Every high-risk merchant is worried about payment processing, as it directly connects to the safety of the customer’s money. Only daily basis, millions of transactions take place and it is vital that money transactions between the customer and the merchant should happen safely. Not only this, the businesses have to pay for many other things. Other service providers, vendors, partners, etc., to pay everyone, a merchant needs a safer transaction platform.
The online payment providers can make it happen but before that, a merchant needs to choose the right one. But how to choose the best one? Well, some qualities authenticate the services of a payment service provider. You should know about them if you also own a business that belongs to a high-risk industry.
Multiple payment methods should be a vital feature
No need to explain more about this point, as every high-risk merchant understands the importance of having multiple payment methods. The customers may want to pay from any mode whether it is an e-wallet, mobile payments, online payments, cryptocurrency, etc.
A merchant should consider only those online payment providers that can offer multiple modes of payment. Businesses need to reach new nations and regions of the world for expansion. If in a country, people prefer a specific type of payment method, the merchant needs to get it installed on his website.
Split payments for multiple purposes
Merchants need to pay for multiple purposes besides their transactions with customers. It is better if they can manage all sorts of payments on the same platform. It is the reason that a high-risk merchant should always consider a payment provider that can help to pay for multiple purposes.
Complete varied payment actions from one place. Get paid from customers, schedule payments to vendors, deduct commissions, pay to other service providers and delivery partners, and so on. Versatile payment processing companies always have this feature, which in turn supports business growth.
Flexible and easy refund management
It is always a complicated task to refund the money of a customer, especially in case of a chargeback. Your online payment provider should have a flexible and smart and simpler system to manage the refunds. EskayPay, a new era online payment provider makes it happen for you and every merchant. Just mention the refund amount and click and the money will reach the customer in the shortest possible time.
Chargeback management strategy should also be a part of the refund management system. A business that delays in refunds is always notorious and easily loses hold on its customers even on the potential ones. If you do not want this to happen to your business then confirm with your payment provider in advance about a sound refund system.
Automatic reconciliation with powerful APIs
Payment provider companies with the latest features always use automation for reconciliation. Reconcile all payments, settlements, and refunds with the help of advanced APIs that ensure timely completion of a transaction. See the latest status after every payment such as ‘success’, ‘pending’ etc., and take necessary actions immediately.
The online payment provider should also be able to serve you on time. Get in touch with the customer support team without any delay. Every minute is precious and the customer or any other party in the payment process should not stay confused about a transaction. It can be harmful for the goodwill of your business.
Dynamic routing to switch transactions between banks
Online payment providers nowadays have a dynamic system of switching transactions to the banks with faster speed. It works in real-time to improve the customer experience of a business. For example – when a transaction happens the automatic system spots the bank that can make it happen faster.
In case of any delay from a particular acquiring bank, the payment provider’s system switches the transaction and completes it through the other acquirer. It directs the money transfer process to another bank with less or no load on the bank’s server. It has become the need of the hour and all online payment provider companies are already working on this part.
EskayPay has everything you need in online payment
EskayPay , is a name among the renowned online payment providers with all the above features and we have served many high-risk merchants. Forex, online gaming, casinos, adult entertainment, IPTV , you name it and we have a client list to provide.
If you are really looking for a spot to get the smartest online payment provider then we are more than happy to do it for you. Do not worry about your experience, as we give only compromised services to our clients.
Conclusion
You as a high-risk merchant should always know the best qualities of an online payment provider. The above ones reveal the practical traits of payment processing companies, especially for businesses with risky industries. The higher volume and strict laws make daily operations a challenging job for business owners. In such circumstances, it becomes even more important not to let any flaw cause harm to money transactions. Risky businesses easily get the blame for fraud and thus they have to be on their toes when it comes to the safety of online payments. Isn’t it?
Tags : International Payment Gateway, High Risk Merchant Account, Payment Gateway Provider UK
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