High Risk Payment Gateways & Merchant Account | eMerchantPro

The Online Payment Scenario changed and is changing with forthcoming of the digital advancements. USA stands second in the Total Transaction value of US$1,296,362m in 2021, after China (Transaction value: US$2,892,494m in 2021) (Statista).

It massively takes the prospect that Digital Payments will govern the future. However, with the considerable transaction values, there is enormous competition in the market. To get a consumer for a business means to provide the best to the consumer.

In other words, if a merchant wants a consumer to buy a product or service from a business, a merchant needs to provide the best payment experience in the market. It becomes more crucial concerning the High-Risk Businesses.

The Stumbling Block for High-Risk Merchants

High-Risk Businesses need to be extra cautious while reaching consumers. They are not only vulnerable to Bank’s setbacks but also volatile due to the consumer’s involvement. Frauds, Identity Thefts, Chargebacks, and much more deplete the business standards and reach. Statistics (First Card Payments) suggest:

• 30 Percent were cases of identity thefts.
• 15 Percent of orders were wrong
• 26 Percent of orders had something else in the box.

On the one hand, Merchants have to deal with Fraud, Money Laundering, and Wrongly delivered or charged products. And on the other hand, Chargebacks have ruined more businesses than low profits.

It is hard to digest, but the truth needs to be out in public. At this point, what is the need of the hour? Is it reaching out to the consumers and telling them that there are better ways to deal with it?

It is not the feasible way and can never be!

The Role of a Payment Gateway

Transitioning from cash and POS card payments to digital payments took some time. However, streamlining the process of online payments became both seamless and hassle-free with the introduction of Payment Gateway.

Furthermore, it is more crucial regarding the High-Risk Merchants around the globe. The notoriety level of the high-risk industries can be reduced with the dedicated payment processing channel.

Yet, there are still multiple lingering questions in the air that needs to be answered. And we will be the active support to answer the questions related to the payment processing. We will also cover how this can streamline the process, offer a better consumer experience, and reduce the high-risk factor of a high-risk business. Let’s get into it right away.

How does a Payment Gateway Ease Payment Processing?

A payment gateway works as the solution to online payment processing. There are multiple crucial components to the complete online payment scenario.

All internal financial institutions take on several steps in quick consecution to complete the payment processing. The Payment Gateway, the Payment Processor, the Acquirer, Consumer’s Bank, and the Card Schemes form the base to the complete process.

However, the question is, how does it make the process faster?

Technology has significantly reduced the time involved in the process.

1. The Payment Gateway allows the consumers to directly pay on the website for the goods or services they need.
2. The Payment Gateway takes the authorized transaction details and routes them to the Payment Processor.
3. At times of Card Processing, The Payment Processor then quickly checks with the Card Schemes, Consumer’s Bank Account and returns the payment status to the payment gateway.
4. At the same time, if the Transaction is successful, the payment is transferred to the designated acquirer through an encrypted channel.
5. Lastly, the Payment Gateway Reports to the Consumer and Merchant about the end result of the payment.

The Payment Gateway reduces the initializing time, time of reporting, and exchanging information. Therefore, it enhances a merchant’s online payment processing power and streamlines the process for a better payment experience to the consumers.

A Better Payment Experience to the Consumers

A Merchant’s business, most of the time, is Consumer-Centric. Therefore, it requires a payment solution that complements it and adds to the growth of the business. There are multiple payment gateways around the world. However, there needs to be an expert Payment Service Provider such as eMerchantPro to produce significant results in the payment experience line-up.

The features are a representation of the Payment Gateway’s capabilities. Moreover, it produces solid consumer retention for a business through the service provider’s expertise. Here are some of the features that a payment gateway must have for consumers.

Card on File

Handling card information and entering it, again and again, is a traditional method for the consumers. To make the process seamless for the consumers, the Card-on-file feature of the payment gateway will be a massive support.

The Consumers can save their transaction details on the payment gateway for future payments. It reduces the time taken for the initializing of the payment. In other words, it instigates the payment faster. The consumer can use the saved transaction data to repay in the future with just a little credential entry.

Easy Checkout

To smoothen the process further, the Easy Checkout feature of the Payment Gateway removes any waiting time or illogical re-directions. Payment redirects reduce the experience of the payment for the consumers. Thus, it becomes pretty competitive for your business to provide a single-window for the consumers to pay.

