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Here’s Your Complete Guide for High-Risk Payment Processors

Posted on October 16, 2021 by Allen Brown

In the digital age, the great majority of internet users prefer shopping online. Naturally, businesses that provide services or sell products online should have the ability to accept and process online payments. More importantly, they should provide customers with a selection of online payment options according to their preferences. 

However, finding a reliable, safe, and secure payment service provider is quite a challenge these days due to so many financial institutions on the web. The process becomes even more tedious, daunting, and complicated when looking for high-risk payment processors. This short guide will explain what a high-risk business is and compare some of the best high-risk payments processors out there.

What is a high-risk business?

Any business, merchant, or retailer from the high-level fraud category is considered a high-risk business. This is mostly due to the specifics of the business itself. On the other hand, individuals with zero credit history that offer services or products online are also considered high-risk merchants. 

Specific industries also fall into this category, and businesses from these industries have different levels of risks for an array of online payment processors and providers. Here are some examples of high-risk businesses:

  • Auctions
  • Divination
  • Any subscription business
  • Products for adults
  • MO/TO transactions
  • Online dating
  • Telemarketing
  • Multi-level marketing
  • Software

Any company or a startup with a large volume of transactions can fall into a high-risk category. Fortunately, if such a business offers top-level payment processing at affordable prices, you can mitigate the risks and ensure safety and security for your payment processing needs. Here are the top 4 high-risk payment processors that you should take into consideration.

PayOp

PayOp is a payment aggregator that operates with a wide range of different business types. Their primary service is payment processing and includes local acquiring and more than 300 payment methods across 170 countries. Opening a personal account allows the user to choose the preferred payment method. 

PayOp is available for both individual internet users and legal entities. The company provides a secure payment processing risk assessment and the necessary tech support via internal ticket system, Skype, telegram, and email. 

You can integrate their payment processing service using Server to Server, Hosted Payment Page, or API. The transaction fees depend on the type of business, risk level, and transaction volume. PayOp provides more than ten withdrawal methods, including:

  • Local bank transfers
  • ACH
  • SWIFT
  • SEPA
  • Qiwi
  • Paypal
  • Webmoney wallets
  • Visa/Mastercard
  • Withdrawal via bank transfers

Payssion

Payssion is an excellent solution for international payment processing. Aside from a range of payment methods and integrations, Payssion doesn’t charge any hidden or integration fees and has no monthly commissions. The company only charges a commission for successful transactions. 

Some of the best features include:

  • SMS mobile payments
  • Bank transfer withdrawals on demand
  • Multicurrency feature that allows customers to pay in their local or preferred currency
  • Over 200 alternative, local, and international payment methods

PaySpace

PaySpace has been around for more than ten years. The company offers an array of payment processing features and covers more than 130 supported countries. Suitable for medium to large enterprises, PaySpace provides a safe payment gateway for high-risk payment processing for all business organizations looking for a reliable, safe, and secure payment provider. 

Aside from payment processing, the company also offers plugins for all popular CMSs and simple integration using Virtual Terminal, Hosted Payment Page, and API. Some of the best features include:

  • Smart recurring billing
  • Chargeback disputing
  • Withdrawals on a card
  • Fraud prevention
  • Advanced reports
  • Dynamic currency conversion

Authorize.net

If you’re looking for a high-risk payment processor that accepts on-site credit card payments using contactless methods and checks, Authorize.net is the right company for you. The company offers two commission plans – for users with their merchant account and other users. 

When it comes to high-risk payment processing, Authorize.net provides an array of customizable parameters that you can integrate with your payment systems to detect and prevent any fraud attempt.

Some of the best features include:

  • Advanced fraud prevention that includes scammer blacklisting, transaction data verification, IP tracking, etc.;
  • Online donations submission button;
  • Automatic invoicing and notifications via email;
  • Recurring payments with automatic updates and customizations for managing customer bank card data;

Conclusion

How you choose your payment provider will determine the level of success for your business. It is paramount to ensure reliable services and necessary functions so that your business always has a safe, secure, and reliable flow of payments. 

Due to the nature of their business, high-risk companies are more exposed to risks of fraud and scams. That is the main reason why they need high-risk payment processors to ensure safe cash flows and let your customers know their finances and sensitive data are protected.




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