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High Risk Payment Gateway
Every business needs a payment gateway to accept card payments and process online transactions. It can be set up quickly and easily if you are a moderate risk business. If you are a high-risk business, you will need to look for high risk merchant solutions.
A high risk merchant account is a payment processing service for businesses that are considered by banks to be higher risk, i.e. high chargebacks, fraud risks, financial instability and a number of other indicators. Such companies usually have to agree to not the most favourable conditions – to undergo additional verification, pay higher fees.
How does a payment gateway work?
The algorithm of making a purchase through a payment gateway:
Everything takes a few seconds, as all transactions are automatic.
A high-risk payment gateway is a software code through which payments are accepted and all transactions are processed. It is developed by the acquiring bank or payment system on the basis of secure protocols. It is a kind of link between the site and the payment aggregator. When making purchases, the buyer provides personal data to the aggregator rather than to each merchant individually.
Businesses, in order to maximise the efficiency of high risk payment processing, use more than one payment gateway. They can be targeted to different payment systems, currencies and other criteria that allow them to expand their geographic reach and chances of a transaction.
What kind of business is considered high risk?
A high risk payment provider conducts a comprehensive business analysis before agreeing to provide a payment gateway. When evaluating performance, the company’s loss ratio is not always at the top of the list. What comes to the forefront is the high probability of chargebacks. This is due to the fact that if the client is dissatisfied with the service, did not receive the goods, then the credit organisation servicing the transactions will also be involved in the work with all complaints.
List of popular businesses that more often than others have to choose payment processing for high risk (payment processing for high risk):
Affiliate programmes:
A low credit rating and a company’s lack of experience can be a deterrent. If your business falls into one of these categories, you’re better off applying for a payment gateway not to ordinary banks, but to specialist providers who specialise in high-risk payments. They often work with specific industries, so they provide a comprehensive solution that allows transactions to proceed without delay.
Answers to common questions
Each provider has its own list of criteria for determining the risk of working with a business. Despite this, there are certain criteria that indicate a low risk level: the business has been operating for several years, selling goods with a low percentage of returns, generally accepting payments in one currency, and using 3D Secure technology to combat fraud.
The standard commission rate for low-risk payments is 1-2%. For high-risk projects, commissions can be as high as 10%.
Some popular providers include Billblend, iPayTotal, PayKing, PaySpacelv, RISK Payments, and Twispay.
Factors to pay attention to: cost of the service, security, payment options, ease of use, customisation options.
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