A profound payment gateway offers only one window for the completion of the payment. Moreover, due to this feature, Card on File is easy to maintain and offers solutions for the consumers.

Multiple Modes of Payment

Payment Methods define the reach of a business. Therefore, the Payment Processing Channel must have multiple payment methods for the consumers. For an optimal experience, the consumers need to be satisfied with the modes of payment. Hence, Card Payments, Netbanking, eWallets, eChecks, Cryptocurrency, ACH, MOTO, etc., are some of the most important modes.

An expert payment service provider will ensure that your business has all the payment methods ready for the consumers. It eases the consumers’ pain to use only one mode of payment and get all the credentials in line.

Multiple Currencies and Languages

Everyone wants the preference to pay and read in their local currency and language. Therefore, the payment gateway has the support for all the major currencies and languages for the consumers. It means a merchant can reach a global audience easily and quickly.

Keeping in mind that preference is the key will revolutionize the business. Moreover, the Fintech industry has seen massive growth being consumer-centric.

A Seamless Payment Solution for Merchants

On the other hand, a merchant requires a payment processing channel that has all the capabilities. While doing so, it must make the complete payment process hassle-free. It’s duly the work of a payment gateway to ease the pain of the Merchants.

For a long time, the manual data entry for all the payments reduced the productivity of a business. With the forthcoming cutting-edge tech solutions, productivity increased, and manual labour found zero involvement in the process. Here are some of the advantages of a payment gateway to merchants.

Robust Reporting

Easing off the pain of reporting every financial institution involved is a leap forward. Thus, the reporting mechanism of the payment gateway readily informs the concerned institution promptly. It is the technological advancement that is talking in the payment processing channel. Therefore, invoices and bills will not be an issue for a business anymore.

Top-Notch Security

Where there is hard-earned money, there needs to be top-notch security. Therefore, a payment gateway follows the compliances with the standards and enhances the protection of the consumer’s payment details.

PCI DSS Compliance Level 1 ensures top-level security to the payment information

3D Secure Payment Gateway provides OTP based authentication security to the consumers and merchants

Tokenization converts the sensitive transaction details into non-sensitive data for seamless exchange,

And P2PE (Point To Point Encryption) keeps the data channel secure throughout the process.

Fraud Prevention System

Frauds hinder the efficiency of a business and style a negative brand image between the involved financial bodies. Therefore, the payment gateway needs to be equipped with tools to keep fraudsters and scammers away from the website or application.

eMerchantPro uses AVS, CVV Checker, Device ID, Geolocation Tracking and Fraud Scoring as the primary FPS tools. The payment gateway carries out a thorough checking from the most initial payment processing step to keep the security high and fraudulent activities away.

Chargeback Protection

Chargebacks, on the other hand, are more complicated than frauds. Therefore, a merchant needs to handle those sophisticated requirements with care. There are two aspects to the chargebacks that can help a business to avoid or rather manage them.

1. A merchant’s solution is to provide refunds and customer support. It will undoubtedly allow the consumers to reach your business before issuing a chargeback.
2. A merchant can get a payment gateway with a chargeback protection system. eMerchantPro covers the total cost of the chargeback and ensures smooth payment processing.

Both of these serve the purpose but getting chargeback protection from the payment service provider will ensure a better surety to all the payments.

Integration Flexibility

A payment gateway’s integration to a website or mobile application helps a business transition into digital payments seamlessly. Therefore, a merchant might seek API, HPP, mobile SDK, or shopping cart plugins. With an experienced IT person, the payment gateway can be integrated into the website or the application.

Moreover, it is the expertise of the payment service provider the integration takes minimal time and increases the productivity of a merchant’s business instantaneously.

White-Label Solutions

Lastly, the white-label solution is an enormous advantage to the merchant to get a better brand image picking up a better outlook of the payment gateway as an extension to the website or mile application. The White-Label Solutions allow a merchant to change the looks of the payment gateway according to their needs and fancies.

A merchant can change the brand name, logo, font, colour or even the UI to match their business. It provides a clean and modern look to the payment gateway and cohesively brings a better payment experience to the consumers.

