Navigating High-Risk Merchant Types on Shopify
A Guide to 3rd Party Gateways
In the ever-evolving landscape of e-commerce, platforms like Shopify have become a beacon of opportunity for entrepreneurs seeking to establish their online presence. While Shopify offers a convenient and user-friendly interface for building a website, many business owners may need help navigating a complex terrain regarding payment processing, especially in light of the restricted and prohibited list on Shopify Payments, as advised by Stripe.
Business owners may need to be fully aware of the restricted merchant types outlined by Stripe, which may lead to complications and potential setbacks in their e-commerce journey. The list of businesses deemed high-risk includes a wide array of industries, such as Content Creation, Content, Social Media Content, Nutra, swords and weapons, firearms, CBD, hemp, vape/e-cigarettes, kratom, tobacco products, medical products, surveillance equipment, adult products, financial products, age-restricted goods and services, animal products, and automotive parts.
For businesses operating within these high-risk merchant types, navigating the Shopify platform can be challenging, as they may be unable need to help utilize Shopify Payments for processing transactions.
There is A Solution
However, there is a viable solution in the form of 3rd party gateways, offering a lifeline for businesses needing alternative payment processing options. One such avenue is using a 3rd party gateway through Nationwide Payment Systems, providing a means for businesses to continue operating on the Shopify platform, albeit with certain considerations. Depending on a business’s specific plan, they may be charged a fee for using the 3rd party gateway. The breakdown of Shopify fees for 3rd party processing is as follows:
- Basic Plan: 2% fee for using 3rd party processing
- Shopify Plan: 1% fee for using 3rd party processing
- Advanced Plan: 0.6% fee for using 3rd party processing
- Plus $2300 Plan: No fee for 3rd party processing
In light of these considerations, it becomes evident that businesses within high-risk merchant types can still leverage the Shopify platform by embracing 3rd party gateways. This opens up the possibility for entrepreneurs to continue pursuing their e-commerce ambitions, even within industries that are traditionally categorized as high-risk.
At the core of this issue lies the fundamental belief that legal businesses should have the opportunity to obtain a merchant account, regardless of their industry. Understanding the nuances of high-risk merchant types and the available solutions is crucial for business owners to navigate the e-commerce landscape effectively.
Sometimes, businesses explore alternative platforms like WordPress or shift to other e-commerce solutions. However, the key message remains clear: there are avenues available for companies to secure a merchant account, and with the proper guidance, entrepreneurs can find a path forward, irrespective of the challenges they may face on their e-commerce journey.
For businesses seeking further clarity and guidance on navigating high-risk merchant types or exploring 3rd party gateway solutions, a consultation with our team can provide valuable insights and support. Our dedicated professionals are committed to assisting businesses in overcoming obstacles and finding the best possible solutions for their e-commerce endeavors.
The e-commerce landscape is dynamic, so entrepreneurs demand adaptability and resourcefulness. High-risk merchant types need not be a barrier to success, and by embracing alternative payment processing solutions, businesses can forge ahead with confidence, knowing that there are pathways available to support their ambitions. With the proper knowledge and strategic approach, every business, regardless of its industry, can find its place in the digital marketplace, and we are here to support and guide you every step of the way.
