The online eCommerce industry has been growing significantly over the last 10 years. eCommerce business and mobile applications became user-friendly, online shopping is becoming streamlined, internet preference is dominant, and online payment procedure is easy to conduct. Most online businesses are now implementing online payments into their business payment system in one way or another.
We are describing a payment gateway as an online payment platform that allows you to take and process online payments performed by different payment methods on your website or via mobile applications. This blog will help you in understanding all the factors about preferring the best high-risk payment gateway for your online business requirements.
How to prefer the best payment processing platform for your online business?
In previous years, there was not a large variety of high-risk payment gateway solutions. With the growth of the eCommerce market, multiple new payment processors have entered the industry. So, there are various options for payment gateway platforms. But selecting one from them is not an effortless task, there are multiple factors you must consider before preferring a high-risk merchant account solution for your online business.
Integrations with various shopping carts and platforms
The payment processing system requires you to operate invariably with the other systems you select. Your payment gateway system takes online payments, either one-time transactions or recurring payments as well. Yet, there are various payment systems involved.
For example, your business’s website may be created with WordPress, which refers to the payment gateway solutions to integrate seamlessly. Presumably, you will require your payment system to connect with various accounting systems for the management of your accounts.
Software integrations are a significant factor to prefer with your global payment gateway solution. Some of the primary payment processing services you will need to consider include:
-
Accounting systems
Accounting system software is essential because it helps in maintaining all the transactions managed properly.
-
Shopping carts
Integrating various shopping carts such as WooCommerce, Magento, OpenCart, Zencart, PrestaShop, etc. help in simplifying the checkout procedure.
-
eCommerce payment platforms
You can also prefer numerous eCommerce payment platforms such as WordPress, Shopify, and many more.
-
Recurring-based billing structure
If you want to deliver subscription-based services to your clients, then recurring payment systems will be the perfect match.
Multi-Currency payment processing system with your payment gateway platform
Multiple currencies are not crucial for all types of online businesses because sometimes you only want to target customers of a single country. However, one of the main benefits of multi-currency transactions is the ability to receive online payments around the globe. So, dealing globally makes the requirement of the multi-currency payments system significant.
If you want to offer payments in only a single currency, things are easy. The next most significant concern is the need for two different currencies: USD and Euro for American and European customers. You will have to be assured that your payment processor delivers this advantage.
So, if you want to deal globally, you will need to offer a multi-currency payment system to your global customers. Globally, there are more than 150 currencies, and it is rarely possible that you need all of them. However, if you need approval for numerous currencies, there is a feature to deliver any currency to your online customers with DCC or Dynamic Currency Conversion. In this case, you will need to assure your payment gateway delivers all selected currencies.
Getting your online transactions funds instantly and reliably
One of the most essential factors is how fast you will receive your funds. Cash flow is a primary advantage for any online business. To get to the revert quickly, if you are processing more such as more than $500k+ per year, you must get an international merchant account and prefer an online payment gateway solution. This is a kind of state-of-the-art technology. However, if you are processing more than hundreds of dollars or maybe millions of payments, it is time to get a secure and reliable payment processing solution that fulfills your business requirements. You can also prefer a high-risk payment gateway platform. Your payment processing funds will get transmitted into your bank account swiftly with a minimum risk of delay in funds settlement.
If you are processing a minimum amount of funds, particularly if it is less than $100k per year, your efficient best payment processing platform is an aggregated merchant account. This refers to a merchant account solution associated with various businesses. And this means opting for a payment processor such as PayPal or Stripe. Yet, you will need to pay more increased percentage fees (such as 2.9%), or you will pay minimum monthly costs. It is more reasonable for a business to prefer PayPal or Stripe if you are processing less than $100k yearly.
Acquiring adequate customer support for your high-risk business transactions
A high-risk payment gateway solution is a crucial factor for your online business. If you cannot receive funds effortlessly from your global buyers, then you may face a risk in your business. So, opt for a payment service provider that offers 24*7 customer support that you can easily access via chat, email, and phone. Most aggregated payment processors don’t deliver complete customer support access because they function with thousands of online customers on a single merchant account platform. It becomes too costly for them to offer 24*7 assistance to all the customers.
Merchant solution providers hardly have adequate support, but you will need to verify the support levels because they differ relying on various factors. So, you must inspect their email support and all customer support services. It is quite easy to analyze the status of their customer assistance system with their previous reviews.
Interesting Related Article: “How virtual cards are influencing and helping B2B Payments“