Changing the scenario of worldwide digital transactions

With all these features for payment processing, a payment gateway provides high security and eases the payment management process. Pushing into the digital marketplace to boast the goods and services needs a robust payment gateway that supports the payments.

eMerchantPro’s Payment Gateway has all the capable features with state-of-the-art solutions. Thus, the payment gateway knows how to handle whether the payments are rapid or of significant value.

In conclusion, a merchant needs to care about the consumers’ payment experience to get the best consumer retention. Being a consumer-centric merchant is the most significant possible support for a business. Because caring for the consumers will bring the best payment practices to the forefront.

If you are a merchant, you can look for way-outs to protect your deals without any hamper. With the advanced services, you can connect to several clients in one go and thus enhance your deals. With a secure way-out, you can maintain all your transactions. You can look for a High-Risk Merchant Account Instant Approval for your industry if you are looking for solutions. There is an enhancement in deals as you move your industry ahead in transactions.

Aspects of High-Risk Account

If you are a businessman, the prime concern is to develop your transactions. It includes several solutions such asPrompt solutions through credit cards

As a merchant, you can look for speedy solutions through credit card processing. As a merchant, you can look for solutions with the branded cards available for your industry. With cards such as Visa, MasterCard, you can look for an awesome business without a hinder. You can try clients both on a national and international level. You can secure your deals with advanced solutions without any problem. Thus, you can process your pay-outs at any moment and from any place.

Diverse currencies offering secure business

If you are a merchant, you can secure your deals with diverse currency options. With international currencies, you can look for the UK Pound, the USA Dollar and many more for enhancing the payment process. With international currencies, you can look for a secure solution to enhance your payment processes. Thus with different currency options, you can maintain all your transactions without a hassle.

High-risk gateways a secure solution

If you are a dealer in high-risk business you can look for way-out for security. With Non-3Ds and 3Ds, you can look for secure deals without any delay. You can avoid chargebacks and scams with this process. With high-risk solutions, you can safeguard the transactions. You can look for a secure way-out while you maintain all your dealings.

PCI-DSS way-out for all industries

The superlative way to maximize the safety of cardholder statistics is to unceasingly monitor and apply the use of reins stated in the PCI Data Security Standard. Numerous organizations treat the agreement as a one-time, yearly event. But merely focusing on a yearly compliance valuation can make an untrue sense of safety.

International account offer you grand solution

If you are a merchant, you can look for a global account for maintaining your transactions. You can maintain all your transactions with this procedure. You can secure your deals while applying online and the expert squad will contact you with solutions. They will also inquire your documents for verification. Once the verification is completed, the experts will send it to the acquiring bank for ultimate approval. Thus, you can maintain all your transactions with this process. The international account is suitable for merchants to excel in their deals and generally useful for a high-risk business.Thus, you can maintain all your pay-outs instantly if you are looking for secure way-outs with a High-Risk Merchant Account. There is no end to your transactions as you get connected to experts.

Have you ever wondered how payment processing works using a High-Risk merchant account? Let us find out how such a complex procedure is processed within seconds.

Merchants with businesses like Forex Trading, Gaming, Casino, Adult Toys, Tobacco, Escort service are always at risk. They are highly viable to online frauds. With the bulk processing of payments, they magnetize high chargebacks. 

Unlike regular merchant accounts, which are limited to transactions within the parent nation, high-risk merchant accounts have no restrictions. They can transact money in whatever currency you want, giving them a real chance to expand their business globally.

Let us learn more about High-Risk Merchant Account and payment processing.

Knowing High-Risk Merchant Account 

A merchant account is for payment processing by any firm that relies on the ability to accept credit and debit card payments from its consumers. But, not every business is a good fit for a conventional merchant account offered by most financial institutions. 

A High-Risk Merchant Account is a digital account for high-risk merchants that keep track of all transactions. This account regulates all business economic activities. It acts as the mediator between the customer and the merchant to make payments.

A high-Risk Merchant Account isn’t easily available. Merchants have to strive hard to get an account from acquirers. But once facilitated it can simply transform a merchant’s business and generate huge benefits. 

