ones I find? I can easily use 5 - 6 active accounts. Total revenue is €1M per month.

Click to expand...
is it worth mentor group gold to open card account ?
 
#15
diro said:
is it worth mentor group gold to open card account ?
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You may check it, at least you can find lot's of information about methods, payment processors and other discussions which are not public available.
 
#16
High risk payment processors typically have stricter requirements compared to traditional PSP

You may be asked to provide:

- Transaction history for the last couple of months with a low chargeback ratio to be considered by high risk payment processors. Usually it will help you to get much better MDR
- Compliance with regulations: depending on a niche, in gambling for instance, HR PSPs are looking at licensing and other legal aspects
- High level of security: processors may require that merchants have robust security measures in place to protect customer data and prevent fraud
- Regarding showing a URL, in 99% cases it has to be requested from a potential merchant since PSPs value their reputation across banks

Plus, certainly, they look at your volume and GEOs you operate in
 
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#18
I can only add that you want to make a fair good due diligence on each so called high risk payment processor to avoid to get ripped off! Right now I have tried to get my money out of a payment processor for 4 months. If they don't release it I will publish the name here. It is only 30,000 usd but they shall not get away with it.
 
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#19
lory said:
I can only add that you want to make a fair good due diligence on each so called high risk payment processor to avoid to get ripped off! Right now I have tried to get my money out of a payment processor for 4 months. If they don't release it I will publish the name here. It is only 30,000 usd but they shall not get away with it.
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Totally agree, there are lot's of scams you want to avoid.
 
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