The Best Choice for High Risk Merchant Services
Finding a payment processor that understands high risk payments can be difficult. If you are a merchant accepting card not present transactions it is vital that you find a company that has the right people and experience. You also need to find a firm that has a full suite of advanced technologies designed to reduce fraud and false declines. We’re that firm. The services that Digipay offers for high risk payment processing include fraud and chargeback management, secure payment information storage, PCI compliance, worldwide processing, and mobile payments. To learn more about how Digipay makes high risk processing simple, read on.
Understanding If You’re a High Risk Merchant Account
Are you considered a High Risk Merchant? That’s a good question to ask — Many merchants, and even agents, have a difficult time distinguishing what is high risk, and what constitutes low risk. A merchant is considered high risk if they accept card not present transactions. The degree of risk is further assessed by merchant category code (MCC), credit history, ticket size, and processing volume. Some Examples of high risk merchants are trial offers aka nutraceuticals, online gaming and travel related industries. In order to tell easily which category a business falls under, here are the 4 basic parameters of high risk.
1. The Type of Business
The first parameter in determining if an account is high risk is the type of business. The Card Brands (Visa, Mastercard, Discover, etc) government municipalities, and banks have developed criteria for outlining which business types are prohibited, restricted, and are considered low risk. These high risk/restricted merchants can include, but are not limited to, auctions, functional foods, travel-related businesses, affiliate marketing, nutraceuticals, psychics, and electronic cigarettes (vaping). These businesses are considered high risk based upon their business model, the product(s) they sell, or typical processing patterns from the business type.
2. The Business Model
High risk businesses are often labeled such because of their business model, which can include trial offers, future delivery, subscriptions, purchase orders, and eCommerce transactions. A business that accepts card-not-present transactions (eCommerce) is considered higher risk. Why? As EMV (chip cards) have replaced magnetic stripe the fraud has moved from card present to card not present.
3. The Product Type
Oftentimes, the business is considered high risk based on the type product sold. Tobacco, firearms, nutraceuticals, and anything sexually oriented have been deemed high risk by the government due to the age and geographic restrictions placed upon these products. Additionally, if the merchant or product has a history of refunds and chargebacks that exceed best practices the bank may require a reserve on the account and limit the transaction volume.
4. Past Processing History
Many times, despite the product, business model, and type, a business is considered high risk due to the processing history. Having a high chargeback and return ratio, a high average ticket and a low credit score can push a business from what is normally considered low risk to a higher risk threshold. DigiPay can ensure that your merchant account stays healthy and maintains active.
High Risk Merchant Services for all Verticals
A competitive advantage that DigiPay offers is one-stop-shop for all high risk verticals. With a network of 30 plus partner banks and in-house underwriting DigiPay can handle every aspect of your payment processing needs. Our curated knowledge of every high-risk vertical, from debt consolidation to collections and many more will accelerate your ability to process payments.
A Single Interface for Fraud & Chargeback Management
Another feature that we offer is fraud and chargeback management. It is one of the unfortunate realities of processing payments that there will be fraud and chargebacks. We can help you prepare for this difficult situation with our tried-and-true system. This includes technology that captures chargebacks in real-time combined with human intelligence from our team of chargeback champions. Our comprehensive chargeback and fraud prevention program and team of experts will help you every step of the way.
Our Data Vault Securely Stores Payment Info
It is absolutely vital that any payment processing company have the ability to securely store payment information for rebills, future purchases, subscriptions, and layaway plans. DigiPays gateway meets and exceeds PCI compliance. We limit your risk of a security breach by taking sensitive customer information and credit card data out of scope and storing this information inside our encrypted data vault. The vault creates a token that can be used for future transactions and to create customer profiles
Our Interchange Optimizer Prevents Transaction Downgrading
One unique service we offer is called the Interchange Optimizer. As you may already know, merchants can sometimes be assessed more costly transaction fees because the processor that they use doesn’t submit their payments in the most efficient way. Here at DigiPay, we have created a service to ensure your transaction will not get downgraded. This means you will not have to pay as much in fees and your transactions will be processed more quickly. Using the service, you can benefit from our extensive expertise and technical know-how. The Interchange Optimizer is used for every single transaction you submit through us.
Advanced Security Technology & Procedures for High Risk
The data vault is just one aspect of our thoroughly vetted and trustworthy security systems. Cyber thieves are a real and continual threat to businesses of every size. At DigiPay we dive deep and learn from these breaches to make our service even more secure. What many businesses do not understand is that PCI compliance is the minimum standard imposed by the payment card industry. This is why we use end-to-end encryption so the transaction is fully encrypted at all times and embed code in your payment pages to capture information to thwart bots and cyber criminals. Our security offerings can be tailored to your business’s operations and are continually evolving to prevent new and emerging threats.
Domestic & Global Processing for High Risk
We offer global and domestic payment processing for the High Risk industry. As an independent payment provider we partner with the best financial institutions to offer you solutions to accept payments from customers around the globe. Processing payments is the cornerstone of our business, and we are expert in helping high-risk merchants process their payments in the most secure and efficient way.
Mobile Payments for High Risk
It is essential in this day and age to accept mobile payments. The numbers vary depending on your source if you’re trying to figure out what percentage of payments are mobile. However, it is a significant percentage and it is rising from year to year. Our High Risk mobile payment service will allow you to accept payments online, in-store, and in any other location that you might like. To do this, we offer cutting-edge mobile terminals. These terminals have real-time reporting for faster payment processing. They also have the ability to authorize debit and credit card transactions very quickly.
What Our Services Mean for Your Business
DigiPay’s suite of services simplify payment processing and offer high-risk merchants like you the protection they need to prevent fraud and chargebacks. And we don’t stop there. Our on-demand real-time fraud analytics will reduce false declines and increase the number of approved transactions. With DigiPay as your partner you can grow and scale your business by accepting payments anywhere, anytime. Let us show you how we use technology and human intelligence to transform transactional data into actionable analytics that will attract and retain more customers. For a free consultation today simply fill out the form at the bottom of the page.