Understanding the whole payment processing with High-Risk Merchant Account

Payment processing may seem complex by words but it hardly takes few seconds to complete. When the end-user makes the payment for services he rushes to the payments page. This payments page comprises various payment options like credit & Debit cards, APMs, etc. 

As soon as the customer fills in the detail with the best-suited option and presses the “Pay Now” button, the process initiates. 

Step 1:

A payment request is first generated with customer details to furnish payments. The information is then encrypted to prevent threats.

Step 2:

This information in the form of digital order is now transferred via the payment gateway to processors.

Step 3:

Now the details with the processors are first shared with the customer’s bank to authenticate a transaction.

Step 4:

Customer’s Bank validates details along with the available funds.

Step 5:

After the cross-examination amount is then deducted and sent to the merchant account.

Step 6:

If payment fails in the case of wrong details or not enough balance the information is hence sent to the user.

Step 7:

He now can either enter the correct details or choose the best alternative payment method.

Step 8:

When the transaction is completed successfully, the receipt of status is generated. It’s then sent to both the merchant and the customers.

Though this process seems long it completes within seconds. The security filters are within the system that safeguards or detects fraudulent transactions.

Advantages of High-risk merchant account

High-risk merchant accounts are for High-risk enterprises. It is for businesses having greater possibilities of chargebacks and frauds. 

General Merchant Account and High-risk merchant account differ slightly. The latter comes with high-security features to prevent transactions. Besides this, there are various advantages of having a high-risk merchant account. 

1. PCI-DSS Level 1 encryption to prevent payment transactions against threats.
2. Accept payments from all over the world
3. Bulk processing of simultaneous transactions.
4. Quicker processing of transactions.
5. Powerful dashboard for real-time monitoring of transactions.
6. Multiple currencies and language support
7. Faster settlements
8. Support all payment methods
9. Do business what others cannot like casino, gambling, tobacco, adult toys, etc
10. Single chargeback will not lead to the closure of the merchant account.

Know your payment service provider for High-Risk Merchant Account

Your service entirely depends upon the PSP. Getting a High-Risk Merchant Account is not easy. Chargebacks and frauds are a greater reason of concern for high-risk businesses. Due to the large scope of business, some banks may prefer offering merchant account. But this is not all that needs for running a successful business.

Things to look at before opting for payment service from a PSP,

1. Transparency in charges: 

No matter you are a new or older merchant what matters is how much is your PSP charging for services. The charges should be within the capacity of merchants. All charges including, installation charge, per transaction service charge, annul charges, etc. should not look like a burden to businesses. 

2. Faster and quicker installation: 

Delay in services and installation is not a good sign for reliable PSP. Integration with APIs hardly takes few minutes to start your payment service. 

3. Customer Support: 

Dealing with a merchant’s problems is a responsible task. Entertaining business queries quickly is very essential for better experience and merchant’s faith.

4. Industry Experience: 

Previous experience matters most. Always look for a PSP with a large experience in handling your business payments. They provide a better and glitch-free experience to customers.

5. Security Compliance: 

It is the most essential for high-risk merchants. No security means no business. You can someday get huge chargebacks which will be impossible to handle and the only thing you can do is to shut down the business. PSP must have the latest security solutions.

6. Proficient services: 

Services with high volume transactions, multi-currency support, and quicker processing of transactions are regarded as proficient. Payment services with large payment options can encourage large customers. 

7. Future Growth: 

A PSP that cares about your growth doubtless is the best for payment services. Timely Upgradation of services along with the suggestion to compete in the market should always be welcomed. 

eMerchantPro is one of the leading PSP in the USA. We have been servicing in half of the globe countries for the last decade. Having good experience in managing payment services, we have matured ourselves as experts. 

Including all facilities, we have expertise in managing any issues with high-risk businesses. A high-Risk Merchant Account from us can serve you the best. Equipped with PCI-DSS protection lets you’re every transaction secure. Offering services at guaranteed low prices no PSP can compete with us in quality service. 

Conclusion: 

A high-Risk Merchant Account is one of the basic requirements for High-Risk businesses. Having a merchant account and running a successful business depends on PSPs. Giving a good experience of payments to customers always encourages repeated payments. 

The processing of payments in High-Risk merchants does not need much time. Good processors can service tremendous profits. Contact eMerchantPro for more information on charges and getting payment services.