The world of payment processing is complicated for businesses in high-risk industries. Whether you are in CBD, adult entertainment, nutraceuticals, or tech support, finding a payment processor that understands your needs and can work within the unique challenges of your business can be tough. That’s where PaymentCloud comes in. This company focuses on providing payment solutions for high-risk merchants, offering services that help navigate the often-difficult waters of the financial industry.
In this detailed PaymentCloud review, we’ll take an in-depth look at their services, pricing, security, customer support, and much more. We’ll break down all the features you need to know about and how PaymentCloud compares to the competition in the high-risk payment processing space.
Overview
A Great Processor for Mid to High-Risk Merchants
PaymentCloud has been a key player in the high-risk payment processing field for several years. Founded in 2015, the company focuses specifically on industries that other payment processors often avoid due to their perceived risk. These include industries like CBD, adult services, nutraceuticals, online gaming, tech support, and more.
What makes PaymentCloud stand out is its ability to offer flexible, customizable payment solutions for businesses in these sectors. Rather than taking a one-size-fits-all approach, PaymentCloud tailors its services to meet the specific needs of each merchant.
As a business in a high-risk industry, you often face challenges like higher transaction fees, difficulty getting approved for a merchant account, and limited payment processing options. PaymentCloud helps mitigate these issues by offering a range of payment processing services that cater to businesses often left out in the cold by traditional payment processors.
Features
PaymentCloud Offers Comprehensive Services for Your Business
PaymentCloud is not just about offering credit card processing. It provides a full suite of services to help businesses process payments seamlessly and securely. These services are especially designed for high-risk industries and can be customized to fit your business model.
- Merchant Accounts: PaymentCloud offers specialized merchant accounts that are tailor-made for high-risk industries. Unlike traditional merchant accounts, which may not approve businesses in these sectors, PaymentCloud’s underwriting process is more understanding of your unique challenges and works to ensure you can get a reliable payment solution.
- Point-of-Sale (POS) Systems: Whether you have a physical retail store or need to accept in-person payments at events or pop-up shops, PaymentCloud offers POS solutions. This includes both countertop and mobile POS systems. The company also provides free equipment for qualifying merchants, which helps reduce upfront costs for businesses.
- E-Commerce Payment Solutions: If you run an online business, PaymentCloud offers integrated payment solutions that are ideal for e-commerce merchants. These include various payment gateways that integrate with popular e-commerce platforms and shopping carts like Shopify, WooCommerce, and BigCommerce. This makes it easier for you to manage your online payments efficiently.
- ACH and eCheck Processing: For businesses that need to accept payments via alternative methods like ACH (Automated Clearing House) transfers and eChecks, PaymentCloud offers these services as well. This is especially helpful for businesses that work with larger invoices or want to offer their customers more flexible payment options.
- Cryptocurrency Payments: As digital currencies continue to rise in popularity, PaymentCloud also supports cryptocurrency payment processing. This can be an excellent option for businesses in the tech or gaming sectors who want to offer their customers the ability to pay with Bitcoin, Ethereum, or other cryptocurrencies.
- Business Funding: PaymentCloud offers more than just payment processing. It also provides access to business funding, including merchant cash advances. This is especially helpful for businesses that need working capital for growth, product development, or other expenses.
Free Equipment for Card-Present Transactions
One of the standout features of PaymentCloud is its offering of free POS equipment for card-present transactions. Many payment processors charge high fees for providing equipment, but PaymentCloud understands that upfront costs can be a barrier for many businesses, especially in high-risk industries.
By offering free equipment, PaymentCloud helps reduce the financial burden on businesses that need to accept payments in person. This is particularly useful for retail stores, restaurants, and other physical locations. With PaymentCloud, you won’t have to worry about paying for expensive hardware or long-term contracts.
Easy and Secure E-Commerce Functionalities
For online businesses, PaymentCloud offers seamless integration with a variety of e-commerce platforms and payment gateways. This means you can easily set up your online store and start accepting payments quickly. The company offers robust fraud detection and chargeback management tools, which are essential for high-risk industries prone to fraud.
