High Risk Commerce is designed for higher-risk merchants regarding potential fraud or chargebacks. Launched in 2014, it provides a comprehensive review solution for merchants in high-risk industries who cannot acquire an account from traditional financial institutions. These merchants are typically those in industries such as adult entertainment, travel services, nutritional supplements, and other areas that may involve large ticket items or complex billing cycles. The company also looks into the merchant’s credit history and past disputes to ensure they are not putting their clients at risk.
This High Risk Commerce review will shed light on the company and its services, rates, and other factors to help the merchants decide if its services are right for them.
Service and Features
With the High Risk Commerce service, businesses of all sizes can access the following features that help them manage risk and comply with various regulations.
Offshore Accounts
High Risk Commerce recognizes the benefits of offshore accounts, offering experienced setup and management services to ensure complete compliance with all applicable regulations. All accounts are safeguarded by the latest security protocols and are held in highly secure offshore banking facilities. But the downside is that they may charge higher fees than conventional banks, so you must weigh the costs and benefits when deciding.
Domestic Accounts
High Risk Commerce stands ready to assist business owners who wish to open and manage domestic accounts. All accounts are secure and compliant with all applicable regulations, offering peace of mind. They also provide a wide range of services to help you better manage your finances, such as automated payments, mobile banking and more. However, merchants must understand that domestic accounts may not offer the same level of privacy as offshore accounts.
Multi-Currency Processing
The company offers multi-currency processing, allowing merchants to accept payments in multiple currencies. It is especially helpful for international businesses that wish to expand their customer base and take advantage of changing exchange rates. But, the problem is that merchants should be aware of the applicable exchange rate laws, as some currencies may be forbidden or subject to higher fees.
Recurring Payments
With the help of High Risk Commerce, business owners can set up recurring payments for their customers. It allows merchants to offer subscription services and other payment plans, providing convenience and peace of mind. Merchants should be aware that recurring payment operations may require additional customer authorization. It is also important to note that subscription services may be subject to additional compliance requirements.
BBB Rating
The company has no dedicated profile in the Better Business Bureau (BBB), a non-profit organization that has long been used to rate businesses. It means the company has no BBB rating, and buyers can not know its credibility.
It is also important to note that lacking a dedicated profile could mean the company has received negative customer feedback or been subject to questionable practices. As such, potential buyers should take extra steps to research the company before making any purchase decisions.
Rates
When reviewing High Risk Commerce, it’s important to consider the rates that merchants will pay for the services. Unfortunately, the following factors have been a major source of dissatisfaction.
Ambiguous Contract Pricing Range
The company has been known to advertise a pricing range that is not always clear or specific. In addition, the contract terms can change suddenly, making it difficult for merchants to budget in advance. It can create significant challenges for businesses in the high-risk sector as they may not anticipate sudden price increases.
Storefront Payment Processing Services
High Risk Commerce is also known to offer storefront payment processing services. While this may be an attractive option for some merchants, the fees associated with these services can be quite expensive. Additionally, the customer service associated with these services has been unreliable, making it difficult for merchants to resolve any issues that may arise.
Absence of Publicly Available Information
Another point to consider when reviewing High Risk Commerce is the lack of publicly available information about their services. While they have a website, there is no detailed information about their plans and prices. Merchants may be left in the dark regarding understanding what they are signing up for, leading to confusion and negative reviews.
Undisclosed Prices
The merchants have complained about undisclosed virtual terminal and payment gateway services prices. Hence, it can be difficult to determine what they are being charged for different services, making it difficult to determine the overall cost of using the services of High-Risk Commerce.
Possible Equipment Leases
Lastly, High Risk Commerce also leases for POS equipment and related services. Merchants should pay close attention to the terms of their leases as they can often be very complex and difficult to decipher. Merchants should know of any hidden fees or additional costs associated with the lease before signing on.
Complaints
High Risk Commerce is a payment processing company specializing in high-risk payments. However, when reviewed along with the major problems, the following have been found in the high-risk merchant categories of the company.
Digital Content/ Downloads
There have been reports of customers not receiving the digital content they purchased and fraudulent merchants selling low-quality or outdated products. It is, therefore, important for customers to ensure they are purchasing from a legitimate merchant to avoid disappointment.
Forex Trading
Forex trading is highly risky, with many consumers losing money due to uncertain market conditions. There have been reports of brokers taking advantage of customers with inexperienced trading skills. Some brokers have also been accused of manipulating trades to make more money for themselves.
Loan Services
Customers have given bad reviews about the company’s high-interest rates and hidden fees. There have also been reports of customers being charged for services they never received or were misled about. It has been reported that the company often fails to provide timely loan repayment options, and even when customers make payments, they are not credited properly.
Tech Support Services
The company has received negative reviews for its lack of tech support services. Customers have reported that the customer service agents are often unhelpful and do not provide adequate help with technical issues. Additionally, customers have also complained about long waiting times and the difficulty of obtaining refunds promptly.
Collection Agencies
Collection agencies have been accused of using unfair or illegal practices to collect customer payments. These include harassing phone calls, aggressive emails and even threats of legal action. The company has also faced backlash for its lack of transparency, with customers often unaware of the exact details of their debts.
Penny Auction Sites
Penny auction sites are unreliable, with customers often not receiving the purchased products or being charged excessive fees. Additionally, there have been reports of customers being scammed by fraudulent merchants and receiving fake products. It has also been reported that the company does not take sufficient measures to protect customers from these fraudulent activities.
PPI Claims
The company has been accused of offering inadequate compensation to customers who make PPI claims. In addition, customers have also complained about the long waiting times for their claims to be processed and the lack of transparency concerning how PPI refunds are calculated.
Telemarketing
The company has been criticized for its telemarketing practices, with customers often receiving unsolicited calls at inconvenient times and being pressured into signing up for services they do not need. In addition, customers have also complained about the long waiting times when trying to get their money back in case of a cancellation.
Difficulty in Using the Virtual Terminal
Customers have reported difficulties using the company’s virtual terminal, with many finding it hard to complete a transaction due to technical problems. It has caused customers frustration, as they cannot make payments quickly or easily. Additionally, the user interface has been criticized for being confusing and difficult to understand.
Customizable but Problematic Hosted Payment Solution
The company has been criticized for its hosted payment solution, which allows customers to customize their payments but is often plagued with technical issues. Customers have reported that the system can be unreliable, with payment processing taking too long or not working. Additionally, there have been reports of customers being charged extra fees for certain services that were not agreed upon.
Difficult to Manage the Core API
Customers have reported that managing the company’s core API is difficult, as it is often slow and unresponsive. Additionally, some customers have reported receiving sporadic notifications and errors while attempting to integrate the platform with their existing systems. Customers have had a negative experience with the company’s API, leading to frustration and dissatisfaction.
Conclusion
High Risk Commerce is a service provider that offers e-commerce solutions to businesses operating in the high-risk sector. Although they claim to provide a comprehensive suite of services, the reality is that their offering is limited, and there are some significant drawbacks. Specifically, their pricing structure is complicated and expensive, and their security features are not as robust as advertised. Furthermore, numerous customer service issues and delayed payments have been reported.
This High Risk Commerce review suggests merchants should consider other options before signing up with High-Risk Commerce. However, if they decide to use it, they should ensure they understand the full terms of their contract and all the associated fees. Doing so could minimize any potential risks or losses using High Risk Commerce.
