Do you want to know about a High-risk Payment Gateway? If yes, then this blog is going to help you.
Today, the financial world is completely changed. Everyone prefers online payment instead of cash. Not only payment but also most industries are moving online, so for any online business, it is essential to have a payment gateway to collect online payments.
In today's digital world, high-risk businesses are booming. According to the Bank of International Settlements, the foreign forex industry's daily transactions reached US $7.5 trillion in April 2022. The forex market is one of the most liquid and profitable markets and its credit goes to the forex payment gateway, forex merchant account, and forex credit card processing.
High-risk businesses have a higher risk of money laundering, fraud, cybersecurity threats, etc. So, for high-risk firms high-risk payment gateway is available. A high-risk payment gateway is more secure than ever.
Here, this blog will discuss the high-risk payment gateways in more detail. So, let's start.
Before moving to the high-risk payment gateway, try to understand what a payment gateway is. A payment gateway is a mechanism that acts as a middleman and transfers the payment information between a merchant and a payment processor.
In the same way, a high-risk payment gateway works, but it works for the merchant falling into the high-risk categories. It is a specialized payment gateway solution for high-risk merchants.
High-risk gateway is now more secure and affordable, so low-budget businesses also benefit from it. Generally, it offers the infrastructure and security merchants need for the fast, reliable, and secure transmission of transaction data.
How are Businesses Access High-risk?
A financial provider will consider the businesses in issue and the industry it operates in when determining the risk of engaging with a high-risk merchant.
The following high-risk factors apply to the company as a whole:
- How old is the company? (Younger companies have a higher risk)
- Financial stability of the company
- A company's directors and owners' creditworthiness
- The revenue stream—whether a product or service is paid for in advance or after delivery—and how long it takes to process payments.
To analyze the business sector or vertical,
- Credit Risk – Industries where there is a time gap between payment and delivery are sometimes thought to carry a higher level of risk. That is a result of the acquirer taking on obligation if the company goes out of business before it can complete the order.
- Regular Risks – Certain industries are subject to strict regulations and are prone to radical change. The stability of long-term business models is decreased by unpredictability, which raises the risk. More laws can be broken, and doing so has repercussions.
- Reputational Risk – Because most banks and financial service providers rely significantly on their reputation, any actions that could endanger it are considered high-risk.
If your business is high-risk due to the above reasons, you must go with the high-risk merchant account and high-risk payment gateway because the traditional service provider does not work with high-risk industries.
Look at how a high-risk payment gateway works for your high-risk businesses.
- At first, customers should enter their card details on the merchant checkout page.
- The customer-sensitive information is entirely secure through SSL- encrypted and sent to the merchant web server.
- The high-risk gateway collects the encrypted data and transmits it to the acquirer's server.
- Next, the acquirer bank transmits customer-sensitive data to the card payment systems and the card issuer.
- The issuer either approves or declines the authorization based on the available funds and other security measure and send its response back to the acquirer.
- The acquirer sends the same response to the high-risk gateway, and the gateway transmits the authorization response to the merchant websites, where it is displayed to the customer.
Which Service Provider is Best for the High-risk Businesses?
Today, the most service provider is available, but not all are suitable for high-risk businesses. The merchant needs to use the high-risk payment gateway for their high-risk companies. A high-risk payment gateway comes with additional features and is even more secure, which help merchant to run their businesses. So, it is essential to choose the service provider that is compatible with the high-risk businesses.
But, the most challenging work merchant has to face is choosing one among the thousands. So, without wasting any time, we suggest you go with PayCly. PayCly is one of the leading and best service providers who have experience in dealing with high-risk businesses. With PayCly, merchants can get complete payment solutions. Let's check how PayCly help you grow your high-risk businesses.
How PayCly Help You?
When merchants set up a high-risk payment gateway and high-risk merchant account with PayCly, they can get many benefits. It allows the merchant to accept online payments quickly and securely. We offer the following features -
International Payment Processing -
- It allows the merchant to accept most credit cards from all over the world. Some popular credit cards are Visa, MasterCard, American Express, Discover, Union Pay, etc.
- Debit Cards
- Electronic Checks
- Allow merchants to accept international transactions hassle-free.
- Flexible settlement solutions.
Data Protections -
- PCI DSS Level 1 compliance.
- The data is entirely secure with us, and your customer will be confident.
Fraud Prevention -
- Address verification services
- Card security core verification
- Futuristic fraud prevention and detections tools to identify and stop suspicious fraudulent transactions
Online Account Management -
- We offer a powerful dashboard and allow the merchant to check the real-time reposting and download account statements and reports.
- Obtain the details of your processed transactions so that reporting and reconciliation may be done more efficiently.
Customer support -
- We have the best customer support services in the world.
- Offer 24*7 customer service.
- Merchants can contact us through mail or live chat.
Recurring and subscription billing -
- Based on the information you have on file for them, charge returning customers.
- Billing regularly for subscription management software.
- You can set your clients on multiple days or with sizeable monthly sums thanks to dynamic recurring billing.
Grow Your Businesses With Us:
- Not only credit/debit cards but we also offer other popular payment modes. The most popular payment mode we offers are – net banking, mobile payments, e-wallets, bank transfer, and even crypto-currency.
- We maintain a good and healthy relationship with the most acquiring bank and financial service providers, so we offer you the best possible merchant services according to your business nature.
- We offer a hassle-free and simple checkout process.
Final Thoughts -
For any high-risk businesses, it is essential to have trustworthiness and rely on payment partners. At PayCly, the merchant can get the best solution according to their business nature, so we suggest you go with PayCly. We deal with all types of businesses and are always willing to serve our services to new companies.