Security is a top priority for PaymentCloud, and they make sure that all your transactions are encrypted and protected from hackers and fraudsters. PaymentCloud uses tokenization and end-to-end encryption to ensure that sensitive customer data is always secure, which is especially important for high-risk businesses dealing with sensitive financial information.
PaymentCloud Supports a Large Variety of Payment Methods
PaymentCloud is designed to support a broad range of payment methods, making it an ideal solution for businesses that need flexibility. The company supports all major credit and debit cards, as well as alternative payment methods like ACH transfers, eChecks, and even cryptocurrencies.
This wide range of payment options means that you can cater to a diverse customer base, offering them the payment methods that work best for them. Whether your customers prefer traditional card payments or newer digital payment options, PaymentCloud ensures that you can accommodate them all.
Get a Leg-Up for Your Business with Various Funding Options
In addition to payment processing, PaymentCloud provides merchant cash advances to help businesses grow and expand. If you’re in need of capital to cover operational expenses or invest in new opportunities, a merchant cash advance can provide the funds you need quickly and easily.
This is a major advantage for high-risk businesses that may have trouble getting traditional loans due to their industry’s nature. PaymentCloud’s business funding options give you access to much-needed capital without the long wait times or red tape associated with traditional financing options.
Ease of Use
Navigating the world of payment processing can be tricky, especially for businesses in high-risk industries. Fortunately, PaymentCloud offers an intuitive and user-friendly experience that makes it easy for merchants to get started and manage their accounts. From seamless integration to dedicated support, PaymentCloud simplifies the process every step of the way.
PaymentCloud Helps You Every Step of the Way
PaymentCloud understands that transitioning to a new payment processor can be a daunting process, especially for high-risk businesses. That’s why they offer hands-on support to help you through every step of the onboarding and setup process.
Once you decide to work with PaymentCloud, you’ll be assigned a dedicated account manager who will guide you through the application process. They’ll help you submit the required documents and ensure that your account is set up properly.
Getting Started With PaymentCloud
Getting started with PaymentCloud is simple. The first step is filling out the application form on their website. Once your application is received, PaymentCloud will begin the underwriting process, which can take anywhere from 24 to 48 hours.
Once you’re approved, PaymentCloud will provide you with the tools and resources you need to get up and running, including POS equipment, payment gateway integration, and more. If you’re an e-commerce business, the integration process is designed to be quick and hassle-free, allowing you to start accepting payments right away.
Dedicated Account Manager to Guide You Through the Process
PaymentCloud’s personalized approach is one of its strongest selling points. Every merchant is assigned a dedicated account manager who works with you to ensure that everything is set up correctly and running smoothly. This is especially important for high-risk businesses, as you may have unique challenges that require tailored solutions.
Your account manager will also be your go-to person for any questions or concerns you have after your account is set up. Whether you need help with technical issues, payment gateway configurations, or just general advice, your account manager will be there to assist you.
Hundreds of Integrations With Popular Business Software Solutions
PaymentCloud offers integrations with a wide range of popular business software solutions, including customer relationship management (CRM) tools, accounting software, and inventory management systems. This makes it easy to streamline your business operations and integrate payment processing seamlessly with other aspects of your business.
These integrations allow you to manage payments, track sales, and handle customer data all from one central platform, making your day-to-day operations more efficient and less time-consuming.
Pricing
When evaluating a payment processor, pricing is always a major consideration. For high-risk merchants, the rates can vary significantly based on factors like industry type, sales volume, and the perceived risk level of the business. PaymentCloud’s pricing structure reflects these variables, offering tailored solutions for each merchant’s specific needs.
Reasonable Rates for High-Risk Merchants, but Beware of Added Fees
One of the most common concerns when dealing with high-risk merchant accounts is pricing. High-risk businesses are often charged higher fees to compensate for the increased risk that payment processors take on. PaymentCloud is no exception, and its rates are higher than those for low-risk businesses.
While PaymentCloud doesn’t disclose specific rates on its website, customers can expect transaction fees ranging from 3.49% to 3.95%, depending on the nature of the business and the volume of transactions. Additionally, there may be monthly fees, typically between $10 and $50, for maintaining your merchant account.
