9.15.2017

3 Tips to selecting a high risk payment gateway for your company

3 Tips to selecting a high risk payment gateway for your company

If you are running your business online and is looking for the perfect payment gateway to manage your transactions with your clients, suppliers, and customers, then this article will be of great help to your search. You see, there are a lot of online payment gateway companies around that you will find it very hard to choose. If you don’t spend time and effort on proper research and establish a checklist for your search, then you will most likely end up with a wrong payment gateway that will do harm to your business instead of helping it. When choosing the right payment gateway, there are things or parameters that you should deeply consider. And these things differ with each company depending on their business model or type of business. However, to make things simpler we have listed below 3 Tips to selecting the perfect payment gateway company for your online business;

1. Services and Products

The very first thing that you should verify and deeply look into when looking for the right payment gateway for your online business is that if the payment provider is capable of handling your business and meet its’ demands. Basically, online payment gateways list the type of companies that they can serve on their homepage. So it would save you a lot of time to do a quick inquiry on their homepage and confirm where your company belongs. You don’t want to waste time talking with their people and complying with their requirements only to end up being rejected as they aren’t able to provide their services to the type of business your company is doing.

Basically, online payment providers are categorized into two groups – medium-risk and high risk. Medium risk payment providers are those that mainly serve common and less risky business which is sometimes called as pure eCommerce businesses. These businesses have a low risk of fraud and scams because the business itself has innate protections like ordinary buy and sell businesses where items are delivered with receipts and pictures once payment has been provided. On the other hand, high-risk payment providers are those that have more in-depth fraud detection and risk management features to monitor the transactions and make sure that everything is flowing smoothly. These high-risk payment providers mainly serve businesses such as; Gaming, Gambling, Travelling, Foreign Exchange Trade, Travelling, Dating, Adult Entertainment.

Thus, it is very important that you know what you will be needing in a payment provider, you don’t want to pay for features that aren’t necessary and you also don’t want to risk your business for frauds and other types of scams. So make sure that you will select the payment provider that can assure that your financial transactions will be able to proceed smoothly.

2. Location

It is also important that you select the online payment provider that is based on your country. By having a local payment provider, you will be able to save time on requirements and compliance. Both companies will also be familiar with the country’s different industries and know how things should go about. And most importantly, you will be able to save a lot of money from fees as you will be transacting directly with your clients through the payment provider. The process will be efficient and faster with local payment providers.

3. Reviews

Reviews and simple background checks are today’s most effective tool to confirm a company’s reputation. You can check the various reviews from other clients to have a feel of their image. Checking their history and company clientele can also help you in checking their background. Remember that the payment provider will play a very vital role in your company. It will be the one that will be processing the flow of your money. Thus, it goes without saying that it should be accountable and liable for every transaction they process for you.

If you are looking for a company that has passed all the above requirements, then check out, MyPaymentSavvy.

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