A payment gateway is a necessity for every business to accept payments via various cashless payment methods. It works as a mediator between the merchant, acquirer bank, and payment processors for payment processing. A gateway acts as a tunnel between merchants and payment processors for safe data transfer using encryption technology. A merchant can easily get a payment gateway if the merchant is not operating a high-risk business. Because banks and payment processors identified a specific group of businesses as high-risk due to their traits, which cause troubles for payment processors. As a consequence of this, payment gateway providers usually deny providing services to high-risk merchants. But it does not mean that high-risk merchants can’t get a payment gateway for their business. There is a separate group of payment gateway service providers that provide a high-risk gateway for high-risk business, known as high-risk payment gateway providers.
But the problem is that the majority of high-risk payment gateway providers charge high-risk merchants slightly more in return for their
services. One reason that can be used to highlight the situation could be the
lack of awareness among merchants of how things work behind the scenes in
high-risk payment processing. This is why it is important for a merchant to
have an idea about the technicalities of payment processing. So that any
gateway provider can’t take any kind of illegitimate advantage of merchants. This
article can help you with this as it is a detailed overview of the high-risk
gateway for high-risk businesses, their technicalities, and the pros and cons
from a merchant's perspective. Let’s start with the causes that make a business
risky.
Traits of an
ideal high-risk gateway for high-risk businesses
Provides
multi-currency support
A payment gateway for high-risk businesses must provide
support for multi-currency transactions. Because high-risk businesses are
frequently involved in cross-border payments. And such transactions can’t be
processed before currency conversion until the payment gateway supports foreign
currencies for transactions, which saves time and speeds up the process of
payment approvals.
Protection
against fraud chargeback requests
Fake chargeback requests are a major concern for high-risk
merchants because they can affect them financially. A high-risk payment
processor must provide protection against such fraud attempts by using fraud
detection tools. To safeguard merchants from such fraudulent attempts.
A large
banking network
An extensive banking network is a necessity for a high-risk payment gateway. Because a gateway with a large banking network ensures payment
approval on time due to the numerous acquirer banks available to continue the
process in the event of a major bank’s failure.
Compliance
with PCI DSS
Compliance with PCI DSS is a major trait of an ideal
high-risk gateway for high-risk business. PCI DSS is the world's best payment
card data security standard, which ensures the safety of customers' card
details.
Various
payment methods
A gateway for high-risk merchants has to provide every
possible payment method, including the local payment options of the operational
region. So that a merchant does not have to worry about payment acceptance.
Provide
multi-lingual support for the checkout page
Providing a checkout page in multiple languages is another
trait of a high-risk gateway for high-risk businesses. It helps a high-risk
business gain trust and loyalty among customers because of the use of local
languages.
Significantly
noticeable points in a high-risk gateway
●
The first thing that a high-risk merchant can
check in a potential payment gateway for his business is the market reach. It
helps the merchant a lot to explore new business opportunities in different
regions.
●
Fraud management is something that can’t be
ignored in a payment gateway for high-risk businesses. Because such businesses
are fraud-prone, they need a payment processor that can provide them protection
against fraud. This is why a high-risk gateway must have AI-integrated fraud
detection technology to detect such activities before they become a big
problem.
●
3D-secured transactions are a must-have for
every payment gateway that provides services for high-risk businesses. Because
high-risk businesses are fraud-prone, as mentioned earlier. Therefore,
3-dimensional secured payments become a necessity for a high-risk gateway for
high-risk businesses.
●
A payment gateway that is designated to provide
payment processing for high-risk businesses must know how to manage the
high volume of transactions so that they can’t cause delays in payment
approvals because of the massive number of payments to process.
●
The integration procedure of a high-risk
gateway is also a very noticeable feature. Because an easy integration method
helps a merchant by saving time and money on payment gateway integration with a
website.
How to get a
high-risk gateway for high-risk businesses?
There is a certain way, a set pattern, to select a payment
gateway for high-risk merchant services that should be followed by a merchant.
Otherwise, selecting a payment gateway randomly can backfire as a decision for
a merchant. Here is the step-by-step procedure for choosing a high-risk payment
gateway.
Research
Researching is the first and most important part of the
procedure for choosing a payment gateway. This is the phase where a merchant
identifies a potential payment gateway service provider according to his
business requirements. To get the best service provider from the shortlisted
names, a merchant can compare all of them.
Approach
In the second stage of getting a payment gateway, a
merchant has to approach the potential service provider. And get all the
details related to the application to get the payment gateway.
Application
In the third and final stage, a merchant can apply for a
high-risk gateway for high-risk business with all the required documents and
information. After applying, the merchant has to wait a few hours before
getting approval to accept online payments. So this how offshore merchant account instant approval process works.
Do you need
assistance getting a high-risk payment gateway?
If you are a high-risk merchant willing to get a high-risk
gateway for your business, then we can assist you in getting one. We (PayCly)
are counted among the best high-risk gateway for high-risk business in
Southeast Asia. Due to the top-class, high-risk merchant services and one of
the most competitive prices in the whole region. If you want a gateway for
high-risk businesses, then you can rely on us because we are specialists in
providing high-risk payment processing services. If you are willing, then you
can get a high-risk merchant account with instant approval by following the
below-given steps:
How can I
set up a merchant account?
To create a merchant account, the following requirements
must be met:
●
Visit the website's home page.
●
"Apply Now" is an option in the
drop-down menu in the top-right corner of the screen.
●
The registration form will immediately display
on your smartphone's screen.
●
The application must have all required fields
filled out.
●
To continue, select "Submit."
This is how you can likely obtain one of the best high-risk
merchant account services in the Southeast Asia region.
Necessary
documents
●
EIN (employer identification number)
●
Two ID proofs of the owner, such as a D/L
(driving license) and passport
●
Articles of incorporation
●
A voided check
●
Bank statements of the business for the last
six months (not for startups)
●
Address proof of the owner
●
Business offices’ address proof
So here is the end of this detailed overview of high-risk
gateway for high-risk business. If you need more information regarding any kind
of high-risk merchant service, you can check our website.
Visit us at: Credit card processing for high risk
Comments
Post a Comment