A payment gateway is a mechanism that reads and transfers payment information from a customer to a merchant’s bank account for example. A payment gateway is used is in the e-commerce checkout process when customers submit their credit card information to purchase items online. Once the customer entered their card information on the payment gateways, the technology itself creates a token and sends it to the bank for initial verification and acknowledgement, whether the transaction is successful or not.
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What is a High Risk Payment Gateway?
High-risk payment gateways are used to process cross-border transactions wherein acquiring banks can be from any country. Type of business nature that cannot cater to the domestic payment processing provider(Stripe, PayPal, etc) due to its business nature. The business nature plays a vital role to decide whether the business lies at low risk or high risk. A business wherein the transactions are coming from foreign countries. There are several other factors such as CB ratio, refund ratio, cross-border transactions and so on. There are several industries that are considered high-risk. They may be considered such due to several types of risk such as reputational risk, and risk of money laundering. Gaming, forex, Nutra, CBD.gambling. forex IPTV and so on.
Challenges of high-risk merchants
Role of payment gateways in high-risk merchant accounts?
Basically, the role of payment gateways in high-risk industries is the same as any other industry. However, the acquiring banks and receiving banks can be from different countries. A merchant account is an account held with a financial institution/acquiring partner in which merchants receive the money that they earned through sales. Payment gateways play a vital role to receive money from merchant clients. It follows the same steps to process any credit card or debit card.
We at payments clarity believe in sharing the exact picture with our merchants in order to drive maximum revenue. Our dedicated payment manager will help you in order to choose what is the best-suited payment processing channel for your business. Our Business manager will help you to secure a payment processing channel depending on the targeted market and merchant needs. We support both low-risk merchants and high-risk merchants from all types of industries.
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