With the tremendous development in internet science, Online Business in United Kingdom has witnessed unimaginable growth. High-Risk Businesses are booming and getting millions to merchants within no time.
High-Risk Payment Gateway in the UK has been serving such merchants as a powerful tool to transform their service to profits. The necessity of Payment Gateways is clear from the fact that no transaction is possible without them.
Payment Gateway is the genuine technology that has completely transformed the way of business. Now payments to other countries are possible within no time. Right instruction to your payment master and the money is transferred.
Merchants are using such gateways to receive money for their service. And this way of business has even blessed the customer as they are able to get the any service as soon as they pay for it.
High Risk Payment Gateway UK
Payment gateways for high-risk businesses are understood as High-Risk Payment Gateway. They facilitate merchants earn money for their goods and service. It is integrated with the merchant’s business platforms like Websites, Applications, etc.
High-Risk merchants are those who run businesses that are considered High-Risk by Banks. Gambling, Casino, Escort Service, Forex, E-commerce, Adult Entertainment, etc are all businesses that Acquirer prefers of High-Risk in nature. This is because the chances of fraud and chargeback in these businesses are greater than in any other industry.
Payment Gateways are programmed to meet the requirements of High-Risk Merchants. It comprises technology that utilizes all familiar methods of accepting and transferring payments. This includes 3D, Non-3D, and Alternate Payment methods.
Under 3D payment, technology customer makes use of Credit and debit cards. But with every transaction, authentication like OTP, MPIN, Thumb Impression, etc. is done by the banks to ensure the right person is making the payment. This is the most secure method of payment.
But this has a disadvantage what if OTP is not received due to network issues. Peoples usually forget MPIN if they don’t use a digital method of payment frequently and this can result causing failure in payment.
In Non-3D payment technology, no such authentication is done to verify the cardholder. In this Credit and Debit cards are used for payments and as soon as the details are entered the transaction is processed.
However in Alternate Payment methods, E-wallets, Mobile Banking, Internet banking, UPI, and other technologies of payments are used. This is because of the advancement in payment technologies and online fraud has lead financial institutions to device such methods for providing convenience to customers while making payments.
Functioning of Payment Gateways in UK
The process of payment gateways starts with the customer entering the payment details through any of the methods discussed above. As soon as the credentials are filled and the pay now button is pressed the information is encrypted in the form of digital order and sent to the payment processor via the merchant’s servers.
Now The Payment Processor who is also the acquirers of merchants communicates with the customer’s banks along with payment information obtained from servers. The details like Card Numbers, Name on the Card, Expiry date, CVV, Available Balance, etc. is cross-examined by the banks of the customers.
If everything is fine the amount is deducted and sent to the Merchants Account generating the receipt while if the payment gets failed due to any of the reasons then the information is sent back to let the user know that the payment has been declined.
This occurs mainly due to the Unavailability of funds, server issues, wrong card details, etc.
How to get High Risk Merchant Account in UK
If you are a high-risk merchant then it will be tough to get a merchant account. Your business will be thoroughly investigated by Acquirers to ensure your eligibility for Merchant Accounts. You will have to approach any of the acquirers/banks providing payment services to merchants along with the documents. Some of the documents are given below that may be required in order to ensure your credibility
1. Documentation for forming a company
2. The company’s tax identification number
3. Transaction details from the last 3-6 months or a bank statement.
4. Ownership Information
5. Provide your Social Security Number (SSN)
6. Information on chargebacks, refunds, or frauds that the company has experienced over a period of time.
If necessary Acquirers may also demand some more documents for verification. The whole process takes 10-15 days in order to process the merchant account. If they don’t find you suitable the application can be turned down. This majorly occurs when your account has encountered too many chargebacks or lacks financial stability.
In this case, a reliable payment service provider like Eskaypay can let you get a High-Risk Merchant Account.
International Merchant Account for High Risk Business
Online business does not restrict you from doing business overseas. This simply multiplies the customers to your platform from all over the world. The thing that can restrict you from doing business is a Merchant account.
For business beyond borders, International Merchant Account is required. This can assist you accept international payments easily and swiftly. This account supports the processing of various International currencies and multiprocessing of transactions.
This can boost your High-Risk Business to the advanced level where merchant income gets immense height.
Eskaypay for High Risk Merchant Accounts
Eskaypay is well aware of the needs of merchants in the United Kingdom. Eskaypay High-Risk Merchant Account is equipped with all the latest alterations that promote your growth.
We have moved our payment technology to the most advanced level. High-Risk businesses are not a hard-hitting task anymore. A payment service provider like Eskaypay is always ready to super facilitate your business. Our technicians are well trained to force your business growth as per your expectation.
Eskaypay exceedingly customizes your payment gateway along with merchant account in a way so that it can motivate new users to be a long runner with your business. We safeguard all your transactions and also prevent you from online frauds and chargebacks.