Intelligent Payment Gateway Routing – How Does it Work?
Merchants seeking to process online payments face a variety of hurdles. The main hurdle to overcome is the challenge of how to route transactions effectively when accepting payments. Intelligent payment gateway routing is key to running your higher-risk or hard-to-place business type. Better manage chargeback ratios and create redundancy with SecureGlobalPay’s intelligent payment routing solution for high-volume and high-risk industries.
This may seem like a straightforward process at first. But after a few “failed transactions” or “account terminated” notices, merchants will begin to reconsider their set-up. Improving both payment methods and the overall payments platform can assist in optimizing commerce and help higher-risk merchants succeed where others have failed.
The world of online commerce is evolving at lightspeed. Yesterday’s new and innovative payment service solutions are today’s old news. Merchants seeking to keep pace with innovations should consider intelligent payment gateway routing.
What is Payment Gateway Routing?
Payment gateway routing is the process of directing payments through specific banks or service providers. Payment gateway routing helps businesses to ensure smooth payment processing by improving the efficiency and security of the payment system.
Payment gateway routing is a mechanism that allows you to route credit card transactions to your account with a payment gateway provider. Payment gateway providers have a direct relationship with banks and card providers such as Visa and MasterCard.
Secure Payment Gateways are only responsible for taking the card details from customers and putting them in the appropriate format which is required by the banks. These banks are then responsible for approving or decline of transactions.
Intelligent payment routing picks the bank most likely to approve the payment, then if it is declined, it automatically reroutes to another bank.
How Do I Integrate This Service into My Merchant Account?
The Intelligent routing of payments is a highly-effective way to make your payments more efficient by automatically routing payments to the most appropriate payment processor.
The result is faster and more reliable payment processing than traditional paper checks or credit card payments. By automating this process, you will be able to save both time and money.
Transactions can be processed anywhere in the world, making them a great choice for international transactions.
To integrate intelligent payment solutions with your business or website, you’ll need to sign up for an account. Once you’ve created an account, you can start taking payments quickly. We provide you with all the tools you need to easily accept payments.
With SecureGlobalPay, you’ll have access to powerful digital payment tools that will help you grow your business. You’ll be able to:
– Gain visibility into your income and expenses.
– Receive automated invoices from your customers.
– Manage payments from anywhere, anytime.
– Keep track of customer information and orders effortlessly.
– Get paid quickly after the sale is made.
Online Payments: The First Generation
When online commerce began, the question of how to process approved transactions led to the development of online merchant accounts. This created a need for payment gateways to process transactions for eCommerce merchants. Traditionally, a single payment service provider would work with a single acquiring bank to facilitate payment routing. With the evolution of online commerce and the recent introduction of a riskier business landscape, the need to intelligently route transactions has never been more important.
Failed Transactions
One common challenge faced by online merchants is that of the “failed” transaction. Transactions can fail for multiple reasons including card type.
Customer Issues
Customers with expired credit cards, bad credit, or a history of suspicious transactions can have their transactions declined for procedural reasons. Customers can cause transactions to fail due to human error. Some common causes are data entry mistakes or failure to fill in a required field.
Risk Issues
Transactions can also fail due to risk issues. This can include factors such as a high-risk profile or poor connections between the merchant and the customer’s bank.
Technical Issues
Electronic transactions can experience problems at numerous points along the line. Given the number of parties involved in any online transaction, breaks in communication between any two (PSP, customer bank, merchant bank) can lead to a failed transaction.
What are the Most Intelligent Transaction Routing Solutions for my High-Volume Merchant Account?
When it comes to payment gateway routing, the choice of solution can be overwhelming. When seeking out a payment routing solution, consider the following:
1) Payment volumes – high-volume merchants will benefit from a payment routing solution that is capable of handling large volumes of transactions. This means that the system should be able to scale automatically as the business grows. The more transactions it processes, the faster your business can scale.
2) Cost – there are many different payment gateway routing solutions available today. Some are cheaper than others, but all come with their own set of costs and benefits. Before committing to a particular solution, it is important to do research and understand what it offers, as well as its cost.
