Are you trying to find a high-risk payment gateway for your high-risk businesses? Yes!
As a business owner, you're constantly looking for ways to develop your enterprise and expand your business to increase profits. Expanding your business into new markets is a crucial strategy, especially if you are high-risk because most payment service providers refuse to work with high-risk businesses. So, it becomes challenging for the merchant to obtain a suitable payment service provider. But, thanks to a payment service provider like PayCly, that support most high-risk businesses.
With the help of the PayCly high-risk payment gateway, merchants can hassle-free expand their high-risk businesses in new markets. You can effortlessly send and receive payments in any currency from any country if you have a high-risk payment gateway or international payment gateway like PayCly. While a result, you won't have to stress about receiving payment in a foreign currency or dealing with tricky foreign exchange rates as your business grows swiftly and hassle-free.
Here, we will discuss the high-risk payment gateway in detail. So, let’s start with the definition of the high-risk payment gateway.
Let's begin by defining a high-risk payment gateway. The payment gateway is now a common concept that we all use daily.
The payment gateway is an intermediate for the client and the bank. Online payments are authorized through a payment gateway incorporated into a merchant's website. After a customer completes a transaction, the payment gateway receives and sends payment information to the appropriate banking institutions. It also reports whether the transaction was accepted or denied.
Similarly, a high-risk payment gateway is a payment service provider dealing with high-risk industries.
Why are some businesses considered high risks?
A high-risk business has a higher risk of chargebacks, frauds, or financial failures. A card processor and bank decide about your business that how risky your business is, and whether it is considered high-risk or not.
The risk factor for any business based on the -
Your business type:
Some businesses include gaming, adult industries, tobacco, forex etc. have more possibility of chargebacks and fraud. So, this type of business is considered a high-risk business.
Business owner personal/business situation:
If a business owner has a low credit score, poor financial history, failed business history, etc. then your business is considered a high-risk business.
If your businesses are based on these two factors, then also no need to worry. Nowadays, there are so many payment providers like PayCly available who specialize in working with high-risk businesses.
Some of the most common and popular high-risk businesses which are booming nowadays are -
What Challenges Merchants Have to Face With High-risk Businesses?
Before integrating the high-risk payment gateway, a business owner need a merchant account. Once the bank or financial institute considers your business a high-risk business, it is not easy to find a merchant account. You have to face lots of challenges. The most common challenges that high-risk merchants have to face are -
The main and most common problem for any high-risk business is opening a high-risk merchant account. Most of the service providers deny working with high-risk businesses. When you’ve got the one, then also your problem is not going to end. With a high-risk merchant account, there are many restrictions, and you have to pay high. In case you break the conditions, there is the possibility that your account will get blocked.
High Fees -
You cannot do anything with this. If you are running a high-risk business, you ought to charge more. It is because the service provider wants to recoup the risk. Generally, most service provider charges 3-4%.
Rolling Reverse -
As a high-risk merchant, you ought to keep a rolling reserve. It occurs when a portion of your transaction volume is placed on hold for a certain time before being released and settled later. In this situation, the rolling reverse will help you. With the help of this, banks are shielded from all potential risks associated with a risky business.
Generally, high-risk businesses have a higher chargeback rate as compared to other traditional enterprises. The service provider sometimes sets a monthly threshold. So, you need to find a service provider with chargeback prevention tools and strategies. It helps you to avoid facing higher chargeback fees.
Online businesses have a higher risk of fraudsters. So, for the business owner, it's essential to go with a service provider that offers advanced technology anti-fraud tools. Of course, it is chargeable. But, Isn't it preferable to pay for the useful tool than risk suffering losses due to not having it?
How to overcome these challenges?
You may wonder how to expand your business while overcoming the difficulties associated with high-risk payments. Here, we will discuss a few tips which will help you to overcome the above challenges -
Do lots of research: Make sure you are familiar with your target market's rules and the environment of high-risk payments. It helps you to choose the best service provider for your high-risk businesses.
Think about your client: Consider the requirements and preferences of your customers. It will assist you in identifying the best option for them.
Gain knowledge:Keep up with the most recent adjustments to your industry's types so you may take advantage of possibilities and prevent potential pitfalls.
Still, if you need clarification and are trying to decide, then you can go with our preferable payment service provider and which is PayCly.
We, as “PayCly” is one of the leading and most popular payment services specializing in dealing with high-risk businesses. With us, the high-risk merchant can hassle-free run their high-risk businesses without any headaches. Let’s have a look at some of the best benefits of using the PayCly for your high-risk businesses -
- PayCly is an all-in-one solution. You can get the high-risk payment gateway, high-risk merchant account, and high-risk payment processer in one place.
- We offer 100+ payment methods, including credit/debit cards, net banking, mobile payments, e-wallets, and cryptocurrency, so that customers can get their preferred payment methods.
- We support 100+ multi-currency from all over the world.
- Our futuristic security tools, like anti-fraud and anti-chargeback, protect merchants and customers from fraud. We also cover all the PCI DSS issues.
- Our integration method is straightforward.
- We have the best pricing structure in the market without any hidden charges.
- We offer excellent 24*7 customer support services.
- With us, the merchant can also get a 24*7 real-time reporting, powerful dashboard to download or report statistics on settlements, refunds, payments, etc.
Final Thoughts -
As we all know, we live in the era of online business, where everyone likes to shop and make payments online. Today, no one carries cash. So, any business needs to have a suitable merchant account and a payment gateway. But the problem is not all payment gateway accepts high-risk enterprises. High-risk business is related to high chargeback, high-sales volume, high-risk industry type, etc., so finding a high-risk payment gateway isn't easy.
Once your business is considered a high-risk business, you have to face many challenges. So, looking for a payment service provider with experience dealing with high-risk businesses is best.
Many payment service providers have a speciality in high-risk businesses. So, do lots of research and find the best high-risk payment gateway, such as PayCly. It fulfils all the high-risk business requirements at a reasonable price.
To know more about the PayCly services, contact the expert team through mail or live chat. Our expert team will explain everything about the high-risk payment gateway.