Using a High-Risk Payment Processor changes the game for businesses. However, not all payment processing options offer the same fees or services to merchants. So how do you know what is good for your company? We’ve put together this guide to help you understand the benefits of payment processing, why opening a merchant account is the best solution for you, the costs involved, which questions to ask when selecting a provider, and how to get started.
What exactly are high-risk, payment gateway services?
Payment processing solutions enable businesses to accept credit card payments (as well as cryptocurrency payments) from customers.
When customers use a card or digital currency to pay for your goods or services, there are many moving parts in the background, including the bank, card provider, your company, and the customer. A payment processor connects all of these pieces to ensure that every transaction runs smoothly and efficiently.
What International high risk payment gateway can do?
A merchant account is a payment processing solution that is required to run an e-commerce business. A merchant account is a bank account that allows your company to accept credit and debit card transactions. When a customer pays for your services with a credit or debit card, the money is temporarily held in the merchant account before being transferred to your bank account. Your e-commerce business can process payments from customers more efficiently with a merchant account. Without a merchant account, your business would only be able to accept cash and checks, which is extremely limiting to the overall success of the business. This is why most e-commerce businesses opt for a third-party merchant account.
PayCly provides high-risk customers with affordable payment solutions, giving you peace of mind that you can meet your revenue targets while keeping payment processing fees low. High-risk typically refers to a higher likelihood of fraud and chargeback, as well as transaction size, sales model, order fulfilment timeframes, and industry specifics.
Why your company could be considered high-risk?
Some payment processors will refuse to work with high-risk businesses. There are several reasons why your company might be considered high-risk, including:
Having bad credit: If a business owner has no credit/limited credit or a low credit score, the business itself may be considered high-risk.
Offering free trials: Payment providers may view the provision of free trials as high-risk.
Recurring billing: If your company provides recurring billing services, it may be regarded as high-risk.
High-ticket sales: Processing large ticket amounts may categories your company as high-risk.
Your industry has a high rate of fraud or chargebacks: If your industry has a high rate of fraud or chargebacks (higher than average), it may be classified as high-risk.
Cryptocurrency is one such example. Most merchant account vendors consider cryptocurrency exchanges to be high-risk for the following reasons:
Significant volatility: Cryptocurrency is known for being an extremely volatile market, with price fluctuations that are frequently unexpected.
CNP transactions; They are also known as card-not-present transactions, occur when a credit or debit card is not physically present at the time of a cryptocurrency purchase.
Money laundering: Because cryptocurrency is not backed by a central authority and has no physical presence, it is vulnerable to money laundering.
Advantages of high-risk merchant accounts
Merchant accounts can completely change the way you do business. PayCly merchant accounts allow you to do the following:
- Accept both credit and debit card payments.
- Accept Cryptocurrency payments
- Increase your clientele.
- Increase your overall sales.
- Reduce the possibility of fraud.
Payment Processing fees for using High-Risk Payment Processors
Payment processing costs will vary depending on a number of factors, including the provider you use, whether payments are made in-person or online, and whether your business is considered high-risk (as opposed to low-risk).
Because in-person transactions are thought to have a lower risk of fraud, payment processing fees for these types of payments are frequently lower.
PayCly’s rates are lower than the industry average, and there are no setup fees for your high-risk business because we believe in making our services available to all. The exact rate will vary depending on your company’s classification.
True, high-risk merchant accounts typically have higher fees than low-risk accounts. However, if you look for payment processing providers who have structured their pricing to give you the most value, you can get reasonable rates that allow you to keep more of your profits.
What to look for when selecting a best high risk payment processor company?
The following key features should be considered when selecting a high-risk payment gateway Singapore. While some payment processing solutions may initially appear to be the same, they sometimes come with hidden setup expenses, lengthy approval wait times, and higher rates for firms considered to be high-risk (including start-ups and businesses conducting sales in digital currency).Before choosing a provider, consider the following:
- What are the costs? Setup fees and high-risk industry costs are included.
- How quickly are approval decisions made available?
- Which industries are eligible?
- What industries does the service provider serve?
- Is there a system in place to prevent chargeback’s?
You’ll be more likely to save money and work with a provider whose payment system is a better fit for your business needs if you ask the above questions and do your research ahead of time. Are you ready to start growing your company?
How to get high-risk merchant account instant approval?
PayCly’s application process is simple and takes less than 10 minutes to complete:
- Complete the online application as soon as possible.
- Sign the merchant processing agreement using DocuSign.
- Wait for the underwriters’ approval (48-72 hours).
You must submit the following documents with your application:
- Passport, driver’s license, or other government-issued identification
- a cancelled check or a bank letter
- If applicable, three months’ worth of credit card processing statements from your previous or current provider.
- 3 months’ worth of business bank statements. If the company is new, three months of personal bank statements are required.