There are three main ways to route payments: by address, by card type, and the transaction amount.
For high-volume merchants, routing payments via an address helps protect them from fraud. Address-based routing eliminates the need for cardholders to enter their card details every time they make a purchase. It also helps ensure that funds are only sent to authorized accounts.
Routing payments via card type can be helpful if your business accepts a wide range of cards, like debit or prepaid cards. It’s also important if you want to keep track of customers’ spending patterns.
Finally, routing payments by transaction amount can help you manage higher volumes and minimize processing fees.
There are several options when it comes to selecting an intelligent routing payments solution. However, they all have one thing in common: they increase security and reduce fraud risk by automating the payment process with minimal human interaction.
Intelligent Transaction Routing: The Next Generation
Intelligent payment gateway routing helps circumvent many of the common reasons for failed transactions while better managing chargeback ratios and creating redundancy.
Intelligent transaction & payment gateway routing utilizes a combination of payment analytics and provider industry know-how. Intelligent payment transaction routing ensures payments are routed to the acquiring bank most likely to process the transaction.
Intelligent transaction routing also provides a fail-safe option. “Failover” support means re-routing transactions from declining banks. With failover, intelligent payment routing can ensure the payment is presented to the acquiring bank most likely to process it. This increases the authorization rate, particularly for customers in remote markets.
Using an intelligent payment gateway increases the likelihood of a successful transaction at any given point in the transaction cycle. Let SecureGlobalPay’s intelligent payment solutions help you improve your user experience and increase your cash flow. Call us today @ 800-419-1772.
Which Payment Gateways Provide Payment Routing?
Payment gateways enable merchants to accept payments from a wide variety of sources. With a secure payment gateway, merchants can accept payments from various sources on their website without having to worry about routing payments through multiple payment processors or banks.
SecureGlobalPay provides intelligent payment routing. The most common reasons for using the best payment gateway for high-risk business for high risk business with payment gateway routing are:
– Allows merchants to accept payments from customers using credit or debit cards, or other forms of payment such as PayPal or Google Checkout.
– Connects merchants to existing payment networks such as Visa, Mastercard, and American Express. Payment gateways enable merchants to receive credit card transactions across all of these networks and route them in a way to achieve the best approval rates possible.
If you are interested in learning more, please contact our sales team to find out how SecureGlobalPay can help your business to grow.
What Payment Gateway has the Best Payment Routing Solution?
Payment gateways are the technology that enables payment from one party to another. There are several types of payment gateways, including credit card processing and ACH (Automated Clearing House) transfers.
The best payment gateway for high-risk business will vary depending on specific business needs, volume requirements, credit rating, and the number of acquiring bank relationships needed. However, for many businesses wanting to accept online payments, a high risk payment gateway is often the best choice.
This is because high risk payment gateways include various methods of fraud prevention and help to keep a good relationship with the bank processing these transactions. Many online payments are considered to be at a high risk of chargebacks, and so this option can help to reduce fraud costs and improve conversion rates.
What High-Risk Processor Provides the Best Intelligent Payment Routing Solutions?
There are a few main reasons why a high-risk processor is best for any type of payment processing. Primarily, these companies have the resources and expertise necessary to ensure that transactions go through without any issues. If your business processes a high number of payments, it’s crucial that you use a trusted processor.
If there are any delays, they can cause major problems for your business. High-risk processors have all of the necessary tools needed to ensure that transactions go through as quickly and smoothly as possible.
A high-risk processor is a business that specializes in helping merchants accept credit cards from high-risk customers. As opposed to traditional payment processors, which process all kinds of transactions, high-risk processors focus on dealing with approving high risk payments.
As a result, high-risk processors are required to carry higher levels of insurance and perform other compliance checks to ensure that they can offer merchants the highest level of protection.
Since they often charge higher credit card fees than traditional processors, high-risk processors are typically more expensive than their less diligent counterparts. However, in exchange for these higher costs, they can provide much more thorough coverage.
At SecureGlobalPay, we provide full intelligent payment solutions and high levels of protection to ensure your business gets the best payment approval rates possible.