A high-risk merchant account represents an agreement between a merchant and a bank, granting legal authorization to accept credit card payments online. It also facilitates the acceptance of various payment methods such as wire transfers, e-wallet payments, cryptocurrencies, debit cards, and international or local payment options chosen by the merchant. To acquire a high-risk merchant account, one must complete an application process. Upon approval by a payment system provider, the merchant gains access to a payment gateway, which is software enabling online payment acceptance.

A high-risk merchant account is essential for merchants operating in high-risk industries and seeking to accept online payments. To determine if your business qualifies as high-risk, refer to the list of high-risk industries provided below.

High-risk industries are typically characterized by elevated levels of chargebacks and the nature of their business operations. Examples include nutraceuticals, pharmaceuticals, travel, CBD oil, online dating, casinos, gambling, and adult entertainment, among others.

The transaction fee is a charge imposed by a payment service provider (PSP) for every online purchase conducted on a merchant's website, calculated as a percentage of the transaction amount or, in some cases, a fixed amount. For high-risk businesses, these transaction fees tend to be higher compared to low or moderate-risk enterprises, primarily due to the elevated risks associated with such businesses.

Chargebacks occur when customers express dissatisfaction with a purchase by disputing its quality or labeling it as fraudulent. In the event that a customer initiates a chargeback through their bank, and the claim is deemed valid, funds are automatically withdrawn from the merchant's bank account and returned to the customer.

To apply for a high-risk merchant account, you must select a payment system provider (PSP) capable of processing high-risk merchants. Consider geographical factors, as some PSPs operate regionally while others offer international services. Complete the application form provided by the chosen PSP, and submit the necessary documents outlined below.

Key documents needed include the Certificate of Incorporation, Certificate of Incumbency, local jurisdiction documents displaying company directors and owners, utility bills, bank statements, or rental agreements under corporate names confirming company location, and valid ID copies for all company directors and owners.

Adjustments to your website may be necessary, including creating Privacy Policy, Terms & Conditions, and Contact Us pages. Additionally, consider adding age verification mechanisms if required by your industry. Supplementary documentation may also be requested to validate your enterprise's legitimacy. Upon approval of your high-risk merchant account application, you'll gain access to a payment gateway for online payment acceptance. Follow the provided link to register and access the high-risk merchant account application.

To get started with WinWay, simply complete our online application form. Our team will review your information, and if additional details are needed, we will contact you promptly. The approval process is designed to be efficient, and we aim to provide you with a quick response.

WinWay prioritizes the security of transactions and customer data. We implement industry-standard security protocols, including encryption and fraud prevention measures, to ensure the safety of all transactions processed through our platform.

WinWay does not charge a setup fee, and we offer customized solutions based on your business requirements. While we don't provide a trial period, our team is committed to ensuring that our services meet your expectations, and we are happy to address any concerns during the onboarding process.