If you have a business that doesn’t accept credit or debit cards, you could be losing many potential consumers. It has become a necessity in today’s world. Not accepting these transaction methods breaches your business credibility and image amongst the consumers.

Accepting online transactions is essential for your business, but, you cannot start accepting online payments because you want to. Firstly, you need to set up a merchant account that will act as an intermediary between the consumers and your bank account for accepting online payments.

What is a Merchant Account?

Merchant Account is a service provided by a bank to gather all online transactions from merchant consumers. It is a type of business account that requires a business to partner with a merchant acquiring bank.

It helps enable a merchant’s business to accept and facilitate all communications in an electronically made card transaction. You need a business license to set up a merchant account.

High-risk merchant account

Firstly, what is a risk, it is a concept made by the human conscience when getting exposed to something that you consider dangerous or fear the most. A particular risk or fear for someone might not be the same for others.

Now, what is a “high-risk” merchant account? Being a high-risk business means that the business is more prone to frauds or chargebacks. Whereas, a high-risk merchant account is a payment solution provided for high-risk businesses.

There could be various reasons why your business is high-risk. Some being: your industry might have a higher volume of returns, or simply because you are a new merchant with no prior processed payments.

A high-risk business means a higher processing fee. This higher fee for the risk the payment processor takes for your business.

Yet, there are a fair amount of benefits of a high-risk merchant account:

Work internationally

• Fewer restrictions for international transactions
• More chances of global expansion

Flexible payment options

• Wider variety of products
• Process higher volume of sales

How to opt for a Reputed High-risk Payment Processor?

If you’re a high-risk merchant or if you think you may be one, following the given tips ought to assist you in opting for a merchant account that accepts your business and meets your needs:

• Check The Processor’s Accepted Business Types: The payment processor could be a high-risk expert, but that doesn’t mean it serves all high-risk business varieties.
• Look for A Processor that gives Load Balancing: With load balancing, you’ll unfold your transactions across multiple merchant accounts that are integrated into one payment gateway.
• Read Contract Carefully: As most high-risk merchant account suppliers work with multiple processors, they do not list their fees online as they can vary according to the merchant account the business gets matched.

Best High-Risk Merchant Account Solution Processors have many things in common such as honest sales practices, a simple onboarding method, customized client service, and unbiased contract terms.

With the above criteria, let’s inspect our suggested high-risk merchant account and solution suppliers.

1. Payssion

Payssion is a world payment service supplier. The company has a variety of payment strategies and successfully integrates them for business owners from around the world.

A commission is charged for every successful transaction. The corporate doesn’t charge integration fees and has no monthly commission or hidden fee.

• PayOp

PayOp is a payment aggregator for numerous businesses. The corporate offers payment process services for 170 countries with 300+ payment strategies and native acquiring. Via a personal account, you can choose your offered payment method, which is accessible for both, legal entities as well as individuals. 

• PaySpace

PaySpace has been providing every type of payment process option for over a decade. It is a payment gateway that’s appropriate for medium and giant businesses, startups, and corporations searching for a high-risk payment supplier.

• Authorize.net

Authorize.net is a company that permits merchants to accept credit card payments on the site with checks and contactless strategies. The commission plan is split into two parts: 

• For customers having their merchant account
• For different users using their payment gateway

Periodically some business owners like to have a Merchant Account as soon as possible. Whereas no merchant account provider offers instant approval, some provide approval quicker than others.

While some firms provide fast review processes, you can’t get an instant approval for a High-risk Merchant Account. There isn’t such a factor as instant approval for any form of Merchant services account.

Although traditional low-risk businesses get approved within a day or 2, high-risk Merchant accounts need a minimum of 3 to 5 business days to get approved. The process can be as long as 3 to 5 weeks.

Why thus long? Approving a high-risk business needs an additional intensive investigation into the credit history of both the business and its owner while also considering the business’s nature.

Can you Speed up the High-risk Merchant Account Instant Approval Process?

To speed up the approval method, you should work with a well-thought-of Merchant Account supplier that focuses on high-risk processing. Operating with a partner with proven skills and experience in your trade can expedite the signup and approval method.

You need to give additional info once applying for a Merchant account as a high-risk business owner. Providing all the information with your initial application will surely save your time throughout the High-risk Merchant Account Approval method.

What PayCly offer you?

An article on high-risk payment processors and we won’t include our high-risk merchant account services?

PayCly is a team of experienced professionals for Payment Gateway Singapore and financial institutions. We work with numerous high-risk industries, including adult entertainment, gambling, vape merchants, CBD, etc.

