A high risk account for BigCommerce provides payment processing solutions for high risk industries who operate on the platform. If you sell items like hemp products, firearms, adult items, or other goods in unique verticals, you’ll need a custom account for your store.
Like most website builder tools and online platforms, BigCommerce allows a wide range of products to be sold using their technology. In terms of high risk, this determination is made by the payment processor you choose to integrate in your website.
Depending on who you want to go with, your ecommerce merchant account provider has separate rules for what they allow, ban, or have strict rules for. You’ll have to look into each to find their rulebook on what’s allowed.
High risk industries on BigCommerce can include the following types of businesses:
Adult – With age regulations and taboo material, adult merchants take many forms from pleasure products, to videos and books. All adult material is considered high risk and requires custom credit card processing
CBD – Products made with cannabis oil have different regulations than standard consumables. In some cases, you’ll need to have Certificates of Analysis to show the THC percentage in your products is lower than 0.3%
Firearms – Guns, ammos, and other self defense items often have age regulations and may jeopardize the brand image of larger payment processors. Your best bet is to find high risk processors to board you account.
Hemp – Like CBD, hemp is a more general descriptor for cannabis items. Hemp products can even include shirts, shoes, or foods.
Nutraceuticals – Supplements, diet pills, mood enhancers, and even natural remedies for erectile dysfunction can be considered high risk due to the lack of FDA regulation around the industry.
Tech Support – This is often an international service that has a high rate of fraud and therefore requires special merchant accounts to process.
BigCommerce supports the sale of CBD and hemp products, and even has their own tools to assist shopping cart users in expanding their business. This includes assistance in marketing, payment processing, and security. They are an excellent shopping cart for the sale of hemp-related products because of their full functionality and support in this vertical.
If you are in a high risk industry and decide it’s easier to get an instant merchant account or go with a mainstream provider, you may get your account dropped. Shopping carts like BigCommerce work with most aggregate payment processors like PayPal, Google Pay, and Square, however the merchant account provider has their own rules when it comes to the type of businesses they allow.
Top payment processors by size have strict Terms and Conditions when it comes to what kind of companies they allow to use their services. This is because they want to keep their risk levels low in terms of banking standards.
If you sign up with an account on a major provider, they’ll likely approve you quickly but once you reach a certain revenue or sales threshold they will review your business and cancel their service. This can leave you with customers not being able to make purchases at the checkout which can severely damage profits and reputation.