Canadian High-Risk Credit Card Processing Options
PayKings provides compliant high-risk credit card processing for Canadian businesses. These solutions adhere to Canadian payment processing laws and regulations, serving industries such as:
- CBD and cannabis
- Adult services
- Travel services
Our banking partners understand the international landscape, facilitating cross-border selling and customer acquisition in the USA. That's why we're the go-to payment processor for Canadian merchants. Unlike many merchant service providers, we understand the Canadian payment processing landscape. We'll get you set up with everything you need to accept credit card payments, from a Canadian merchant account to a secure payment gateway and credit card processing.
Understanding High-Risk Payment Gateways in Canada
A payment gateway is key to accepting payments online. Essentially, a payment gateway acts as the middleman between the merchant and the credit card company when a credit card payment is made digitally. A payment gateway communicates with the credit card company, approves or denies the transaction, and then tells the merchant if it can accept the payment.
Many payment processors will set you up with secure payment processor. However, Canadian high-risk payment gateways differ based on the e-commerce platform used. Some of the more popular platforms include:
- Shopify
- Wix
- BigCommerce
Each platform requires specific gateway integrations for credit card payment processors. That means it's important to keep integrataions in mind when choosing a high-risk payment processor. When seeking Canadian payment processing solutions, consider:
Compliance with Canadian consumer protection laws
Risk mitigation for account freezing or shutdown
Processor familiarity with Canadian regulations and high-risk industries
Key Factors in Canadian High-Risk Credit Card Processing
When evaluating a high-risk merchant account provider in Canada, consider:
- Compatibility with major credit cards (Visa, Mastercard, Discover, American Express)
- Industry-specific chargeback risks
- E-commerce fraud prevention measures
- Card-not-present transaction handling
Why Do I Need a Canadian Merchant Account to Accept Payments?
A merchant account is a business bank account that is required to accept credit card payments. When a customer makes a credit card payment, the funds are transferred from the customer's credit card, such as a Visa or American Express card, to your dedicated merchant account. Those funds are then moved from the merchant account to your bank account on a recurring basis.
The best way to obtain this type of dedicated merchant account is to choose a payment processor or merchant services company who will provide a merchant account for credit card processing. These payment processing companies typically also provide more than a merchant account. They'll often offer payment processing solutions including payment gateways.
A Canadian merchant account provider has relationships with many financial institutions comfortable working with Canadian merchants. If you're planning on accepting mobile payments and credit cards online, you'll need to find one of these merchant account providers.
Navigating Cannabis Payment Processing in Canada
Since the legalization of marijuana and cannabis products in Canada, many marijuana merchants have starting selling this product. They need credit card processing and a merchant account provider to accept credit cards. However, because marijuana is a newly legal product, businesses face unique challenges:
- Conflicting international laws and regulations
- Specialized high-risk payment processing requirements
- Credit card payment acceptance for marijuana, CBD, and hemp products
These challenges mean that payment processors consider cannabis companies high-risk in Canada. As a result, they often see higher credit card processing fees and monthly fees. Because of this, cannabis merchants will need to find merchant account providers that are comfortable working with high-risk merchants. Otherwise, they will be unable to accept payments.
Selecting High-Risk Merchant Account Providers in Canada
You'll have more than one payment processing service to choose from. However, not all Canadian merchant account providers are created equal. You'll want to find the right provider for your business. Top providers offer:
- Dedicated business bank accounts
- Seamless payment gateway integration
- Protection against chargeback-related account shutdowns
- In-depth understanding of high-risk industry needs
Choosing the Best Canadian High-Risk Merchant Account
When selecting a provider, prioritize:
- Expertise in Canadian payment processing regulations
- Extensive experience with high-risk industries
- Ability to negotiate competitive rates
- Custom, sustainable account solutions
PayKings offers tailored high-risk merchant account solutions for Canadian businesses, ensuring uninterrupted payment processing across various industries. If you're ready to accept credit cards, contact us for a free quote and start accepting payments securely today.