Provide safe and secure gateway services at the best price and suggest to you the best suppliers with time-saving High-risk Merchant Account Approvals. We are one of the best payment solution providers for merchants who wish to make online transactions.

PayCly works with multiple payments processing corporations across the world. We offer numerous payment solutions to merchants worldwide. We tend to welcome merchants from most industries.

Whatever products you sell, you’ll need marketing strategies to get your name out there. Even if you have the best product in the world, you still need people to know about it. As a result, you should focus your efforts on creating marketing strategies to promote your online business and reach your target audience. Many online business owners, however, make numerous mistakes.

Online payments are an important part of your business, and they must be done correctly. Addressing the many critical and mandatory regulations that online merchants and marketplaces are required to comply with is an important part of doing payments correctly.

These regulatory requirements and compliance burdens can really add up over time. They have the potential to divert your team’s attention away from innovation and growth. We at PayCly assists in reducing the effort required to comply with many payment regulatory challenges. These include regulatory issues such as PCI, 3DS, and others.

PayCly has a reputation for providing incompetent payment gateway solutions to merchants. Our Payment Gateway Indonesia will allow merchants to haveeasy and direct integration with your website platform. We provide our merchants with the latest tools and technology to cope with cyber crimes and chargebacks.

What Is the Importance of Payment Processing Compliance?                       

Payments have become more convenient and easy as businesses have moved online. Innovative technologies have been able to meet some of the needs of the under-banked or unbanked, increasing their participation rates even further. As the growth of online commerce continues, so does the growth of cybercrime.

According to studies, the average cost of a data breach has risen to nearly $5 million. Internal time and effort, regulatory fines, customer churn, and lost opportunities are among the costs. Several advances in privacy and data security standards have been made to protect small businesses from fraud.

A data breach can have a negative impact on sales as well as fines and irreversible damage to your reputation. As a result, PCI compliance examines how data is handled throughout a company to identify any vulnerability that could put a cardholder’s data at risk.

Any company found to be out of compliance faces a hefty fine and penalty. The reputational damage your company may sustain can be difficult to repair. You may also lose the ability to accept payment cards, and in extreme cases, your account may be suspended. Understanding and meeting these requirements is critical for protecting your company and its customers.

Multiple payment gateways help businesses be more flexible.

Using numerous gateways makes fantastic business sense when you consider the flexibility it affords your team. Working with a gateway in a particular location may indicate that costs, contract constraints, and other business difficulties diminish the value you get out of your partnership. If you use numerous gateways, you can quickly transfer your transactions to another.

Merchants can use a variety of payment gateways singapore. And, unfortunately, some of them will not be around in the long run. Storing card data outside of the gateway, or in a backup vault outside of the gateway, gives your team a lot of security and flexibility when switching gateways.

More commonly, the gateway may simply go down or become unresponsive. You risk losing a lot of goodwill and money if this happens. However, if you have numerous gateways, you can easily re-route transactions to a different gateway with minimum downtime.

Another possibility is when a merchant’s transaction volume is particularly high. Elevate Tickets, a customer, manages ticketing for many of the world’s largest festivals, for example. When tickets go on sale, there is a huge surge in demand. Companies that experience similar bursts of transactions seek alternatives if a gateway is unable to handle the volume, allowing their on-sale to proceed smoothly.

Should I use a single gateway that supports multiple currencies?

As businesses expand globally, the ability to accept payments in multiple currencies becomes increasingly important. A merchant’s best bet is to choose a payment gateway that accepts the required currencies. Depending on the merchant’s priorities, this could have some advantages. However, there are significant drawbacks that can have a short-term and long-term impact on revenue.

Payment gateways differ in terms of success rates and latency levels, as we discussed above. This is true even when looking at a single gateway’s performance across a basket of currencies. In one currency, a gateway may perform well in terms of transaction success and latency times but underperform in another.

Looking at the data below, we can see this. In this case, we see a top-performing gateway for Currency A that is significantly underperforming for Currency B. Customers will take their immediate purchase – and long-term business – elsewhere as a result of this performance fluctuation in Currency B’s region.

This problem can be solved by implementing a collection of gateways. While latency and transaction success aren’t the only factors to consider when deciding which gateway to use, they are important. A merchant can select and rebalance a gateway portfolio by connecting with multiple gateways. For each currency, merchants can choose which gateway makes the most sense for them. Then, if necessary, switch to another if performance deteriorates over time.

PayCly has been significant in providing payment gateway solutions to merchants worldwide. We empower merchants with our Payment Gateway Indonesia solutions that will allow you to achieve efficient payment transactions that will determine the strength of your organization.