The primary goal of any business, either high-risk or low-risk, is to maximize profits. You can hassle-free support your company's growth and increased profits through efficient and flawless operations.
A merchant account and payment gateway are necessary for every business that depends on the capacity to accept credit and debit card payments from its consumers. But for most businesses, especially high-risk industries, the traditional merchant account, and payment gateway aren't the best option.
So, in this case, it is better to go with the high-risk merchant account and high-risk payment gateway because any online business needs to handle payment transactions safely and securely. The ability of your high-risk businesses to receive credit card payments will help improve transactions.
But, it is always challenging to get the best high-risk payment service provider for your high-risk businesses because most providers refuse to work with high-risk businesses such as forex, IPTV, adult industries, etc.
If you are also the one who is still looking for the perfect fit for your high-risk businesses, then this blog will help you. Here, in this blog, we will discuss the high-risk payment gateway. We will start with what it is and then move to the advantage of using the high-risk gateway, and at last, we will discuss the best high-risk service provider. So, let's start.
A payment gateway designed for high-risk businesses is called the high-risk payment gateway. A high-risk payment gateway is a mechanism responsible for transmitting payment information. It transmits the payment transaction information to acquiring bank and sends a response back from the issuing banks.
Generally, its key responsibility is to communicate within the banks. The working process of the high-risk gateway and traditional gateway is the same. High-risk gateway also assesses various types of risk involved in working with high-risk businesses, such as processing credit cards. Some other risks involve chargeback history, credit card processing history, checking the company line of business, etc.
Which Issues Does the High-risk Payment Gateway Solve?
Payment optimization is offered to your company through a high-risk payment gateway. As a result, more payments will be approved. In addition, it safeguards you from fraud and chargebacks.
Today, almost every payment gateway, especially for high-risk businesses, comes with the following -
- Strong Customer Authentication (SCA – 3DS)
- Address Verification Services (AVS)
- Card Verification Value (CVV)
- Emergency plans for technical issues
A high-risk payment gateway can serve as a platform for payment orchestration and link merchants with various payment and payment method providers. The ability to view reporting rapidly on a consolidated dashboard is made possible by having a unified solution. It saves time and effort. Because connecting to new acquirers requires a significant amount of work, the number of integrations is an important selling point for technical payment gateways.
What Benefits can you get with the High-risk Gateway?
High-risk merchants can benefit from using the high-risk gateway, which helps them boost their high-risk businesses. Some of the best benefits are -
Boosting Revenue -
A high-risk payment gateway is available to companies that take on regular payments. They must manage huge transactions and recurring payments to boost sales and revenue. These companies can keep their consumers safe by using a high-risk gateway. Additionally, recurrent payments give the company the adaptability to achieve both short- and long-term objectives.
A recurrent revenue stream from a payment processor's recurring payments helps a business expand. Customers may rely on their enterprises' long-term viability because of the secure payment methods.
Maintain chargeback rate -
One of the best benefits of using the high-risk gateway is that it automatically protects chargebacks. It helps the merchant keep the account well by reducing the chargeback rate below 1%.
Also, when the account reaches the chargeback threshold, the high-risk merchant is not required to close it.
A high-risk gateway enables you to execute several payment scenarios according to your specific requirements when your business model is complex, such as in the adult or FX industries.
It can be altered to fit your needs because they are flexible. As a result, modify the payment form to meet your company's needs.
International Coverage -
The best benefit of using the high-risk gateway is that you can easily expand your business at the global level. You have to obtain a high-risk merchant account, and you can easily sell your services internationally. So, with the high-risk gateway, you can do business in any region and accept multi-currency without having an international payment gateway.
It also allows customers to make payments in their native currency. A high-risk gateway is beneficial for both local and international customers.
No false transactions -
The best high-risk gateways offer commercial services that speed up the approval of online transactions. When employed for high-risk organizations, they reduce the danger of fraudulent transactions.
It thoroughly understands how important quick client verification is. Analytics technologies that validate purchases quickly and securely help to lower erroneous rejections. Processors also use code verifications to secure the transaction.
Improve Security -
Now, you know that a high-risk gateway is specially designed for high-risk businesses, so security is their top priority. High-risk processors protect customers' personal and financial information. It also verifies the validity of the card and its associated information.
Now a day, most high-risk businesses are booming because of the high-risk gateway and high-risk processor. The high-risk gateway comes with the latest updated technology, which helps high-risk merchant to run their businesses. Online transactions completely depend on ease and security. High-risk gateway also comes with modern security measures.
Technology Integration -
New technology is introduced every day in the world of the high-risk gateway. It assists in choosing the best software and services to fulfil your business needs. It also assists in combining websites with prominent e-commerce platforms.
You may expand your business quickly as more people visit your website to check out your offer and make purchases. To grow your business, it can also assist you in integrating several goods and platforms into your website or app.
Merchant Underwriting Procedure -
Only having a high-risk payment gateway is not enough. Along with the high-risk gateway, you also need a payment processor and High Risk Merchant Account Instant Approval. if you wish to take credit card payments from your customers.
The high-risk merchant should pass the merchant underwriting process to obtain the one. It helps merchants as well as a processor in migrating mistakes.
All companies are screened the same way, but high-risk merchant accounts are given closer examination. A high-risk payment processor assesses the merchant's ability to fulfil professional and financial obligations to maintain the viability of their business.
Is PayCly Best for the High-risk Gateway?
In a simple sentence, you can say that Yes, PayCly is one of the best service providers, especially for high-risk businesses like forex, adult industries, etc. With PayCly, the merchant can get all the advantages which we already discussed above.
PayCly is an all-in-one solution. With PayCly, merchants can hassle-free get a high-risk merchant account, high-risk credit card processing, and high-risk payment gateway. With PayCly, merchants can get many benefits that help them expand their global business. Let's check the benefits of using PayCly as a high-risk gateway.
- It approves the merchant account within three to seven working days with all the proper documents.
- Has the ability to accept multi-currency from all over the world.
- Allows customers to make the payment the way they want. It means offering various payment modes such as credit/debit cards, net banking, mobile payments, e-wallets, crypto-currency, etc.
- It has PCI DSS Level 1 compliance and provides futuristic security tools like anti-fraud and anti-chargeback.
- Excellent customer support services.
- It offers 24*7 real-time reporting.
- It offers a powerful dashboard to download the detailed statistic report on payments, settlements, refunds, etc.
- Compatible with all types of businesses, such as high-risk, low-risk, and mid-risk.
Final Thoughts -
There are varieties of reasons why some businesses are high-risk. However, having a trusted high-risk payment gateway and high-risk merchant account simplifies the procedures. The high-risk specialized service provider offers many advantages which make business transactions smooth and secure.
Nowadays, you can get many service providers, but having the best will boost your business, so we suggest you use PayCly as your high-risk service provider. PayCly has many years of experience in dealing with high-risk businesses, so we completely understand what you expect from us and offer you the same.
Contact us now to learn more about our services and finalize your deals.