How to Pick the Best High Risk Payment Gateway
May 14, 2023
What is a high risk payment gateway, and how do you find the right one for your business? This article will give you a better understanding of payment gateways and help you understand how to select the right one for your specific eCommerce business.
What Is A High Risk Payment Gateway?
A high risk payment gateway is the software tool that transfers payment information on your site. It’s best to think about it as an online terminal or the credit card machine that processes e-commerce payments. In addition, it delivers payment transaction information to acquiring banks and sends responses back from issuing banks. Basically, it’s a merchant service that facilitates communication within the banks.
To put it differently, the high risk payment gateway is a service that authorizes credit card payments for both offline and internet companies.
Accordingly, clients submit their credit card information, then these details are safely passed by the payment gateway from the consumer to the retailer, then between the retailer and the bank.
High risk payment gateways authorize fund transfers involving sellers and buyers. In fact, debit and credit cards, eCheck (ACH), as well as cryptocurrencies such as bitcoin are all processed via through gateways.
Best High Risk Payment Gateway
To find the best high risk payment gateway you should turn to an ecommerce application service provider. Also, find one that provides credit card or direct payment processing for online retailers, e-businesses, bricks and clicks, or traditional brick and mortars.
Customers can get a payment gateway from a bank, but for a high risk payment gateway, you’ll need to seek one out from a provider that specializes in the field. Additionally, the company you end up getting a high risk merchant account with is actually the same company that will be your payment processing provider.
High Risk Gateway Partners
It’s important to choose a trustworthy and expert payment processor, like PayKings that partners with gateways like NMI. Moreover, PayKings is the industry leader for merchant accounts, credit card processing, and payment gateways. As experts in our field, we make it a point to speak with every single business owner in a way that gives us full insight into the ideal services that will work best with their specific business needs.
How Does a Payment Gateway Work?
Payment transactions are finalized in the following manner:
- The client places an order from an online shop and passes their payment info
- The encoded information is delivered to the merchant’s processor (the company that actually processes the transaction)
- The transaction gets routed by the processor into the credit card association
- The transaction is approved or declined
- The trade gets authorization
- Money becomes available after 24 – 48 hours
Applying for a High Risk Payment Gateway
Here are 5 significant things to know when applying for the best high risk payment gateway for your eCommerce business:
1. Don’t confuse a high risk payment gateway with a merchant account. Moreover, online payment processing requires both a merchant account and a payment gateway. When a customer pays for a product or service using their credit card, the money moves into their merchant account the transfers to company bank accounts. Lastly, the payment gateway declines or approves a trade.
2. Payment Service Providers (PSPs) function as both a high risk merchant account and payment gateways. They help you, as a business owner, collect and manage your payments.
3. There are several high risk payment gateway options. For instance, PayKings provides its own gateway.
4. Depending on the high risk processing industry you’re in, a payment gateway can be installed very quickly. After opening your merchant account, you’ll be able to install the code to connect it to your online store.
5. Make sure you’re aware of the payment provider’s fee arrangement. Additionally, pay attention to costs like set-up fees, transaction costs, and admin expenses.
Best High Risk Payment Gateway Integrations and Features
1. Payments usually process within a couple of days. In addition, various providers have different payment timings.
2. For international payments, find out if your gateway offers international and multi-currency payments or has an interface with multiple languages.
3. Make sure your gateway is protected. The provider ought to be level 1 compliant with the Payment Card Industry Data Security Standard (PCI DSS). Additionally, it should also offer built-in security capabilities like tokenization.
4. The best payment gateway will offer support when you need it and in a way that is suitable for your needs.
5. Should you deal with international payments, guarantee that the gateway supports local credit card types.
6. For recurring payments, the gateway must store your client’s credit card numbers and allow you to automatically bill them on a recurring basis.
7. See whether the high risk payment gateway integrates with the current billing, shopping cart, and accounting options you’re using. In the best-case scenario, the gateway should integrate with the software you currently have.
A payment gateway is a must for payment transactions. With a payment processor, you won’t have any difficulty processing payments with your high risk merchant account.
May 14, 2023 | High Risk Merchant Account | Guest Post