While these rates may seem steep, they are in line with industry standards for high-risk businesses. However, it’s important to note that there may be additional fees depending on the services you choose, such as for POS equipment or gateway integration.
Compliance & Security
Compliance and security are critical considerations when choosing a payment processor, especially for high-risk businesses. With an increasing number of cyber threats and strict regulations surrounding payment processing, ensuring that your payment provider meets the highest security standards is essential. PaymentCloud takes these concerns seriously and offers robust solutions to keep your business and customers protected.
Peace of Mind for You and Your Clients
Security is paramount for any payment processing solution, but it’s even more important when you’re dealing with high-risk industries. PaymentCloud ensures that all transactions are secure and compliant with industry standards, giving both you and your customers peace of mind.
PCI Compliance & More
PaymentCloud is PCI Level 1 compliant, which is the highest level of security certification in the payment industry. This means that the company follows the strictest protocols for handling cardholder data, ensuring that all sensitive customer information is encrypted and protected from potential breaches.
Additional Security Features
In addition to PCI compliance, PaymentCloud also uses tokenization and end-to-end encryption to safeguard customer data. Tokenization replaces sensitive payment information with a unique identifier, making it useless to hackers even if it is intercepted. Encryption ensures that data is scrambled and unreadable during transmission.
These features, combined with advanced fraud detection tools, make PaymentCloud a secure and reliable choice for high-risk businesses.
Customer Support
Customer support is a critical component for any payment processor, especially for businesses in high-risk industries. With PaymentCloud, you can expect prompt, professional, and helpful service, though it’s important to note that their support is not available 24/7. Still, their dedicated account managers and staff ensure timely assistance when needed.
Support Is Timely and Helpful, but It’s Not Available 24/7
PaymentCloud’s customer support team is available during business hours, Monday through Friday. While the support team is responsive and knowledgeable, it’s important to note that support is not available 24/7.
For businesses that operate outside of regular business hours, this may be a drawback. However, PaymentCloud’s account managers and other support staff are responsive during the hours they are available and can assist with most issues promptly.
Comparison
When choosing a payment processor for your high-risk business, it’s important to compare different options to find the best fit. PaymentCloud stands out among its competitors due to its tailored services, industry expertise, and robust security features. However, how does it measure up against other high-risk processors?
How Does PaymentCloud Stack Up to the Competition?
When compared to other high-risk payment processors, PaymentCloud stands out for its personalized service, industry-specific knowledge, and comprehensive range of services. While other providers may offer lower transaction fees or simpler setups, PaymentCloud’s focus on high-risk industries and its attention to detail make it an excellent choice for businesses in these sectors.
The company’s security features, such as PCI compliance and tokenization, also put it ahead of the competition in terms of data protection and fraud prevention.
PaymentCloud Review: Bottom Line
PaymentCloud offers a comprehensive and reliable payment processing solution for high-risk businesses. Its wide range of services, from POS systems to business funding, ensures that merchants have the tools they need to succeed in challenging industries. While the pricing may be higher than traditional processors, the personalized service and industry expertise make PaymentCloud a solid choice for businesses that need specialized support.
Ultimately, PaymentCloud’s flexible services, strong security features, and hands-on customer support make it an ideal solution for high-risk merchants looking for a dependable and secure payment processor.
FAQs
What industries does PaymentCloud serve?
PaymentCloud serves a variety of high-risk industries, including CBD, adult entertainment, nutraceuticals, tech support, and online gaming.
How long does it take to get approved?
Approval times can vary, but PaymentCloud typically processes applications within 24 to 48 hours.
Are there any setup fees?
No, PaymentCloud does not charge setup fees for high-risk merchants.
Can I integrate PaymentCloud with my existing e-commerce platform?
Yes, PaymentCloud integrates with popular e-commerce platforms like Shopify, WooCommerce, and BigCommerce.
Does PaymentCloud offer mobile payment solutions?
Yes, PaymentCloud provides mobile POS systems, ideal for businesses that need to accept payments on the go.