Woocommerce High Risk Payment Gateway

All New Merchant Accounts Can Earn Up To A $500 Visa Gift Card! Apply Now!

Applying for a woocommerce high risk payment gateway should not be a difficult process. As you might already know, wooCommerce is an open-source plug-in for e-commerce designed for small to large-sized merchants using WordPress for selling products and services. Launched on the 23rd of September 2011, it quickly became popular because it was a free product, simple to install and customize.

WooCommerce is a perfect plug-in to use for your business if it is a high-traffic business. Sometime in September 2015, lots of trends indicate that it ran on 30% of e-commerce websites with millions of active installs.

There are so many reasons why WooCommerce is so popular. Here are some reasons why it is the popular choice to build an e-commerce store

1.         Apart from WooCommerce being free and open-source where anyone can audit and modify, it is also person-friendly. You do not need to be an expert to use it.

2.         It is very extensible in the sense that you can use plug-ins to add all kinds of new functions to your store.

3.         You can also use WooCommerce on all devices. A lot of people shop with their smartphones, and it understands this and is ready to serve them.

4.         When it comes to design and theme, Woocommerce has the looks you want without having any technical skills.

5.         Even though WooCommerce is open source, it is secure.

The Best WooCommerce High Risk Payment Gateway

Now that we have discussed the related terms, we can now jump into the heart of the topic. As we said earlier in this article, we’d be introducing you to one of the best WooCommerce high-risk payment gateways. There may be so many ways to pay for a product on WooCommerce, but High Risk Solutions is still the best by far. 

Is your business into selling products online? If so, then in other words, it means that your business accepts payments through virtual channels.

Virtual terminals are web-based application that requires no additional software but a computer with an internet access to connect to a secure payment processing gateway. Carrying out this transaction, the virtual terminal has to connect to a secure payment processing gateway which encrypts sensitive data and transmit the information to the banking networks. It takes a few seconds to know if the transaction was approved or declined.

There are so many online gateways you can take advantage of, to process your store’s sales. Nevertheless, if you’re to choose a wrong payment gateway, you may experience a plummet in your sales return.

It then brings us to business owners who use WooCommerce on their business website. If you’re among this train, then you have access to most of the major online payment gateways. But the big question is, how do you figure out which of them is more convenient and will serve the right purpose for you. If you can figure that out, then you’ll be able to grow your store to its full potential.

In this article, our primary focus is on one of the best WooCommerce high-risk payment gateways. But before we get into that, there are a few things you need to understand.

What are High Risk Businesses?

What makes a company or a business a high risk business ? Categorically speaking, two conditions define if a business is highrisk or not. If the business operates within a high risk industry or there is a high risk of a high chargeback rate, then the company is considered a high risk Business to payment processors.

There is every possibility that in a business, either or both conditions may apply. The first condition talks about health concerns and safety, while the second condition talks about your continued profitability (viability). It’s no news, but any of these two conditions can affect your company’s ability to acquire insurance, financing, and merchant accounts.

If your business is considered high risk based on the type of industry it falls in, your company must ensure they comply with the local, state, and federal laws and regulations related to high-risk. Also, when a high-risk business with a bad credit history is applying for a high-risk loan, they will always pay a high loan rate and make high down payment.

According to high risk merchants, merchant account holders and banks consider a business high-risk because of chargebacks. For instance, a merchant may receive credit card payment, but the customer may cancel the transaction. There’s also the refund and return risk, credit card frauds, and many more.

Businesses that have a bad credit history (late payment of bill) or ones that provide no collateral for loans are high-risk Businesses too. Also, companies in industries that have a high number of fatal and non-fatal accidents are considered high-risk Businesses.

What Are Payment Gateways?

The simplest way to see a payment gateway just like we explained what a virtual terminal means, it is the technology that transfers payment data. A payment gateway also helps to validate the customer’s card details securely.

