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High-Risk Payment Gateway

High-Risk Payment Gateway: Deploying the Best Online Payment Practices

If you have ever been involved in online business activities, you must have heard the word "High-Risk Payment Gateway." A high-risk gateway is an online payment processing solution mainly used by businesses with a high risk of payment-related fraud, industry-inherited risk, increasing chargeback rates, complex regulatory compliances, and a high volume of transactions. Businesses with such traits are called high-risk businesses. Because of their ability to provide sound and secure payment processing services to such businesses, high-risk gateways got the prefix "high-risk" and are known as high-risk payment gateways. Payment gateways for high-risk businesses are known to mitigate payment processing risk. Considering this fact, in this blog, we will take a comprehensive look at high-risk payment gateways to understand how high-risk gateways do that. So that you can deploy the best online payment processing services for your high-risk businesses.

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Why Your Business Need a High-Risk Payment Gateway?

Here are five reasons why your business might need a high-risk payment gateway:

  • If your business operates in an industry that is labeled high-risk by banks and payment processors due to the excessive risk of payment-related fraud, complex regulatory compliances, or chargebacks, then a Online high-risk payment gateway is the only and best payment processing solution for your business.
  • If your business often faces higher instances of fraudulent transactions and data breaches, then a high-risk payment gateway is the best payment solution provider to protect your business from financial and information losses.
  • Businesses that frequently deal with chargebacks due to customer disputes or fraud need a high-risk gateway to effectively manage chargebacks, maintain business' reputation, and mitigate financial losses.
  • If your business operates in an industry that has intricated and evolving regulatory requirements, then only a high-risk payment gateway could provide payment processing services to your business.
  • If your business operates in overseas markets and serves an international audience, then a high-risk payment gateway is the most suitable payment solution provider for your business. As it is equipped to process transactions in multiple currencies and provide various payment methods, which enhances your business' ability to reach and serve customers globally.

Advantages of having a high-risk payment gateway

A merchant can get several advantages by joining hands with a high-risk payment gateway for payment processing services such as:

  • Access to payment processing for high-risk industries.
  • Market expansion by reaching a broader customer base.
  • Diverse payment options to fulfill the customer preferences.
  • Global reach with support for transactions in various currencies.
  • Robust fraud prevention tools to protect against fraudulent transactions.
  • Assistance in managing chargebacks
  • Expert customer
  • Customized solutions tailored to industry-specific needs.
  • Scalability to handle growing transaction volumes.
  • Improved customer experience through secure and seamless payments.
  • Compliance assistance to navigate high-risk industry regulations.

How Are High-Risk Payment Gateways Different from Other Payment Gateways?

High-risk payment gateways differ from other payment gateways in several key ways due to the nature of the businesses they serve and the challenges they address. Here's a comparison of how high-risk payment gateways are different:

High-Risk Payment Gateways: Specialize in serving businesses operating in industries considered higher-risk due to chargebacks, fraud, regulatory issues, or reputational concerns.

Other Payment Gateways: Serve a wide range of businesses, including low-risk industries, without the same level of specialization for high-risk needs.

High-Risk Payment Gateways: Offer advanced risk management tools and fraud prevention mechanisms to mitigate the increased risk associated with high-risk industries.

Other Payment Gateways: Also provide risk management tools but may not be as tailored to the specific risks of high-risk businesses.

High-Risk Payment Gateways: Provide more tailored solutions to meet the unique needs of high-risk industries.

High-Risk Payment Gateways: Have expertise in navigating complex regulatory environments associated with high-risk industries.

Other Payment Gateways: May not be as familiar with the specific compliance challenges of high-risk businesses.

High-Risk Payment Gateways: They often offer specialized chargeback management services due to the higher chargeback rates in high-risk industries.

Other Payment Gateways: Provide chargeback management, but they might not be as finely tuned for high-risk scenarios.

High-Risk Payment Gateways: Have support teams trained to handle the unique challenges and concerns of high-risk merchant account.

Other Payment Gateways: Offer general customer support without the same level of specialization for high-risk industries.

High-Risk Payment Gateways: They often support international transactions and multi-currency processing to serve global customers.

Other Payment Gateways: These also support global transactions but may not be as tailored to high-risk industries' unique needs.

Other Payment Gateways: Offer general customer support without the same level of specialization for high-risk industries.

High-Risk Payment Gateways: They often support international transactions and multi-currency processing to serve global customers.

Other Payment Gateways: These also support global transactions but may not be as tailored to high-risk industries' unique needs.

High-Risk Payment Gateways: Have support teams trained to handle the unique challenges and concerns of high-risk merchant account.

Other Payment Gateways: Offer general customer support without the same level of specialization for high-risk industries.

High-Risk Payment Gateways: They often support international transactions and multi-currency processing to serve global customers.

Other Payment Gateways: These also support global transactions but may not be as tailored to high-risk industries' unique needs.

How to select the best high risk payment provider for your high-risk business?

In this article, we will try to focus on some key factors that will assist you in selecting the best merchant service provider for your business.

1. Fee rates that are clear and transparent

This is the most important factor to consider before choosing a merchant account. A provider may charge you very low processing fees to entice you to open an account with them, but then charge you very high fees in the name of other fees. A PCI fee is one such fee that a merchant must pay in order to protect both the merchant's and the customer's account information. So, you must consider all rates before deciding on the best merchant service provider with a transparent fee structure.

