In a Nutshell: Running a business without processing credit card payments is nearly impossible these days. But some businesses in high-risk industries have trouble securing a processor to be able to do so. PaymentCloud is a payment processing merchant account provider that specializes in working with these high-risk merchants to deliver quality payment processing services. The company provides numerous retail and ecommerce solutions. PaymentCloud works with a broad range of industries, including tech support, credit repair, and CBD. They always strive to put the customer first to deliver a quality experience.
Unless your company is one of those increasingly rare cash-only businesses, securing a payment processor is a must. For many companies, that means selecting from any number of payment processors based on considerations like the extent of services provided and fees.
But for those industries that exist on the fringes or are considered high-risk merchants, finding a payment processor isn’t as simple, and choices may range from little to none. What are high-risk merchants, you may ask? Think, the adult industry, tobacco, debt consolidation, firearms — industries that are thriving in their own right but ones that traditional payment processors may steer away from.
That’s where PaymentCloud comes in.
“What makes PaymentCloud unique in the marketplace is we’re not credit-driven, we’re more SIC Code-driven,” said PaymentCloud CEO Shawn Silver, referencing the Standard Industrial Classification — a four-digit code system established in the U.S. in the 1930s to identify industries.
This allows PaymentCloud to work with those companies that may have difficulty building credit and are therefore overlooked by other processors.
“We identify an industry we like, we get to know it, and we can understand the roadblocks and challenges for that business,” Silver said.
PaymentCloud may be a processor worth considering for small businesses and high-risk merchants who have had trouble securing a payment processor in the past.
Providing Solutions to Retail and eCommerce Businesses
“At our core, PaymentCloud strives to secure payment processing for any type of business, whether that be high-risk, low-risk, or hard to place industries,” according to the company. “We promise to guide our merchants with inclusivity, creativity, and transparency along every step of the way.”
PaymentCloud delivers its services to both retail and ecommerce merchants.
“At PaymentCloud we offer a full range of merchant processing solutions to help merchants run the retail payment side of their business quickly and safely,” according to the PaymentCloud website.
The company offers a variety of the latest point-of-sale systems at affordable rates, and for merchants that already have a POS system, PaymentCloud can reprogram them to be compatible with its partner banks.
Merchants can also gain access to up-to-date EMV (Europay, Mastercard, Visa) and NFC (near-field communications) terminals.
“It’s important that as the payment industry changes the processor changes with it,” according to the website. “You can rest assured that we will always offer the newest and advanced terminals on the market.”
Mobile and wireless terminals are also available for merchants who travel to their customers or in restaurants where servers can swipe cards at tables.
On the ecommerce side, thousands of merchants use PaymentCloud for their processing needs, according to the website, and the company can integrate with 99% of website platforms.
Of course, this includes shopping carts as well as virtual terminals.
“The virtual terminal can process payments via web by emailing invoice links or payments can be entered manually,” according to the website. “Other capabilities include the ability to: enter ACH transactions, produce receipts, issue refunds, pull historic transaction data, schedule ongoing payments, generate reporting, and process batch files.”
Tech Support, Credit Repair, and CBD are Among PaymentCloud’s Largest Industries
PaymentCloud serves a diverse swath of products and services, from long-running and straightforward industries, such as property management, to newer areas where laws and regulations are still evolving, such as the vape and e-cigarette industries.
Silver said some of the biggest industries PaymentCloud is currently involved in include tech support, credit repair, and CBD.
“CBD is going to be a big one for us,” he said.
With rising needs and more research emerging surrounding the value of cannabis products, the industry has the potential for rapid expansion in the future, according to PaymentCloud.
“With this expansion comes a plethora of CBD and hemp products that have absolutely changed the market,” according to the website. “CBD and hemp products are no longer exclusively just for a group of certain individuals, but rather added into a variety of markets.”
Many CBD merchants have been turned down by payment processors, not only because of their association with cannabis but also because the industry is considered high risk due to legislation issues and a risk of chargebacks.
Similarly, credit repair companies are often perceived as high-risk businesses.
“Credit repair companies help people get back on their feet and return to a state of financial wellbeing,” according to the company website. “Unfortunately, despite the necessity of this service, most banks aren’t willing to provide a credit repair merchant account (to) companies.”
Nevertheless, Silver said PaymentCloud frequently works with credit repair companies to provide them with reliable, trustworthy service.
“We’ve partnered with a bunch of software companies that create backend software for businesses in the credit repair space, and we seamlessly integrate into that on a gateway level, as well as on an API level,” Silver said.
He said the partnerships have brought a lot of business to PaymentCloud.
Other industries PaymentCloud works with include debt consolidation, digital downloads, firearms, nutraceuticals, self-defense, and jet charters.
Using Technology and Prioritizing Customer Service for a Quality Experience
Silver said PaymentCloud strives to provide a high-quality customer experience, including by using the latest technology and making onboarding as easy as possible.
“With the onboarding merchant process, they come to us through our referral partners, lead source, or online traffic,” Silver said. “We explain their options and match them with a bank that has an appetite for their risk level or business type.”
Then, PaymentCloud representatives explain the entire process to the merchant, including how costs will work and which solutions may be best for their businesses, whether it’s a POS system, an ecommerce solution, or both, he said.
PaymentCloud has seen a yearly growth rate of more than 460%, according to the company.
“Our team members are anything but boring, and the same goes for our merchants,” according to the company. “We love being able to relate to our customers so that we can grow lasting relationships with each of them based on the certainty that we can help them succeed in their business.” — PaymentCloud
The company understands that value of courteous, professional, and relational services provide a solid foundation for long-term growth, and solid business practices ensure stability and reliability for PaymentCloud’s customers.
“We are passionate about our work, and you can be assured that PaymentCloud is here to help you,” according to the website. “Our customers are our top priority. We will work hard to earn your continued loyalty, and we want to make sure that you are satisfied with our business.”
If you’re a business owner or are starting a new business and have had trouble securing a payment processor due to the business being in a high-risk industry, PaymentCloud may be the right solution for you.