High-Risk Payment Gateway

High-Risk Payment Gateway Let’s understand the concept deeply

Tackling the payments complications in high-risk industries is impossible without having a high-risk payment gateway.

As the financial industry is transforming at a rapid rate. New business industries are arriving onto the market and these comprise different types of high-risk businesses.

Money laundering, scam, and cybersecurity threats continue to invade the high-risk industry. This implies that high-risk payment gateways require to be safer than ever before.

In this given blog, we shall be delivering a precise summary of many of these enterprises. However, their payment necessities and issues, and what appropriate solutions are present.

What is a high-risk payment gateway?

A high-risk payment gateway is a mechanism that fetches and transmits payment details from a buyer to a merchant’s bank account.

A specific example where a high-risk payment gateway in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.) is primary in the eCommerce checkout procedure. Moreover, when buyers provide their credit card details to buy products or services online.

What is a high-risk merchant account?

A high-risk merchant account is an account maintained with a financial organization in which merchants may accept the funds that they gained via sales. For businesses functioning within high-risk businesses, obtaining merchant accounts is more complicated than it would be for low-risk business owners that need to take payments online.

Which industries are regarded as high risk?

There are different companies that are regarded as high-risk. They may be categorized on the basis of different sorts of risk such as prestige risk, and hazards of money laundering, or conceivably they may be of a complex business structure that isn’t preferred by banks.

In the following part, we are about to describe some of these high-risk industries:

1. Online gaming
2. Debt collection
3. Adult Industry

What are the dissimilarities between low-risk and high-risk merchant accounts?

The primary dissimilarity between a high-risk merchant account and a low-risk merchant account is that the business functions in procedures that are considered to be excessively risky as summarized above.

Where such a high-risk business account is affected, banks manage to be contentious. And such enterprises are almost entirely blocked from opening accounts.

The number of high-risk payment processing service providers for high-risk businesses is getting unsubstantial and more delicate. So it is crucial to get a trustworthy payment service provider for these high-risk merchant payment services.

Top 5 payment processing problems faced by high-risk merchants

The 5 primary payment problems for high-risk merchants who come under the high-risk category could be specified as follows:

1. Establishing a merchant account at banks or other payment service providers
2. High processing costs
3. A completely managed rolling reserve
4. Chargeback volume is higher in the high-risk industries
5. High-risk businesses are more inclined to fraud incursions

What do you require to get a high-risk payment processing solution?

At the very first, you will require a high-risk merchant account. For most high-risk payment processing solutions. Banks will ask you to acquire a high-risk SSL certificate for your website with high-risk protection.

When establishing yourself as a high-risk business, acquiring a high-risk 3D verification system with high-risk buyer attestation may also be essential. In most circumstances, high-risk credit card payment processors basically give up assessing high costs for processing high-risk payments.

Essential High-Risk Payment Gateway Features

There is an abundance of ingenious factors in high-risk payment services which improve the possibility for high-risk merchant accounts. And we are showing some of them here:

1. A merchant can sell everywhere
2. Liberty of selection
3. Easy maintenance
4. Tokenization Feature

Additional core benefits of high-risk payment gateway solutions for your merchants

There are also some other core benefits of high-risk payment processing solutions or alternative payment methods for high-risk businesses out there.

1. Receive numerous currencies:
2. Take all primary payment methods:
3. Virtual Terminal:
4. Recurring Billing Structure:
5. QR Codes:

Documents required for high-risk payment gateway application

When you have finalized your payment gateway provider. Then it’s time to collect some essential documentation.

Relying on the payment service provider’s requirements. You must be ready to present the following documents to provide with your online application for a high-risk payment processing service:

• Personal and business address proofs
• Tax ID number
• Operational Website URL
• Valid Phone numbers
• Business merchant’s ID or passport
• Business License
• A voided bank check displaying your business name, address, account number, and routing number.
• Three months of your current business account statements.

Now Is The Perfect Time To Apply For Your High-Risk Payment Gateway

After you have compiled all needed documents, as asked by your payment gateway provider. So, it is the moment to apply for your high-risk payment processing service. Nowadays, most high-risk payment service providers enable you to finish the application completely online.

Once completed, you will present it, along with all necessary documents required and your application will initiate the underwriting procedure. It can bear as minimum as 24 hours to get an answer or up to a week. When you are authorized, you will most likely be associated with a payment service provider’s executive so that they step you through the onboarding procedure. Moreover assisting you to set up your merchant account.

