In the realm of online payments, payment processors are essential for managing transactions and ensuring smooth money flows. For businesses in high-risk sectors like gambling, e-cigarettes, online dating, and others, choosing a reliable payment processor is critical. Customer reviews provide valuable insights into the performance and reliability of these service providers. Here are the ten worst-rated payment processors in the high-risk sector according to customer reviews, including the number of reviews and average star ratings:
1. BlueSnap
Customers complain about high fees and poor customer service at BlueSnap. Problems with payment processing and unclear contract terms also contribute to the negative rating.
2. Payza
Payza has numerous negative reviews due to a lack of transparency and difficulties with payouts. Customers report frozen accounts and long waiting times for their money.
3. First Data
Despite its size, First Data has many dissatisfied customers in the high-risk sector. High costs and poor communication are frequently cited. Customers also criticise hidden fees and complicated cancellation procedures.
4. eMerchantBroker
eMerchantBroker customers complain about unreliable service and high chargeback fees. Support is described as ineffective and there are reports of unexpected account closures.
5. HighRiskPay
Although HighRiskPay advertises the processing of payments in the high-risk area, customers report bad experiences with slow payouts and unclear fee structures. Customer support is also rated as inadequate.
6. Durango Merchant Services
Although HighRiskPay advertises itself as a high-risk payment processor, customers report poor experiences with slow payouts and unclear fee structures. Customer support is also rated as inadequate.
7. iPayTotal Group
iPayTotal collapsed and disappeared two years ago, but the operating group under Indian Ruchi Rathor continues to operate various high-risk payment processor schemes that all have extremely poor ratings.
8. Instabill
Instabill receives poor reviews due to poor communication and high fees. Customers also criticise slow payout processes and a lack of transparency in the terms and conditions.
9. PayKings
PayKings is often criticised for inadequate customer service and high costs. Customers report delays in payouts and problems with chargebacks.
10. Soar Payments
Soar Payments receives negative reviews due to non-transparent fee structures and poor support. Some customers report unexpected account suspensions and lengthy chargeback processes.
Conclusion
Choosing an appropriate payment processor is crucial for businesses in the high-risk sector. Customer reviews indicate that many providers in this sector still have significant room for improvement, particularly in terms of transparency, customer service, and fee structures. Businesses should carefully evaluate which provider best meets their specific needs and thoroughly research the experiences of other customers before making a decision.