2. Investigate the Fraud Detection Program

In recent years, there has been a lot of evidence of fraud in the cyber world. Fraudsters are increasingly targeting small and medium-sized businesses because they are considered a "easy target." As a result, one must be aware of the service provider's data breach security programmed.

3. Avoid the Misleading Advertisement

Advertisement can be a very effective disguise. The basic idea behind an advertisement is to provide customers with accurate information about a company's product. However, this does not appear to be the case all of the time. Companies frequently hire agents with no relevant educational background or interest. There are other factors that led them to promote their product in an opaque manner. Try not to fall into such a trap. Conduct thorough internet research to find the best merchant service provider that meets all of your requirements.

4. Post-Sales Customer Service Support

It's not just your hardware or software products that require customer service assistance after purchase; customer service for presales and post-sales is required for almost everything we buy or buy from. It can take many different forms. Some companies will assist you via email and chat, while others may assign you a dedicated representative for your account.

5. Inquire about the average fund processing time.

You might overlook this while looking for information about your provider's other services. However, a predictable time is always required to have an idea in order to have a proper cash flow. So, if you are in a business that requires continuous fund transfers, research the average time and select the best merchant service provider accordingly.

6. Software Compatibility for Digital Data Management

The days of needing a separate rack to store your sales receipts are long gone, as the cloud-based system has taken their place. It digitally stores our data without using any memory. You only need an internet connection and an electronic device to track your data from anywhere in the world. There is a lot of software available on the internet for the same purpose.

7. The Merchant Account Provider's History

Last but not least, you must conduct proper market research to determine the merchant account provider's behaviour. A thorough market research will guide you in examining the provider's previous history.

Why You Should Choose PAYCLY for a High-Risk Payment Gateway?

PAYCLY is known as one of the best high-risk payment gateway providers in the entire Southeast Asia region. There are many reasons for this, a few of which are mentioned here:

  1. High-Risk Industry Experience and Expertise- PAYCLY is a service provider with a proven track record in handling high-risk industries. This is why PAYCLY does not feel anything out of its comfort zone while providing customized payment processing services to a dedicated high-risk business.
  2. Risk Management Ability- A reliable high-risk payment gateway should offer robust risk management tools and fraud prevention mechanisms, as does PAYCLY. But it provides a little bit of an extra layer of protection to its clients by providing AI and machine learning based fraud prevention tools, a smart chargeback management system, and Tokenization. It also complies with PCI DSS to safeguard the card details of the customers.
  3. Customization- High-risk industries often have unique needs. A good payment gateway should provide customization options that cater to your specific business requirements, and PAYCLY does the same.
  4. Global Reach- For high-risk businesses, it's important that the payment gateway supports a wide range of currencies and provides global payment processing capabilities. And in this parameter, no one could match the abilities of PAYCLY, as it provides services in more than 150 countries with more than 100 currencies to make seamless cross-border payments.
  5. Customer Support- Usually, High-risk businesses encounter payment-related issues more frequently. Therefore, a responsive and knowledgeable customer support team can be a lifesaver during critical moments, knowing that PAYCLY offers 24/7 customer support across its 150 operational markets across the globe.
  6. Transparent Pricing- Pricing is one of the most appreciated features of PAYCLY. It provides a crystal-clear fee structure without any hidden charges and comparatively lower transaction fees.
  7. Compatibility- Compatibility is a specialty of PAYCLY because it can provide payment processing services to almost every business, no matter whether it is a high-risk or low-risk business.
  8. Fast Settlements- Generally, a High-risk payment gateway online takes a little bit extra time to transfer funds due to the involvement of industry inherited risk. But PAYCLY is a little different as it offers timely settlements to maintain healthy cash flow.
  9. Scalability- As your business grows, your payment processing needs will likely increase too. Considering the fact that PAYCLY provides businesses with a relief in transaction limits.
  10. Regulatory Compliance- High-risk industries are often subject to various regulations and compliance requirements. And a high-risk payment gateway should be well-versed in these regulations to help businesses stay compliant. This is why PAYCLY complies with various regulatory authorities like AML and PCI DSS to keep businesses away from illegal actions.

FAQs

What is a high-risk payment gateway?

A high-risk payment gateway is a specialized payment processing solution designed for businesses operating in industries considered higher risk due to factors like chargebacks, fraud, or regulatory challenges.

Can a high-risk payment gateway help businesses expand globally?

Yes, high-risk payment gateways can help a business with global expansion. Because high-risk gateways often support international transactions and multi-currency processing, which allow businesses to serve a global customer base.

Are there any additional fees associated with using a high-risk payment gateway?

May be yes or maybe not; this is slightly unclear as High-risk payment gateways provide services to financially vulnerable businesses. Hence, they need more resources to manage payment processing, which is why high-risk gateways usually charge slightly higher fees compared to traditional payment gateways due to the increased risks they handle. However, not every high-risk gateway does the same thing; for instance, PAYCLY provides services at one of the lowest prices in Southeast Asia.

Can a high-risk payment gateway help reduce chargeback rates?

Of course, high-risk gateways can help reduce chargeback rates, as they often provide tools and strategies to manage and reduce chargebacks.