A UK high-risk payment gateway connects a merchant to an offshore, EU-based payment processor. The payment gateway sends encrypted credit card information from a merchant checkout form to a high-risk acquiring bank.
The primary function of a high-risk payment gateway is to secure online payments. It helps prevent cybercriminals from stealing customer credit card data. A high-risk merchant account Europe connected to a UK payment gateway allows for the authorization and approval of higher-risk credit card transactions.
High-risk businesses carry an increased risk of potential losses, more so than with low-risk businesses being serviced by traditional banks and payment processors.
A high-risk online merchant account is crucial for UK hard-to-place merchants because it is the only way to accept and process credit and debit card transactions via the net.
However, it is not enough for UK hard-to-place merchants to just accept card payments. Safety and security are equally important, and this is where a UK high-risk payment gateway comes in.
Realizing this will help merchants in the United Kingdom take the proper steps towards choosing an ideal payment processor offering high-risk payment gateway services.
Reasons Why You Will Need a UK High-Risk Payment Gateway
- Too many chargebacks
- Plenty of fraud incidents
- Having customers in “high risk” countries
- Selling contrabands
- Low credit history
- The average credit card transaction is over $500
- The average monthly card transaction volume is above $20,000
- Accepts payment in more than one currency
- On the MATCH list
- Operates offshore company
- Accepts subscription and recurring payments
How a UK High-Risk Payment Gateway Protects Your Business
Proper UK online payment gateways must be Level 1 PCI-DSS certified. This is the highest payment processing security in the world. PCI-DSS is an abbreviation for Payment Card Industry Data Security Standards.
In summary, there is a 12-point compulsory requirement meted out by card brands to all companies and businesses to store or transfer credit card data within a safe and secure environment.
If a merchant chooses a PCI-DSS certified UK high-risk payment gateway, it is the payment gateway that is held accountable for the cardholder’s credit card information.
In other words, it is not a merchant that stores card data information; instead, it is the payment gateway that is responsible for encrypting and processing payments.
By using military-grade encryption, high-risk payment gateways convert sensitive card information into tokens.
These tokens can only be used once or multiple times, depending on the transaction type. The tokens are located in a well-protected vault inside a UK high-risk payment gateway. In the case of high-risk merchants opt for a recurring transaction model, when a recurring payment is made, the tokens are used for the transaction and not a customer’s card information.
With this development, there is no need to store a customer’s sensitive card information on file. While your business is PCI-DSS compliant, all transactions are processed safely and securely through an online payment gateway.
A high-risk credit card payment gateway reduces the risk of cybercriminal activity and data compromises for high-risk businesses.
Data breaches are common occurrences in the online high-risk payment processing marketplace, and using a credit card payment gateway specifically tailored for high-risk merchants will help protect it from loss, unnecessary expenses, and bad publicity.
Payment credit card gateways can easily integrate with various accounting systems for the convenient exchange of payment data. It boosts productivity on behalf of the merchant and reduces credit card processing risk.
Choose a UK High-Risk Payment Gateway Provider
Pricing and Provider Fees
It is essential to know the fee structure of your UK payment processor, especially if your business model is sensitive to price.
Advertisements highlighting discounts and low processing fees are usually used as bait to reel in clients, do not get carried away by them.
Always choose a UK high-risk payment gateway with a transparent pricing structure with no hidden fees or sudden surprises.
Your payment gateway must support robust and cutting-edge technology, including fraud prevention and intelligent payment gateway routing. The technology should be user-friendly and protect your business from hackers and online criminals constantly looking for opportunities to defraud customers.
Confirm if your payment gateway accepts multiple currencies and offers alternative payment solutions for high-risk industries. It is essential if you are looking to reel in global revenue.
The ideal credit card payment gateway offers multi-currency features, accepts a wide array of credit and debit cards, and aligns perfectly with alternative payment arrangements, which include cryptocurrencies.
Security and Safety Features
A UK high-risk payment gateway is useless if it does not ensure the safety and security of customers who patronize your business. Most fraudulent cases occur when customers are about to make an online purchase.
Your payment gateway of choice must be PCI-compliant and follow all directives given by the standardized security network to minimize fraud.
Does the UK payment high-risk gateway that has caught your eye offer accurate reporting services? Once your business starts to receive payments, it is vital to review your transaction history and keep an eye out for suspicious transactions, especially when conducting business in one io the high-risk sectors.
There is nothing like a perfect payment gateway because there are no two businesses with the same goals or expectations. However, what you can do is settle for a payment gateway provider that ticks all the expectation boxes, a provider that makes you money and not one that makes you lose money.
The right high-risk payment gateway will provide your business with the best tools based on your specific needs. SecureGlobalPay provides payment processing solutions and merchant accounts for high-risk businesses in the UK. Give us a call, and we’ll be more than happy to answer any questions you may have.