As soon as this procedure will complete. You can now initiate taking and processing credit and debit card payments online.

Acquire A High-Risk Payment Gateway Without Any Trouble

As a high-risk merchant, you already understand the problem of getting a dedicated and trustworthy high-risk payment gateway provider. Consequently, more and more high-risk payment service providers are pushing it more comfortable than ever for business owners to initiate taking payments. And without the fear of fraud and chargebacks bringing their online business down.

How WebPays can help?

WebPays offers a complete suite of payment solutions for high-risk businesses. The first and greatest delivers safe credit card processing which is critical for any high-risk business. We also deliver other payment services such as a protected high-risk payment gateway in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.) and also a credit card payment processor with complete authorization.

Our excellent payment service platform for online businesses that comes in the high-risk category is the Multi-Channel Payment Gateway services. This enables your online store to deliver its products or services online, via mobile, and direct at the point of sale (POS).

FAQs

1. Does the high-risk payment gateway need my online business to be PCI DSS compliant?

The most standard high-risk payment gateway, online businesses that take credit/debit card payments and alternative payment methods online are needed to verify their compliance with PCI DSS rules & regulations by providing complete documentation and obeying network exposure scans.

But WebPays solutions function as the payment service provider which implies that unless you individually take card payments, you are not disclosed to card data and therefore not needed to be PCI DSS compliant.

2. What are the primary security measures a high-risk payment gateway should have to process payments securely?

There are consistently some payment risks associated with performing online payments, both for buyers and merchants. So, there are three major security measures to opt for and understand whether your high-risk payment gateway is responsible:

• Secure Socket Layer (SSL) — the merchant is liable for
• Payment Card Industry Data Security Standard (PCI DSS) — the associate keeping customer’s payment data are liable for
• 3D Secure — all high-risk payment gateways and banks are preferring this method. But, research more if you are preferring international commodities.

3. How do I specify which is the best high-risk payment gateway provider to choose?

There are many choices in high-risk payment gateway providers. But all payment processing services are not similar. So, check these given factors to get the best high-risk payment processor:

Expertise. Should have a substantial track record history in the particular industry.

Determined data security. Data security should always be the first preference. So, the features that can assist you in reducing and saving against fraud by protecting credit/debit card information are essential.

Customer Service. You will have to opt for a high-risk payment processor that delivers instant 24/7 customer service available to assist you in maintaining your business functions smoothly.

4. Mention some of the major fraud detection features of a high-risk payment gateway.

Yet, when you are going to opt for a high-risk payment gateway for your website it is essential to concentrate on assuring secure online payments associated with quality regulations and techniques. A dedicated payment gateway protects online orders by filtering systems of different fraud detection tools. However, these are also known as screening procedures to examine the boundary of fraud. And the different fraud detection tools are as follows.

• Delivery Address Confirmation.
• AVS Checks.
• Fingerprint Innovation.
• Velocity Pattern Examination.
• Identification.
• Geolocation.

5. WebPays’ best high-risk payment gateway processing solutions are the one-stop payment solution for high-risk payment processing. How?

WebPays is the most elevated payment service provider. It delivers the best high-risk payment gateway processing solutions to high-risk businesses. It also drives it comfortable for you to gain more income without any additional expense of time and funds:

• Receives all primary major credit card brands globally
• Enhance the orders from the globe by providing the eChecks payment option at your checkout page
• Delivers around 80 alternative payment methods prevalent across the world
• It delivers a recurring payment structure. Suitable for your buyers and useful for you.
• Extend industry reach by multi-currency approval
• Level 1 PCI-DSS compliant payment processing services save your high-risk business against scams & data breaches

6. Which industries require high-risk payment gateway solutions?

Businesses from the specific industries that cater to higher risks of chargebacks and scams process a big volume of online payments and may be marked as high-risk businesses. And that high-risk corporations need a high-risk payment gateway solution. Some main examples of high-risk businesses are:

• Pawnshops
• Supplements and nutraceuticals
• Tech support
• Travel Agencies
• Online Gaming & Casinos
• CBD oil, e-cigarettes, and vapes
• Credit Repair
• Multilevel Marketing
• Adult products/services
• Collection Agencies
• Forex trading
• Tobacco Businesses, etc.

Originally published at https://webpays.com.