For better understanding, we can also say a payment gateway acts as an interface between the acquirer and merchant’s website. That is like saying a payment merchant is a middleman between the merchant and the consumer.

A payment gateway also helps encrypt sensitive details on your credit card, which ensures that the information is passed securely, starting from the customer until it gets to the acquiring bank through the merchant.

Based on this explanation, you may think about why you need a payment gateway (a middleman) to complete your transactions. Before we answer this question, let’s take a step back to highlight that online payment is a card-not-present transaction. What we’re merely trying to say is that the consumer’s card is not physically present to swipe on a POS terminal.

The answer to the question of why you need a payment gateway, is that you’re relying on your card information to complete the transaction and since you are entering your card information on the payment page, no one can verify if you are indeed using your card. But in a card-not-present transaction, the risk of fraud is high, and this is where a payment gateway steps in and does its magic.

If there is no secure payment gateway that will help you process your transaction quickly, fraudsters can easily have access to your card details from the sites you are filling out your card details. So to protect your business from fraud and chargebacks, you need a secure payment gateway.

What Is a Merchant Account?

A merchant account is a specific bank account required for card payments and online trading. It is not to be confused with a business account, though, payment gateways, acquirers, independent sales organizations (ISOs), payment service providers (PSP’s), or high Street bank can provide your business with a merchant account it needs.

Before you can have a merchant account, you need to apply, and if your account is approved, you will get a merchant identification number (MID). You can see a MID as the merchant’s account number. The MID is vital in processing card transactions and moving funds from customers issuing bank to a business bank account as soon as payment is authorized.

The payment gateway or entity that set up a merchant account for your business deposits the fund from your customer’s payments to the merchant account. You may be wondering why funds can’t be directly transferred from the issuing bank into your business bank account? It is because merchant accounts are necessary for maintaining the chain of approval from when your customers submit their card details to when you receive the money.

Now, you know that your customers may return some merchandise, and as such, there’s a chance that some money you receive as an online seller may be paid back due to chargebacks or returns. Returns account has a certain level of risk in your transactions, depending on the nature of your business and the vertical you are operating. What the acquirer does is that they subtract the returns from the funds sitting in the merchant’s account, and then transfer the remaining funds to the business account.

Also, a payment gateway could accumulate payment from multiple sources. A merchant’s account helps to simplify how you will get paid – the payment gateway collects the fund into your merchant account, combines them into one single deposit for your account, making reconciliation easier. What a payment reconciliation means is a process of comparing your bank statements with your account balance and also with the payment gateway, acquirer, ISO, or PSP records to ensure the payment amount matches.

Payment Gateway vs. Merchant Account

If you want your business to be able to accept card payment, you need to use a payment gateway. It enables your e-commerce business to transmit online payment data. You need to have a merchant account to receive payments. The bottom line is that you can’t accept online payment if you don’t have a merchant account.

Using High-Risk Solutions as a payment gateway for your business is a great way to increase your business security. It helps keep both you and your customers protected, leaving you with one less problem to worry. It isn’t just considered the best based on hearsay. Here are some of the reasons why High-Risk Solutions is the best.

1.         Competitive fees

One of the enticing benefits of High-Risk Solutions is our competitive fees. We understand the unique needs of businesses, and we offer them our services at a price that wouldn’t leave a hole in their wallets. We offer different payment methods, plans, and fees to satisfy those needs of our customers.

Our prices are very competitive and the best you can get in the market. We make sure you get the most value for every penny you spend with us.

2.         Targeted audience

As a business owner, you must aim to have a merchant account so that your business can grow. Whoever your targeted market may be, we help you complete the transaction in a comfortable but yet secure way.  You may not be qualified for a traditional merchant account because of your targeted audience and your high-risk business. Nevertheless, you can count on us at High-Risk Solutions to come to your aid.

Currently, 174 countries support High-Risk Solutions. So, wherever your customers are, you can be sure to get across to them. We also now support 132 currencies, leaving you with one less problem of converting between currencies. Inclusively, we also have 48 partner banks working with us.

