Top 5 payment providers for high risk merchants
Almost any business should be able to accept online payments. Finding a reliable payment service provider among these financial institutions can be a daunting task. This process gets complicated if you need a payment gateway for high-risk businesses.
What is a high risk merchant?
A high risk merchant is a business that, for some reason, falls into the category of potentially high fraud. This is due to the nature of the business itself, although if you have a zero credit history, you also fall into this category. In some cases, the same industry may have different levels of risk for different payment service providers.
Examples of high-risk businesses:
- Online dating;
- Telemarketing;
- Multilevel Marketing;
- Software;
- Auctions;
- Fortune telling, horoscopes;
- Any subscription based business;
- Products for adults;
- Carding
- Transactions via mobile phones.
In addition, startups and companies with large transactions are also high risk merchants.
The good news is that many payment gateway providers for high risk businesses offer quality payment processing at reasonable prices.
We offer you to get acquainted with 5 popular payment systems that provide services to high risk merchants:
1. PayOp
Payop is an aggregator of payment methods for various types of Internet businesses, offering accepting payments from 170+ countries by 300+ methods, including Internet acquiring.
Beginning of work. The company has been operating since 2016.
Who can use the platform. Individuals and legal entities.
Technical support. During business hours. You can contact via email, telegram, Skype, internal ticket system.
Tariffs. The commission per transaction starts from 2.4% + 0.2 $ and depends on the volume, risk level of the enterprise and the business industry.
The choice and activation of the payment method takes place in the personal account immediately after the project is verified (provision of documents).
Integration.The system is connected within one business day using API, Hosted Payment Page, Server to Server.
Competitive advantages:
- Security. PCI DSS level 1 compliance, transaction tokenization, pre-installed fraud prevention software (seon.io);
- The presence of a significant number of payment methods (more than 300);
- More than 10 available withdrawal methods. Withdrawal via bank transfers, to Visa / Mastercard and electronic wallets Webmoney, Paypal, Qiwi, via SEPA, SWIFT, ACH, local bank transfers. Currency withdrawal is possible to any country (except for sanctioned ones);
- The ability to work with high-risk industries;
- Account registration is possible for a resident of any country (except for sanctions);
- Invoicing. The ability to accept payments for businesses that do not have a website;
- Multicurrency. Currency conversion takes place in real time.
2. Payssion
Payssion is an international payment service provider.
The company has a variety of payment methods and is successfully integrating them for business owners around the world. The company was founded in 2013.
Fees - A commission is charged for each successful transaction. The company does not charge integration fees and has no monthly commission or other hidden fees. For more information, please contact our sales team.
Competitive advantages:
- When using alternative payment methods, there are no risks of chargebacks;
- The company covers all continents and provides over 200 local payment methods;
- Multicurrency. Possibility of payment in the currency of your chosen country;
- The client can request a withdrawal of funds at any time. Withdrawals are made by bank transfer;
- Mobile payments. SMS payments.
3. PaySpace
PaySpace has been offering all kinds of payment processing for over 10 years. PaySpace is a payment gateway suitable for medium to large enterprises, startups and companies looking for a high risk payment service provider.
Commission. Transaction fees start at 1.2% + $ 0.3 per transaction and depend on the type of business, transaction volume, country of registration.
Integration. Integration is possible using API, Hosted Payment Page, virtual terminal and plugins for all popular CMS.
Competitive advantages:
- Intelligent recurring payments;
- 130 supported countries;
- Works with both low and high risk industries;
- Chargebacks. PaySpace has up to 90% of chargeback cases won in favor of merchants;
- Withdrawal of funds is possible to a card of any bank in the world;
- Effective solutions for fraud prevention and chargebacks + advanced reports and notifications;
- More than 150 alternative payment methods that allow your customers to choose the best payment method;
- Dynamic currency conversion. The company provides processing of any currency, including bitcoins.
4. Authorize.net
Authorize net is a company that allows business owners to accept credit card payments on the site using checks and contactless methods.
The fees are divided into two parts:
- For those customers who have their own merchant account, the company offers a separate payment gateway for $ 25 per month, as well as 10 cents per transaction + 10 cents daily fee;
- For other users, the fee for using the payment gateway is also $ 25 per month, and the transaction fee is 2.9% + 30 ¢.
Competitive advantages:
- Advanced fraud detection and prevention. The payment system has a number of customizable parameters that the merchant can connect. These methods include tracking IP addresses, verifying transaction data, blacklisting fraudsters, etc.
- A buy button that makes it easy to place an order or donate online. Can be configured manually or use ready-made code;
- Billing. The ability to invoice customers by email, set up mailings and receive automatic notifications;
- Regular payments. Customers have the ability to set up recurring payments. It is also possible to activate the service of automatic updating of the client's bank card data.
5. PayKings
PayKings is an international payment provider for high-risk industries. The company provides solutions for B2B companies, e-commerce companies, online retailers and high-risk companies.
Among the industries for which PayKings offers solutions are "services for adults", "online dating", "collecting", "firearms", "nutraceuticals", "pawnshops", "travel", "e-cigarettes", etc.
Fees . Transaction fees start at 2.49% and are dependent on processing history and business vertical.
[
B]Competitive advantages:[/B]
- Security of transactions. The company complies with PCI DSS certification requirements and provides a high level of data security. All banking information is encrypted and cannot be stolen;
- Mobile payments;
- Multiple credit card processing methods (Level 1, Level 2, Level 3). Methods are divided into information required to process a transaction;
- ACH payment processing;
- Regular payments;
- Chargeback management.
Conclusions:
A large number of startups are shutting down within the first few years. This often happens because the payment service provider cannot provide all the necessary features to ensure the smooth flow of payments.
High risk merchants, due to the nature of the business, fail more often than others. This is also one of the reasons why such merchant accounts are more expensive.
The list of payment service providers we have provided is one of the best options for business owners.
On the PayOp website, you can view the latest information on the services provided. Also, within a few minutes you can access the payment platform by registering a free account. Verification of documents and integration of the platform with the merchant's website usually takes no more than 3 business days.
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