Finding a trustworthy high-risk card payment processor can be difficult, but you’ll be astonished at how much easier your credit card processing payment solution will become once you do. Working with high-risk card processing UK specialists’ who are intimately familiar with high-risk payments UK, can help enhance your reputation and safeguard your funds from being held.
Important Facts About High-Risk Payment Processing UK
When your sales go up, the chance of fraud gets larger. This is why you should guarantee that your payment high-risk card processing UK system is backed by excellent security solutions that protect you away from cybercriminals. It’s especially critical if you’re a high-risk merchant. Utilizing proper benefits of high-risk merchant accounts and payment processing solutions can make a world of difference for high-risk industries and businesses located in the UK.
Who is Considered a High-Risk Merchant?
Certain internet business models and industries are classified as hazardous by high-risk card processing associations. Numerous variables can classify your firm as high risk, but the primary ones are your chargeback percentages, return rates, and payment processing history.
What Are Some of the More Common High-Risk Verticals and Business Models?
These include, but are not limited to:
- Adult entertainment
- Advanced bookings
- Gaming and
Firms regarded as high-risk operate at a much higher rate of chargebacks than typical merchants. Their activity and transaction patterns continuously necessitate in-depth analysis. Before a payment platform determines whether to deal with a particular business, it analyzes the likelihood of chargebacks and the source of those chargebacks.
What Makes a High-Risk Payment Processor UK Unique?
A high-risk card processing UK credit card processor that works with businesses in high-risk sectors assumes responsibility for some of the risks they take on. Because this risk is measured differently than it is for typical merchants, it necessitates the use of complicated systems.
To find the best high-risk payment processor that properly supports high-risk UK payment gateway merchant accounts, make sure and search for one that has a dedicated team monitoring all transactions and an AI-based system that warns them immediately if suspicious activity is detected.
Payment Processing at a High-Risk
It’s worth noting that some firms — primarily those with a high-risk profile — generate more chargebacks than others. However, a great deal is contingent upon the payment processing methods they employ to help mitigate their risk factors. That is why payment providers should prioritize solutions that reduce merchants’ vulnerability to fraud and prevent high-risk merchants from having their accounts terminated due to an excessive number of chargebacks.
High-risk merchant businesses in the UK want fraud-resistant solutions that incorporate machine learning-based processes and filters that adapt to their unique business models and traffic sources. This approach is far more successful than static filtering.
What are the fees associated with high-risk merchants?
Higher processing fees for high-risk merchants were established as the industry standard many years ago. However, during the last decade, technology has advanced significantly, and we now have cost-effective solutions for high-risk merchants.
And yes, technology is indeed expensive, however, there is no reason for being overcharged.
Qualities of a Good High-Risk Payment Processor UK
Here’s what to look out for amongst the numerous high-risk credit card processors available.
- Technology – Is the payment gateway you’re considering offering multi-merchant payment processing? Are you able to route these transactions to the processor of your choice? Is the payment platform flexible enough to provide you with complete control over the setup and payment process?
- Business plan – Ascertain that the payment processor supports the business concepts utilized by your organization.
- Responsive support – Ascertain that there is, in fact, someone on the other side. Consider what can happen if there are challenges accepting payments on your website and you receive no assistance from your payment supplier. You require a sense of security.
- Expertise – The duration of the company’s existence on the market and the experience of its management are critical, plus their familiarity with the ins and outs of specialty businesses and specific verticals.
- Flexibility – Locate a high-risk processor that enables you to execute a variety of payment scenarios to meet all of your firm’s needs, even if your business model is complex and needs to process high volumes of transactions. Ascertain that you may discuss the fees, terms, and features applicable to your business.
- Security – Due to the increased number of chargebacks and fraud attempts generated by high-risk merchants, you require a dependable chargeback prevention system and a comprehensive approach to security. Inquire about anti-fraud solutions, AI-based fraud detection, and real-time alerting.
- Pricing Transparency – On the website of your potential payment processor, look for the pricing structure if they have one. Make certain you understand how much it will cost and that there are no hidden or additional expenses. When you are unable to obtain specific information from a possible high-risk processing partner, this should raise red flags.
It’s important to work towards minimizing friction in your business, whatever the reason. This is why it’s important to undertake extensive research before selecting a high-risk credit card processor. The good news is, SecureGlobalPay is here to assist with all your high-risk businesses and we look forward to hearing from you with any questions or concerns pertaining to the approval of a non-standard merchant account.