PayCly Blog

High-Risk Payment Gateway for Continuously Developing Trust and Reliability among Customers

Credit card processing is commonly thought to be a new invention, yet it was first utilized 200 years ago in the early 1800s. Financial organizations supplied merchant services to extend credit to merchants, but no modern plastic credit cards were utilized. Merchant accounts were born out of this. The merchant was allowed to extend credit to its most loyal clients. It is a valuable service for retailers and customers, but it comes at a price.

It's difficult to choose the finest payment processor. All merchants desire the best, and the best is determined by the kind of business you have.

Primary Criteria for Selecting the Best Merchant Services Provider

  • Customer Service:
  • You'll need to contact customer service at some point, and they must be available, responsive, and payment experts.

  • Pricing:
  • The finest processors have transparent, consistent, reasonable, and negotiable pricing, as well as no cancellation fees.

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  • Hardware and Software:
  • You don't want to spend a lot of time learning how to use a system or having to regularly teach your personnel how to use it. Payment processor tools (reporting, billing, terminals, and so on) must be extremely easy to use.

  • Security:
  • You can't be a competent processor unless you have advanced fraud detection and mechanisms in place to assist you in staying safe as a merchant.

    The four criteria you should utilize to choose the best payment processor are as follows. You're probably in good shape if you have one that excels at each.

    One thing you'll notice is that it doesn't matter how big you are. The size of a person has very little to do with how good they are. Size can, and often does, detract from a score, particularly in areas such as customer service.

    PayCly helps you get the best High-Risk Payment Gateway facility that will allow you to have refined payment processing solutions that work best for your business. We help you achieve the best payment transactions so that your business can grow successfully.

Is A Merchant Account required for all Merchants Who Accept Credit Cards?

Businesses can get dedicated merchant accounts from payment processors, often known as acquirers or ISOs. A specialized merchant account can take anything from a few hours to a few days to be assigned by acquirers. Your pricing, hardware, and software, on the other hand, will be tailored to your company's needs. Furthermore, customer service levels have improved. Getting a separate merchant account is a good idea for any company with more than $100,000 in annual revenue.

What Is a Payment Gateway and How Does It Work?

Let's take a look at each stage of the information flow within the payment gateway:

  1. The customer first places an order on the merchant's website. The system then directs him to the payment form, where he enters his credit card information. The user clicks "Submit" after filling out the form.
  2. The merchant receives the customer's credit card information. The data is then sent to the payment gateway, along with the order amount. Each transaction in the system is assigned a unique ID – a string of 15 digits and symbols.
  3. Using payment card information, a payment gateway sends an authorization request to the acquiring bank. The acquiring bank then forwards the authorization request to IPS (Visa/MasterCard/AmEx). The latter, in turn, forwards it to the issuing bank, which conducts fraud screening and ensures that the credit card in question is valid.
  4. Meanwhile, if the card is 3DSecure, the system will direct the user to a page where the password must be entered. The password is then checked and verified by the issuing bank. If the verification is successful, the latter sends a confirmation to IPS.
  5. The information from the IPS is routed to the acquiring bank by the system.
  6. After this step is completed, a payment gateway sends a request to the acquiring bank to deduct the order amount from the payment card and redirect it to the IPS and the issuing bank.
  7. IPS sends the transaction confirmation to the acquiring bank, which sends the confirmation back to the payment gateway.
  8. Finally, the merchant receives the notification of a successful transaction within 15 minutes of authorization.
  9. Finally, the merchant receives the notification of a successful transaction within 15 minutes of authorization.

How Paycly Can Help You Get The High-Risk Payment Gateway?

PayCly provides cost-effective, High-Risk Payment Solutions to take care of your business payments. We'll take care of the dirty work so you can focus on growing your business. Here are some of the benefits that you can take with us.

  • You can have extra peace of mind by setting up regular billing.
  • Multiple backup merchant accounts are possible (MIDs).
  • Backup accounts add an added degree of protection, ensuring that business operations are not disrupted for long periods.

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