High-risk Payment Gateway Simplifies Your Entire Payment Processing Solution
High-risk payment gateway is a well-known term in the payment industry. But how it works
and how to get the best one for your business are typical questions. Read the complete blog for
complete knowledge of payment gateway solutions.
If you want to begin accepting online payments, then owning a high-risk payment gateway is a
significant part of this procedure. High-risk payment gateways will make your checkout process
smooth and simple. It also enhances security by validating buyers’ payment details. We have
created this article to specify everything that is important to understand about high-risk
payment gateway solutions in Europe (Albania, Malta, Cyprus, Netherlands, Italy, etc.).
What do you mean by Payment Gateway?
A high-risk payment gateway makes part of your entire payment processing solution. When a
buyer submits their card information to your secure payment platform. Then the payment
gateway is the first component that the payment information is entered.
It conveys to the issuing bank to verify the payment information. Also assists in saving your
online business from fake transactions, and excessive chargebacks. Transactions will be
intrinsically approved or refused by the payment gateway solution. This will rely on
characteristics such as whether or not sufficient funds are available. Or if the buyer the credit
card information properly.
Moreover, a payment gateway immediately protects your buyer’s payment details. Also, make
ensure you are fulfilling the required measures in buyer details protection. This assures your
checkout procedure is completely secure and safe for both entities. And that is why a high-risk
payment gateway is essential for any eCommerce website.
What are the dissimilarities between a payment gateway and a merchant account?
The major purpose of a merchant account is to allow online businesses to take credit cards and
other online payment methods. Getting a merchant account can assist you in:
∙Enhancing cash flow
∙Boost sales
∙Stay competitive in a demanding market
Whereas, standard payment gateways are perfect for eCommerce businesses and online
merchants. But it can be preferred by merchants of all kinds to deliver a seamless payment
processing experience around the globe consisting of:
∙An integrated payment platform with recording CRM, and ERP software.
∙Card-not-present transactions at your online website.
∙Secure payment processing with advanced fraud prevention tools.
However, most payment service providers comprising WebPays deliver a complete suite for an
online payment processing solution, consisting of a payment gateway, merchant account, and
protected payment platform. This helps merchants as the payment processing will be completely
integrated. And it can also reduce your time before settling the funds into your business bank
account.
How Does a High-Risk Payment Gateway Work?
An online payment gateway basically functions as a mediator between a merchant and the
customer. A payment gateway protects confidential payment details like debit or credit card
information. Moreover, it also assures that the required payment details arrive at the merchant
safely.
Now, let’s discuss how the payment gateway functions on your business’s website:
∙First, a buyer confirms order for any product or service from your eCommerce website
by pressing the “Buy Now” button.
∙The eCommerce payment platform diverts the buyer to the preferred payment gateway
and where the buyer can select the payment method and provides the payment information.
∙After submitting the payment details, the payment gateway performs complete
verification of the payment details. After validating the payment details, the transaction is
approved or rejected by the acquiring bank or credit card network (MasterCard, Visa,
Discover, American Express) relying on the balance present in the account of the buyer.
∙The payment gateway transmits the message consequently to the merchant.
∙The acquiring bank settles the funds with the payment gateway. And which afterward
settles with the merchant on the basis of the settlement period.
When the complete payment procedure is conducted. Then the buyer receives a notification of
order verification.
Significant factors to consider when selecting a payment gateway solution
Costs
The cost of the payment service you prefer will always be an essential factor, whether your
business is large-scale or small-scale. It is essential to recognize that prices will differ relying on
your industry type, businesses in high-risk industries will usually have to spend funds. Because
of the increased risk of chargebacks and fraudulent measures. Other factors will also perform a
role, for instance, the size of your business, the cost of the products or services you sell, and the
delivery duration for your products.
All online businesses can predict to pay a setup charge, transactional costs, and a monthly charge
for high-risk payment gateway services. Be careful of chargebacks, as these can also suffer an
extra fee. However, the best payment gateways will protect against risky payments that could
tend to chargebacks. And this is why you should prefer the best quality payment processing
solution that is available with high-level fraud prevention tools.
Security
Security is definitely significant when accepting credit card payments online, for the security of
both entities. Moreover, payment gateways must compensate with the Payment Card Industry
Data Security Standard (PCI DSS) standard. And this accumulates that all credit card data must
be preserved and processed in a safe environment.
