Most business has come to accept multiple forms of payment. The unprecedented COVID-19 pandemic led to an increase in e-commerce payments.
Now that the crisis is subsiding, you need to make sure your payment processing can protect your online retail business.
Here’s what you need to consider when choosing a high risk payment processor. Read on!
Determine Your High-Risk Status
Choosing the best high risk payment processor can be a daunting task. You need to determine your high risk status in order to select the best processor for you. As a high risk merchant, you should research potential payment processors to find one with the most suitable plans and fees.
Understand why your business is classified as high risk. Identify the specific factors that make your business fall into the following categories:
- Industry type
- High chargeback rates
- Legal or regulatory considerations
- Poor credit history
If you’re interested in being a high risk merchant by selling firearms, be sure to do your research and learn about selling ammo online.
Research High-Risk Payment Processors
When researching high risk payment processors, it is important to understand the specific needs of your business. Consider the types of payments you accept, the amount of transactions you process, and the amount of risk you are open to.
Review each processor’s fees, security measures, customer service, and scalability. It is important to recognize that fees and security vary widely between payment processors. Research customer reviews to get a better idea of how each processor operates.
Once you have a good understanding of the different options, you can make an educated decision and choose the best high risk payment processor for your business.
Review Risk Management and Fraud Prevention
To choose the best high-risk payment processor, review risk management and fraud prevention, including fraud detection measures to determine how well the processor is able to protect from fraud. Make sure the processor implements fraud analytics, AI, and machine-learning tools to detect fraud.
Regularly examine the processor’s compliance with the Payment Card Industry Data Security Standard (PCI DSS). Verify that the processor provides safe transaction processing with advanced encryption technologies and data storage.
Check to see if the processor has the following:
- Strong customer authentication
- Password etiquette
- Secure payment methods
- Chargeback prevention
By taking all of these measures into consideration, you can select the best high risk payment processor for your needs.
Check Integration Options
One of the things to consider is the integration options available. Check integration can be beneficial in allowing customers to pay through checks. They will not have to go through a manual process.
An effective high risk payment processor should offer easy integration options. Ideally, you should look for a processor that offers both a hosted and direct integration option so that customers can choose their preferred method of payment. The processor should also provide the necessary APIs to integrate with your existing software.
Good customer support should also be available from the processor in case of any queries or problems related to the integration. By examining all of these options, you can then select the best processor and get the most bang for your buck.
Compare Pricing and Fees
It is important to compare processing costs across multiple processors to ensure you are getting the best value. Start by creating a list of the companies you are considering based on your specific needs. Make sure to consider the following:
- Types of fees
- Transaction fees
- Setup fees
- Annual fees
- Interchange-plus rates
Make sure to research the different rates, terms, and conditions associated with each processor to obtain the best deal. By evaluating a combination of pricing, fees, customer service, and terms you can make an informed decision when selecting the best high risk payment processor.
Evaluate Customer Support
When evaluating different high-risk payment processors, it is important to consider their customer support. High risk accounts are often more expensive and more difficult to manage, so having access to quality customer support can make the process run much smoother.
You should look for a payment processor that offers 24/7 customer service, with options for contacting them by phone, email, or live chat. You should also look for a processor that offers customized plans for customers that can handle the unique needs that come with a high risk account.
Finally, you should look for a payment processor that offers a range of support options, such as tutorials, FAQs, and in-depth articles, to help make the process as easy as possible.
Consider Scalability and Global Reach
Depending on the size and reach of your business, it may be necessary to choose a processor with the capability to expand. Look for a processor that not only offers domestic payments but can also process payments from customers all over the world.
Choose a payment processor with a global presence and a wide range of payment methods. It allows your business to accept payments from more customers and expand your customer base. The processor you choose should be able to quickly increase transaction volume as your business grows.
Read and Understand the Contract
When choosing a high risk payment processor, it is important to read and understand the contract. Take the time to understand the fees and any additional costs that could arise. Make sure the contract contains clear clauses that cover both parties in regard to fraud and chargebacks.
Ensure the payment processor is up to the task of safely processing your payments. Make sure to familiarize yourself with the processor’s security measures, such as:
- Encryption
- Card data storage policies
- Compliance with ISO
- Necessary payment requirements
Choose a High Risk Payment Processor Today
After evaluating the options available, the best high risk payment processor should be chosen based on PCI DSS compliance, reputation, risk management process, and the security of the payment gateway.
Choose wisely, always read and compare beforehand and find the best one for you. Get started now and secure efficient payment processing today!
Did you find this article helpful? Check out the rest of our blogs!
