It is true that online retailers in the e-commerce sector make it a lot easier for consumers to purchase goods and services. However, it may be difficult for these e-commerce payment gateway (particularly high-risk merchants) to process and accept debit and credit card payments.
Payment processing security and dependability are critical for e-commerce merchants. Make sure to look for the best high-risk merchant account providers to work with. Furthermore, recent years have revealed that many high-risk merchant account providers (as well as low-risk providers) are changing their business practices. As a result, they have increased their security measures to reduce the possibility of credit card fraud.
Cross-border payments continue to grow
The cross-border shopping industry reached $156 trillion this year. Trade with emerging markets increased, as did the volume of cross-border transactions. This means a much larger potential customer base for merchants. However, as volume increased, so did the barriers to quick cross-border transactions. With customers from all over the world expecting their needs to be met as soon as possible, payment options needed to become faster and less expensive.
This is where RTP enters the picture and takes the lead. Real-time payments (RTP) are transactions that allow businesses to send and receive payments in real-time. Cross-border payments will continue to rise as more businesses adopt RTP solutions.
The start of fully flexible payments
With the COVID-19 pandemic still wreaking havoc on commerce around the world, it’s no surprise that most payment trend predictions for 2022 are centred on digital payment methods. Online commerce is booming, and so are alternative payment methods. 2022 got off to a fast start and shows a lot of potentials for merchants to increase their business volume. Some payment trends are already influencing the market.
Customers understand their worth and will expect merchants to provide the best service possible. With the emphasis on customer touchpoints, the one factor that unites all trends is merchant flexibility and adaptability. Customers now expect to be accommodated and to have their preferred method of payment readily available. And, as they say, the customer is always right.
Ways to Accept Credit Cards at a Low Cost
When comparing important business decisions such as payment processing and the most cost-effective ways to accept credit cards, it can be useful to have a list to refer to. Here’s a checklist to help you find cheaper credit card processing:
- Always read all contracts and policies. This will ensure that there are no surprises.
- Payments should not be processed through your bank. Use a merchant account provider who specializes in the industry in which your company operates.
- Find out how long the payment processor has been in operation.
- Check to see if the payment gateway provider provides personalized services.
- Look for flat-rate pricing options rather than tiered pricing.
- PCI compliance is must for the payment gateway.
- Check to see if the processor has a track record of providing excellent customer service. Check out the Better Business Bureau, a private, non-profit organization dedicated to advancing marketplace trust by assigning clear ratings to businesses based on strict criteria.
Get an International Payment Gateway from PayCly and bring your high-risk business one step closer to finding the solution it requires. Furthermore, your PayCly merchant account will integrate seamlessly into existing websites and mobile apps.
Credit Card Payment Processors with High Risk vs. Traditional Processors
High-risk credit card payment processors specialize in high-risk industries. While both types of credit card processing complete the above-mentioned steps, high-risk credit card processors specialize in a way that traditional payment processors do not. Regulations in these industries are constantly changing.
The laws that govern them can be difficult to understand. Traditional payment processors do not want to deal with the regulatory changes that come with the advancement of the industry. Payment gateway singapore processors are constantly being brought up to regulatory standards, which helps merchants stay in good standing.
The high-risk industry imposes numerous restrictions on the sale of specific products, making card-not-present transactions more dangerous than usual. Fortunately for merchants, the high-risk payment processor can assist with product orders. Verification is a must for vape, CBD, tobacco, and other age-restricted products. To prevent illegal sales, a buyer’s age is validated early in the process. Furthermore, high-risk credit card processors can check for the necessary licensing required from buyers in order to purchase the products.
Getting a traditional platform can be difficult for merchants. This risk is not taken by traditional payment processors such as Stripe and PayPal. These traditional platforms expressly prohibit the sale of high-risk products on their platforms or through their payment processing. However, for many merchants, the promise of instant merchant account approval by these platforms is deceptive. High-risk payment processors, as opposed to traditional payment processors such as Stripe and PayPal, accept the risk of its merchant’s product sales. Merchants may experience a high chargeback ratio due to the nature of high-risk industries.
Allow Our Experts to Assist You in Choosing the Best Online Payment Processing Business Solutions
With PayCly e-commerce credit card processor, you can accept credit cards from your website through simple integrations. Our solutions assist business owners in taking their operations to the next level.
Accounts and Plans for International Merchants Feature:
- Supports all shopping carts
- Payment gateways with multiple options
- Payment plugin modules are available for free.
- Chargeback management and alerts
- Robust reporting and anti-fraud measures
PayCly has been a pioneer in the eCommerce payment processing industry. Our International Payment Gateway and online credit card payment processing work in conjunction with your e-commerce payment processing platform. As a result, customers have a smooth and secure online purchasing experience.