PCI DSS Compliant
There are multiple stages of PCI compliance, relying on the various kinds of payments you
process in a year. For high-risk businesses such as those exploring a high-risk payment gateway,
enhanced safety validation is priceless.
This is to assure that buyer’s details and credit card details are safe and that your online business
is not exposed to data violations. If you don’t assure you are PCI DSS compliant, not only could
you face enormous penalties? But your business prestige could also be at risk. Consumers
improbably purchase from an eCommerce store where customer information has been breached.
This implies you should prefer a high-risk payment gateway with a high level of protection to
maintain buyer’s details secure. Matching a payment gateway with an integrated hosted payment
page is the most suitable way to assure that you are PCI DSS compliant. You won’t literally be
keeping or transferring card details on your own website pages. And that means you have to
panic less about increasing security on your own eCommerce website. This creates it fast and
more cost-efficient for small businesses, and many payment service providers deliver
personalized hosted payment pages to suit your website’s branding.
With a non-hosted payment gateway solution. You will have to take steps to boost the security of
your website. Such as acquiring an SSL certificate and making ensure you satisfy PCI DSS
measures for the document. A non-hosted payment gateway solution will imply buyers submit
card details instantly on your website without any mediator. And you’ll be completely liable for
the security part.
Fraud Prevention
Any online business interested in online trading arrives with conceivable risks, such as credit
card scams. Card-not-present scams, fraudulent excessive chargebacks, cyberattacks, and other
frauds show an enormous cost to businesses internationally. In 2017, chargebacks assess
businesses and acquiring banks for $31 billion (almost £24 billion).
Online eCommerce websites are specifically exposed to scams, easily because the consumer
doesn’t have to be physically available to conduct a buy. There’s been an increment in ‘digital
shoplifting’, where buyers order an item and have it received. And then use chargeback to refund
the amount they’ve paid. Frequently by stating the ordered product was never received.
Fraudulent affirmations for products lost in transportation charge UK merchants £405 million in
2012, and this price has only risen over the years.
This in sense, it’s important that you protect your online business against deceitful online
payments. A payment gateway requires to come furnished with a fraud prevention set to provide
you additional security against this rising issue.
Global Payment Processing
If you are going to develop your business globally. So, you will require to be able to take
multiple currency payments. If this is an objective, always ensure you’re preferring a high-risk
international payment gateway solution that’s able to accomplish this. Usually, you’ll also like
the one that delivers multi-language assistance.
Keep in mind that costs may be increased for global payments.
Payment Sorts
To deliver your buyers the best possible checkout experience. You will like to deliver as many
payment methods as you can. Buyers are far less likely to quit their carts if they can prefer their
selected payment method.
Most payment gateways will take Visa, Mastercard, Discover, and AmericanExpress. Yet, with a
growing range of online payment modes available and buyers preferring them more and more.
So, you don’t like to ignore these either. Always ensure to prefer a high-risk merchant account
that delivers the best elasticity in payment modes, comprising methods like GiroPay, Sofort,
Google Pay, Apple Pay, etc.
24*7 Customer Service
Problems with your payment gateway can threaten earnings. So you will need to acquire a
reliable payment gateway solution. By keeping this in mind, think about your customer service
carefully. You will like to ensure that your payment service provider will be accessible and
resolve any problems that occur as fast as possible.
Likewise, always ensure the expert team you are functioning with is familiar with online
payment processing. You like to get a payment gateway that is customizable to your business
requirements. And that also integrates flawlessly with your online website and the rest of your
payment processing solution.
Conclusion
Our expert team at WebPays has excellent expertise in the specific industry and can function
closely with your business evolution team to integrate a safe payment gateway and assist you to
begin accepting online payments as soon as possible. We can also make a custom payment
gateway solution from beginning to end. However, comprising other characteristics such as
high-risk merchant accounts and hosted payment service pages. So, get in touch with us now
to understand more and send us your business payment requirements. We will go through it and
suggest the best payment gateway solution in Europe (Albania, Malta, Cyprus, Netherlands,
Italy, etc.) and provide you with a quote. So, don’t waste your precious time searching for more
options. You are in the best place to acquire the best payment gateway solutions.