3.         Easy to integrate into WooCommerce

Another reason we are the best payment gateway for your business is because of how easy it is to integrate it into WooCommerce. We understand nobody wants to have an e-commerce website that is difficult to understand. If the process of integrating a payment gateway requires a skilled professional, not many people will incorporate it on their own, creating more expenses. And also, considering that you own a high-risk business makes things a bit more complicated.

So, we do our best to make the whole system easy to wrap your mind around. The process of integrating High-Risk Solutions to your e-commerce is as easy as downloading a plug-in.

4.         Security

When it comes to dealings with anything online, safety and security must be top-notch. If you want your business to prosper, you should never compromise on security. When it comes to talks about buying and selling online, especially with credit cards, you need the best payment gateway you can trust. And which other payment gateway is there that is secure and trustworthy like High-Risk Solutions?

At High-Risk Solutions, we work tirelessly to ensure we protect your business and your customers from fraud. Fraud is widespread in high-risk Businesses.

5.         Available for all high-risk business types

Whatever type of high-risk business you are into, High-Risk Solutions have you covered. It is very challenging and quite tricky getting your company approved to accept credit cards. There are many requirements for a high-risk business to meet before they are allowed to have a merchant account. We understand that even after meeting up with all the essentials, your business might still not get a merchant account, and we’d love to help out in such a case.

How Does High Risk Solutions Work?

Now that you understand why it’s essential to have a payment gateway, let’s move one step forward to analyze how a payment gateway works, or better still how High-Risk Solutions work.

1.         The first and most crucial step is the customer choosing the product or service they want to purchase and then proceed to the payment page. High-Risk Solutions offers you a different option for your payment processes such as,

●          Full-featured payment gateway processing

●          Electronic check processing (ACH) – excellent, refund, sale

●          Tools – transaction reporting, batch uploads

●          100% compatible with all e-commerce services and shopping cart

●          Customer processing – manage customer, invoicing, list

●          Recurring billing – add and manage subscriptions

●          Virtual terminal – void, refund, capture, authorize, sale

●          Mobile solution – a process with your iPad/iPhone and Android devices

●          Website integration – API, direct post, all shopping carts compatible

●          Simplicity – we make it simple and easy to process transactions

2.         The customer is to enter his/her credit or debit card details on the payment page. For example, this detail includes their card’s verification value (CVV). The information is then securely passed through our hosted payment page, server-to-server integration, or client-side encryption.

3.         We encrypt the card details and perform a fraud check before we send the card data to the acquiring bank.

4.         The acquiring bank will then send the information securely to the card scheme (MasterCard, Visa)

5.         The card scheme will also perform another fraud check before sending the payment data to the issuing bank

6.         After the issuing bank does a fraud screening, they authorize the transaction. The declined or approved payment message is transferred back from the card scheme and then to the acquirer

7.         The acquiring bank sends the decline or approval message to the merchant. If the payment is approved, the acquirer will collect the payment amount before issuing the bank and holds the fund in your merchant account.

8.         The process where the funds get to the merchant account is known as a Settlement. And when the Settlement occurs depends on the agreement the merchant has with us.

9.         Based on the message, the merchant could either ask the customer to provide another payment method or display a payment confirmation page.

It is usually not easy to get a merchant account for your high-risk business, but thanks to High-Risk Solutions this is now an easier process. With High Risk Solutions, you are also able to get a WooCommerce high risk payment gateway for your business.   The WooCommerce high risk payment gateway can even support cross border sales, among many other exciting features. The bottom line is if you are using wooCommerce for your business then A wooCommerce high risk payment gateway from High Risk Solutions is what your high risk business needs to process payments.●         

Get Started Today!

Let High Risk Solutions provide your business with the best merchant account services at the guaranteed lowest price!

Get My Account Now!
Discover Why eChecks May Be A Better Choice For Your High Risk Business