Business
<a></a><strong>Why Do You Need A High-Risk Payment Gateway?</strong>

Why Do You Need A High-Risk Payment Gateway?

From the get-go, you might wonder why you need the extra security and features of a high-risk merchant account such as trusted payking. After all, most businesses don’t sell anything risky—and they certainly don’t need any additional rules or regulations to worry about. If you run a high-risk business, then your payment gateway is a crucial part of your business. But if it makes sense for you to accept credit card payments online (or in person), then there are many reasons why this approach makes sense over traditional methods of payment.

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Payment Gateway is an application that allows a merchant to process credit card payments securely.

A payment gateway is an application that allows a merchant to process credit card payments securely. The application accepts and processes the financial data of credit cards, such as the cardholder’s name, card number, and expiration date. It then forwards this information to a clearing house or bank approved by the payment processor (Vantiv).

Because it is connected directly to your website’s shopping cart system, you can use it to process customer orders without having them leave your site. This reduces abandonment rates and increases overall sales because customers feel more secure when they don’t have to leave their current page to complete a transaction.

High-risk businesses require a merchant account that processes high-risk transactions.

High-risk businesses, generally those that sell to consumers and not businesses, need a merchant account that processes high-risk transactions. For instance, if you’re an online casino or adult entertainment site, your business model is considered high risk because of the risk of fraud.

High-risk transactions have a higher chance of fraud because they occur offsite (i.e., away from where you process payments). For example, if someone buys something from your website using their credit card but then asks for a refund after receiving their product(s), it’s more difficult for you to verify whether they’re telling the truth than if they had used any payment app at checkout.

What features make a high-risk payment gateway more valuable to you than a traditional one?

As a merchant, you have many options for choosing a payment gateway such as trusted payking. There are low-risk options that are great for transactions like sales and purchases, as well as high-risk ones. The former is usually the default option for most businesses—but what about the latter?

If your business deals in high-risk transactions such as car sales or e-commerce platforms, then you will want to make sure that your payment processing company offers these four features:

Lower transaction fees

Since the price of a transaction depends on the type of card and the amount being charged, you may be faced with an increase in costs for your company if you do not use a high-risk payment gateway. For example, let’s say your business charges $1.00 per transaction at its brick-and-mortar stores. This lower fee can make all the difference when it comes down to profit margins and how much money ends up in your pocket at the end of the day! A regular bank will charge around 2% of each sale via credit or debit cards (0.20 cents). However, if you use one of the many available high-risk payment gateways, they typically charge less than this—around 1%.

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Less paperwork

There are many advantages to using a high-risk payment gateway, but one of the more obvious ones is that it cuts down on paperwork. If you’re dealing with a high-risk merchant account, there’s a good chance that your business needs to fill out lots of paperwork to get set up with the account in the first place. Regardless of whether you have administrative paperwork from your processor, there could be a few bands for you to go through before getting endorsed for a record.

Getting approval for an account takes time—and not just any old amount of time; it takes significant amounts of time and effort on behalf of both you and your processor. Once your application has been approved and accepted into the system, all subsequent transactions will be processed without requiring additional steps by either party involved.

Faster approval time

The approval process for high-risk payment gateways is faster than the regular gateway. With a high-risk gateway, you can expect to get your merchant account approved in as little as 24 hours. You will not have to submit any paperwork, and there is no need for multiple applications. The application process for these platforms is also simpler because they only require basic information like your business name, address, and contact details to be submitted before an approval decision can be made.

With a traditional low-risk payment gateway, merchants must submit more information about their business before approval, which takes longer than 24 hours. This type of additional paperwork means that applicants must wait longer before they find out whether or not their application has been successful or not; thus increasing the time between submitting an initial application and being able to accept online payments into their bank account(s).

Support for ancillary services

Some merchants may want to offer ancillary services, such as returns and refunds. This is where a high-risk payment gateway comes in handy.

Ancillary services are additional features of your business that add value to the customer experience. They’re not directly related to your products or delivery method, but they help make things easier for both you and the consumer.

For example, if you’re selling clothes online, an ancillary service might be free shipping within two days of ordering or next-day delivery at no extra charge (depending on where you live). These services can differentiate your company from others selling similar items online by offering benefits that other marketplaces don’t have available yet–or may never provide at all! So it’s vital for consumers and merchants who want their businesses to stand out from competitors’ offerings.

Conclusion

So, what do you think? Is it time for you to start accepting high-risk payments with a payment gateway that guarantees fraud protection? Or are there other reasons why your business needs one?

If you’re still unsure whether this is the right move for your business, let us know below. We will be happy to answer any questions or concerns that may be holding you back from accepting high-risk payments.

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