There are many benefits to your business having a payment gateway. A payment gateway is a tool that approves or declines transactions via an online transfer submitted to your business. Not only does it protect from credit card fraud and other damaging actors, but it instantly verifies all of the customers’ information through a monitored card gateway adding another layer of security. There are two types of payment gateways distinguished by their levels of risk. A low-risk payment gateway is commonly known as a point of sale or physical credit card terminal. This type of payment gateway has fewer fraud and risk protections in place to alert the merchant of a suspicious transaction. A high-risk payment gateway is commonly used online for ecommerce businesses. As the card is not present in the online checkout a high risk payment gateway is recommended to help mitigate fraud and prevent chargebacks. A merchant can choose between either type of gateway, but they must know their needs and what kind of risk is associated with their business prior to making a decision.
Before explaining the benefits of using a high-risk payment gateway, let us first define some critical terminology to understanding these benefits.
Most often, the high-risk categorization comes from banks associating industries with the following:
There are many different types of high-risk merchants, but one solid example of businesses requiring high-risk merchant accounts are those in high-volume industries. Many companies seek high-volume merchant accounts, some of which are electronic, jewelry, and ticketing companies. Because there is a lot of money in question, these industries must take the necessary steps before something goes wrong. If an item is lost or damaged, both the company and financial institution must have procedures in place to protect themselves. High volume and high ticket organizations are consequently driven to get solutions from third-party processors rather than going to the banks directly.
There are many benefits to processing your payments through a high-risk payment gateway. Ultimately, if you want to stop focusing on detecting fraud, worrying about processing transactions, and questioning the extent of your liability protection: a high-risk payment gateway is right for you.
Selecting the right high-risk merchant account, and its subsequent payment gateway, should be determined by the credibility of the payment processor and the fees associated with processing.
When it comes time to decide which payment processor has the expertise and coverage your business needs to succeed, choose Seamless Chex.
At Seamless Chex, we specialize in:
If you are looking for a trusted, high-risk payment gateway and want your business to have all of the features listed above, become a Seamless Merchant today. Contact one of our experts now to see how our all-in-one solution can serve you!
