Payment Guru : High Risk Merchant Account & Payment Gateway

The cashless system of payment is growing exponentially thanks to evolving payment methods, increasing use of e-commerce, increased connectivity to broadband and rise of new technology. Are increasing instances of cyberattacks and spam hinder the development of the market for online payments and will the market continue to expand at a an exponential rate? The digital payments market is predicted to cross that USD6.6 trillion mark by 2021. That's 40% growth over two years. Cashless payment options are rapidly evolving , with revolutionary developments like mobile wallets, peer-to -peer (P2P) transactions on smartphones, live transactions and cryptocurrency. In the era of digitalization numerous payment technology companies are cooperating with traditional banks to meet the latest trends in consumer and business preferences. Digital Commerce Empowering Businesses Electronic payment systems have emerged as an integral part of the business because the trend of consumers turning to onl

Customer’s credit and debit cards usage is up to every day for services done online. However, if you work in an industry considered “high risk,” such as the adult industry, being an adult merchant account holder can become a major trouble. From denying the services by industry rulers like PayPal and Stripe to dealing with seemingly unwanted fees, credit card processing can be irritating, to say the less, if your business is in the adult industry. This blog highlights the factors behind this high-risk consideration by banks and payment processing companies. First, force stop your frustrations by knowing the industry risks that make acquiring a payment gateway for adult services tougher. Then, start inspecting other options available to adult entertainment industry merchants. You can develop your adult business in the perfect direction with a merchant services company ready and wish to help businesses in high-risk industries   A Review of the Adult Industry What is the “adult” industry?

Certain banks view certain kinds of companies as high-risk, and even fear negative publicity for these types of businesses. A few of these are travel merchant accounts such as pharmacy merchant accounts for telemarketing and Internet merchant accounts. These kinds of businesses are typically denied an account for merchants or subject to a high and exorbitant cost due to the high risk classification. This is why some merchants prefer to get a high-risk offshore merchant account as banks onshore may not offer the facilities needed to establish a merchant account to process credit cards. Offshore banks first evaluate the nature and potential of the business of the person who wants to create a merchant account through them. The risk is assessed in light of the possibility of over-chargebacks, return charges and potential legal violations in the sale of specific types of products or services, and financial liabilities for the bank. The ability to accept payments in different currencies ca

A secure and reliable payment gateway is among the most crucial components that must be implemented by every business that provides products or services online. While it is feasible for companies to negotiate deals with banks on their own and then establish their own gateway systems, it's a lot of work and usually less flexible than alternatives. Because of this, the majority of companies using online payment gateways choose to use an external payment service provider to offer them both merchant accounts and an internet-based payment processor. There are many payment service providers on the market and it is difficult for companies that are just starting out to choose which one to handle. This article will provide a detailed explanation of what a payment service (PSP) can provide a prospective partner to help businesses in selecting which one to work with. A typical online business is required to work with several banks (and in the event that the business is international, a vari

If you run a business that is of a certain type, you might fall under what credit card companies see as something different from a standard account with low risk. Businesses that are not traditional have a tougher process of being accepted to open merchant accounts. This is typical because of the possibility of chargebacks occurring. Don't be concerned about credit card processing that is a high risk. There are numerous businesses and services which cater to high-risk companies and are more than willing to offer processing services. You might be wondering what businesses fall under this category or if your company could be classified as high risk. The most commonly referred to as high-risk businesses include adult-oriented websites, travel-related businesses that are legal and established non-U.S. pharmacies as well as prepaid phone cards, Telecomms, high-risk websites offering, and e-commerce companies. Nearly all businesses rely on electronic payment. It's the norm for offl