Payments are a necessary component for your business for the simple reason that all businesses need to get paid to remain profitable. In order to facilitate payments, you need to become familiar with payment gateways.
Payment gateways are a critical aspect of the entire payments ecosystem. It serves as a connector from your shopping cart service, point of sale system, or virtual terminal to the next stage within the processing and authorization of the payment.
What If You’re A High-Risk Business?
If your business has experienced a high number of chargebacks, is prone to fraud, or is simply in an industry that a merchant account provider considers high-risk, then a high-risk merchant account is in order.
Traditional merchant account providers will not take the risks associated with your business and therefore a high-risk merchant account provider will be the best fit for your business.
Most high-risk merchant account providers do offer an integrated payment gateway that is not only stable but also provides “scalable”’ credit card processing.
The best high-risk payment gateway solution will offer security as this is paramount to the success and growth of your business. Specifically, it would be best if it had a PCI DSS Level 1 security capability. This will ensure that all your payments are processed swiftly, yet securely.
It is also important that this payment gateway allows numerous types of payment methods. More than ever, customers want to have the choice of paying in their preferred method. Essentially, the more options of payment you offer, the better.
Another critical aspect of a top-tier high-risk payment gateway is its provision of fraud prevention services. Being high-risk naturally sets you up for more fraud and chargebacks, therefore, a solid payment gateway will be equipped with PCI Compliance, consumer data tracking, automated fraud detection, and chargeback management, just to name a few.
The Benefits Of Using A High-Risk Payment Gateway
The advantages of using a high-risk payment gateway are numerous. One thing to be sure of is that your transactions will be much more secure. As mentioned above, most high-risk payment gateways that are pros in the business use top of the line security features.
PCI Compliance is uncontested and a must. Fraud detection and chargeback mitigation solutions are just some of the many strongholds that merchants can expect from their high-risk payment gateway.
High-risk payment gateways also grant merchants the opportunity to grow beyond their borders as they can accept international payments. Customers from countries around the world can easily and painlessly make purchases without hassle.
Although it is true that high-risk merchant accounts and payment gateways will cost a merchant significantly more than traditional providers, what you get in return is fast processing speeds, without delay, and robust security.
Piece of mind simply does not have a price.
Choosing The Best High-Risk Payment Gateway Provider
As there are many high-risk payment gateway providers, it is best to determine the needs of your business.
An important element to consider is how much money your business processes every month. The larger the amount, the higher the processing fees.
If your company serves customers outside your country, make sure that your provider offers global coverage.
Do you offer mobile payments? Ensure that this is something your provider offers as part of their services.