Digital payments are on the rise with online payment platforms such as Paypal and Stripe seeing a massive increase in customer usage. However, according to research, most consumers still prefer traditional card services as their payment service provider. Even with online purchases dominating today’s marketplace, savvy entrepreneurs with hard-to-place business types use a high-risk merchant account authorize net to facilitate their high-risk payment authorizations and settlements.
What is a High-Risk Merchant Account Authorize Net?
A high-risk merchant account authorize.net can be defined as a high-risk merchant account that is both a merchant account and payment gateway. This implies that the merchant had a hard-to-place business type and decided to use authorize.net as their payment gateway.
Authorize.net is a payment gateway service provider that allows merchants to accept credit card and electronic check payments through their payment platform. It is by far one of the most popular gateways in use today and is now owned by Visa.
Also known as auth.net, this service provider serves well over 400,000 merchants which translates to transactions totaling over $140 billion in payments yearly.
Your hard-to-place business type could require a high-risk merchant account that is compatible with authorize.net for two main reasons: Your industry is high risk and you have specific integration requirements.
Authorize.net provides advanced fraud prevention as well as other security-related options. For merchant accounts, authorize.net is the most user-friendly payment gateway available. It integrates into more shopping carts compared to other secure payment gateways available in the industry.
What is a Dedicated High-Hisk Merchant Account AuthorizeNet?
A dedicated high-risk merchant account that is integrated into authorize.net, has its own merchant ID. Thus, it is not shared with other merchants as when doing business with a payments aggregator.
Larger e-Commerce enterprises have far less control with a combined merchant account and payment gateway, similar to what Stripe and Paypal offer. The difference between the two account types is straightforward. With a dedicated high-risk merchant account, transactions between the customer and the merchant deposit directly into the business bank account.
On the other hand, with an aggregate high-risk merchant account, the money from transactions initially goes to the aggregator. From there, the aggregator deposits the funds into the merchant’s bank account. The aggregate high-risk merchant account provider can essentially shut both the merchant account and payment gateway down by the flick of a switch. This is not possible when merchants have a separate payment gateway like authorize.net.
How to Sell High-Risk Products with Authorize.net – Even When you Were Alr Declined.
High-risk businesses selling e-juice, vape products, firearms, ammunition, premium cigars, CBD oil, and various other hard-to-place business types cannot easily find a merchant account provider.
In most cases, website owners and developers get confused by the difference between authorize.net as a merchant account provider or payment gateway. Working with a seasoned payment service provider will help you understand the difference for your high-risk business authorize net.
Typically, when website owners believe authorize.net declined them, they are actually declined by one of the numerous merchant processors that authorize.net integrates with on the back-end to process credit cards.
Experienced professionals will employ authorize.net as a “payment gateway only” and then integrate a high-risk merchant account tailored to your specific products and services on the back-end. This extra protection allows your business to pair authorize.net broad integrations and features with a payment processor that appreciates and understands your industry.
My Aggregate Merchant Account Has Been Terminated – Now What?
If you’ve been terminated by one of the main aggregate merchant account providers, such as Stripe or PayPal, there is no need to panic. This simply implies that your next move is to apply for a high-risk merchant account with one of the many payment service providers that work with your specific high-risk industry. Look for a company that specializes in high-risk merchant accounts and can provide you with a direct merchant ID.
It’s always advisable to look for a high-risk merchant account payment processor that has relationships with multiple financial institutions. It’s always better to have as many options as possible when applying for a high-risk merchant account authorize net. They will thoroughly scrub through your application to ensure it’s perfect before it reaches the acquiring bank.
Advantages of Using Authorize Net as a Payment Gateway
The company owes its proliferation and good reputation to its channel partnership formula perfected over many years. It is a very popular choice among most merchant account providers, both small and large. Merchant account providers have long partnered with authorize.net to offer all of their quality branded services, including a virtual terminal, mobile payment services, card readers, and much more.
Authorize.Net is well known for its transparent and straightforward pricing. However, most merchants opt to work with merchant account providers to facilitate the payment gateway. This is generally due to better pricing, faster boarding, and various integration requirements.
Integration and User Profiles
One of the main features of Authorize.Net is how effectively merchants can operate with various users, all with their unique permission settings. Whether merchants conduct business on WooCommerce or Etsy platforms, they both automatically sync with Authorize.Net to import all completed transactions. The data can also then be loaded into QuickBooks or FreshBooks.
All Security Needed
Another significant advantage of using Authorize.Net is that it employs industry-standard encryption, Secure Socket Layer (SSL). One can also access the Advanced Fraud Detection Suite (AFDS) feature to detect and prevent fraudulent transactions. Other security features include Address Verification Services (AVS), Card Code Verification (CVV2), and Tokenization.
Authorize.Net has an excellent customer support setup. Merchants can easily access the FAQ page for self-help queries. The support email address is listed alongside a dedicated phone number for support. For existing customers, there is an option for online live chat support.
Authorize.net for High-risk Merchants
Authorize.net is best when you understand all its features and is perfect when paired with a credit card processor specializing in your industry. Due to this, a provider can offer a payment processing recommendation with low credit card processing fees.
Always compare the costs and rates of multiple credit card processing providers and get expert advice on the most secure payment gateway for your online business. For payment system options, take time to evaluate the one that best suits your business needs and requirements.