If you desire to establish a high-risk business, it is vital to deliver customers a safe, quick, and easy-to-use high-risk payment gateway service. As per the research, 11% of buyers quit their shopping carts because of a complicated checkout process whereas 7% of the inspected buyers don’t conduct a purchase. Because there are not sufficient payment methods available at checkout.
To assure a flawless shopping experience and maintain audience stability. You should allow various payment methods from credit and debit cards to e-wallets along with digital payments in multiple currencies.
Moreover, merchants of products and services must be able to acquire a large audience and get more clients. Moreover, delivering you more elevated profit. So, it is possible to subject these problems through the integration of payment gateway APIs, for example, PayPal, Stripe, WebPays, etc.
A payment gateway for high-risk industries enables for:
- Validating buyer’s identity
- Approving the online payments
- Prevention from fraud and cybersecurity hazards.
- Safe and secure online payment processing
This blog explains the primary aspects that you should regard when preferring a payment gateway specified for high-risk industries. To understand more about online payment services, continue reading our blog.
Opting for a payment gateway for high-risk industry
Before finalizing a payment service partner for your high-risk business. Then scroll down and go through these given factors:
1. Analyze payment methods
When opting for a payment gateway solution, ensure that it provides different payment methods preferred by the target customers. For example, some payment service providers allow consumers to conduct online purchases by engaging the majority of credit and debit cards that comprise Visa, MasterCard, American Express, Discover, UnionPay, etc. They also support digital wallet payment processing solutions.
WebPays is another prevalent payment gateway provider that makes it possible to prefer various payment processing debit/credit cards (MasterCard, Visa, American Express, JCB, Discover, etc.) and supports digital wallets also.
When searching for the best payment processing services in Europe for an eCommerce store. So, you should also consider whether it receives online payments through local payment methods such as iDEAL, GiroPay, SOFORT, etc.
Furthermore, you should get into account transforming customer requirements. Statista reports that 82% of US customers opted for credit and debit cards when buying something online in 2019. Whereas, 80% of the inspected customers from Europe named payment solutions preferring Alipay as their favorite payment method.
In 2020, online and digital wallets evolved into the most preferred payment method, recording 44.6% of international eCommerce sales. As per the FIS. By 2024, these expenses are predicted to arrive at 51.6%.
An analysis reported that credit cards represented 22.7% of eCommerce payments while debit cards amounted to 12.2%. The prevalence of payment cards is predicted to stay almost similar, lowering to 20.7% and 12% respectively. Hence, you should allow these online payment options when making an eCommerce payment solution application.
2. Regard various countries’ support by a payment gateway provider
Before selecting an international payment gateway solution, it is important to assure that it allows you to deal in all desired countries. If you like to establish a high-risk business catering to millions of buyers worldwide. So, you should consider a payment service partner which supports more than 200 nations along with all your desired countries.
3. Review the transaction limitations of a high-risk payment gateway provider
To integrate a payment gateway that will satisfy your business-specific requirements and budget. Then you should review merchant account transaction limitations assessed by a payment processing provider. WebPays, for instance, has a maximum limit of $999,999,99.
A maximum value will meet the business requirements of most merchants, conceivably excluding businesses that trade real estate and luxury cars online. Regarding a minimum amount, it may not fit your business requirements if you aspire to establish a high-risk business selling products and services that cost less than $0.50.
In case a user account is ascertained, PayPal has no limitations on the funds paid by the consumer. Yet, a merchant can transfer up to $60,000 or less in a single value payment relying on the currency.
However, getting a high-risk secured payment gateway, concerning immediate funds transfers. Also, a minimum limit is $20,000 while there is no maximum limit on the transaction amount.
4. Take into account the costs of payment gateway solutions
Payment gateway solutions take various responsibilities from online payment processing to confirmation of your business’s banking details and assessing a cost in return. Companies are usually assessed as per the factors such as location and funds transfer amount.
When selecting a payment gateway service for a high-risk business. It is vital to analyze all the terms of the pricing structure. Payment service providers may assess businesses for system integrations, service cost per specific period, merchant account setup fees, and also assess a fee for every single transaction.
Regarding practical instances, some payment partners deliver a specific cost of 2.9% + $0.30 per card or eWallet transaction. This structure comprises access to system processing and a support team. Contrary to other payment services, WebPays payment gateway assesses lower monthly fees. Additionally, you can contact WebPays experts and ask to negotiate pricing to the particular requirements of merchants running a high-risk business.
Transaction charges of some payment service providers are separated into domestic and global transfers. For example, companies have a set limit for domestic online business payments of 2.90% + fixed fee and for global payments an amount of 1.5%.
However, to acquire any payment gateway solution you will need to pay a fixed fee per successful online transaction. WebPays can even customize pricing structures taking into account your business requirements.
5. Make sure a high-risk payment gateway is compliant with PCI DSS
Established in 2006, the Payment Card Industry Data Security Standard (PCI DSS) persists to assure that business, online store, transfer or receive credit card details protect confidential details. The primary goal of the PCI DSS is to acquire the security of payment solutions during online payment processing.
To satisfy the business safety requirements, businesses need to establish reliable passwords, protect data, deliver anti-virus programs or techniques, handle access logs, continuously scan networks and servers for
To meet the requirements, companies have to set up reliable passwords, encrypt data, employ anti-virus programs, restrict data access, maintain access logs, regularly scan networks for susceptibility, and much more.
Hence, it is critical to ensure that a payment gateway service is compliant with PCI DSS before integrating into an online high-risk business’s website. WebPays are the leading Ist level PCI DSS certified international Payment Gateway Service Providers.
Conclusion
When searching for a high-risk payment gateway solution, it is significant to regard your high-risk business and focus audience’s requirements. You must also research before getting a high-risk merchant account how long that online payment solution functions in the high-risk industry and which famous businesses have inaugurated it into their online platforms. This will also allow you to evaluate the level of trust in the payment service you plan to prefer.
Furthermore, you should research the functionality of your payment processing partner you will going to function with, from multi-currency support to fraud prevention. To subject issues as soon as possible, it will be conceivable to acquire a payment service provider that delivers customer service 24*7.
If you want to apply for a high-risk payment gateway solution in Europe and integrate a payment solution into your online website properly, contact our team of experts. We, WebPays will definitely revert back to you within 1 business day and assist you in resolving all challenges.
With great experience in high-risk industry development. We will support you in selecting a high-risk payment gateway that will be a great fit for your high-risk business. Just click here and reach your destination in the payment industry.
