Top 4 high-risk payment gateways comparison

Almost any business should have the ability to accept online payments. Finding a reliable payment service provider among such a variety of financial institutions can be a daunting task. This process becomes more complicated if you need a payment gateway for high-risk businesses.

What is a high-risk merchant?

A high risk merchant is a business that, for some reason, falls into the category with a high level of fraud. It happens due to the specifics of the business itself, although if you have a zero credit history then you are also a high-risk merchant. In some cases, the same business industry may have different levels of risk for different internet payment providers.

Examples of high-risk businesses:

• Online dating;
• Telemarketing;
• Multilevel marketing;
• Software;
• Auctions;
• Divination;
• Any subscription business;
• Products for adults;
• MO/TO transactions.

Besides, startups and companies with large volume transactions also belong to high risk merchants.
The good news is that many high-risk merchant account providers offer quality payment processing at reasonable prices.
We suggest 4 popular payment providers that cover high risk merchants:

1. PayOp

PayOp is a payment aggregator for various business types. The company offers payment processing services for more than 170 countries with 300+ payment methods, including local acquiring. The available payment method can be chosen via personal account.
PayOp went into action in 2016 and is available as for legal entities, as for individuals. Tech support is available in business hours via email, telegram, Skype, internal ticket system.
Fees. The transaction fee starts at 2.4% + 0.2$ and depends on the transaction volume, risk level and the type of business.
Integration. The system can be connected within one business day using API, Hosted Payment Page, Server to Server.
Competitive features:

• Security. PCI DSS level 1 compliance, transaction tokenization, preinstalled fraud prevention software (Seon.io, Maxmind);
• The presence of a significant number of payment methods (more than 300);
• More than 10 available withdrawal methods. Withdrawal via bank transfers, Visa/Mastercard, Webmoney wallets, Paypal, Qiwi, SEPA, SWIFT, ACH, local bank transfers. Currency withdrawal is possible to any country (except for sanctioned ones);
• Ability to work with high-risk industries;
• Account registration is possible for a resident of any country (except for sanctions);
• Invoicing. The ability to accept payments for businesses that do not have a website.
• Multicurrency. Currency conversion takes place in real time.

2. PaySpace

PaySpace more than 10 years has been offering all types of payment processing features. PaySpace is a payment gateway that is suitable for medium to large businesses, startups and companies that are looking for a high risk payment provider.
Rates. The transaction fee starts at 1.2% + $ 0.3 per transaction and depends on the type of business, transactions’  volume, country of incorporation.
Integration. Integration is possible using API, Hosted Payment Page, Virtual Terminal and plugins for all popular CMS.
Competitive features:

• Smart recurring billing;
• 130 supported countries;
• Operates with both Low-risk and High-risk industries;
• Chargeback disputing. PaySpace has up to 90% of chargeback cases resolved in merchants’ favor;
• Withdrawals can be made on a card of any bank in the world;
• Effective fraud and chargeback prevention solutions + advanced reports and notifications;
• More than 150 alternative payment methods that allow your customers to choose the best payment method;
• Dynamic currency conversion. The company provides any type of currency, including bitcoin.

3. Authorize.net

Authorize net is a company that allows merchants to accept credit card payments on the site using checks and contactless methods.
The commission plan is divided into two parts:

• For those customers who have their own merchant account, the company offers a payment gateway separately for $25/month, as well as 10¢ per transaction + 10¢ daily batch fee;
• for other users, the commission for using the payment gateway is also $25/month, and the transaction fee is 2.9% + 30 ¢.

Competitive features:

• Advanced fraud detection and prevention. The payment system has a number of customizable parameters that the merchant can connect. These methods include IP tracking, verification of transaction data, blacklisting of scammers, etc.
• A “buy” button that makes it easy to submit an order or for online donations. It can be configured manually or use ready-made code;
• Invoicing. The ability to invoice customers by email, set up mailings and receive automatic notifications;
• Recurring payments. Customers have the ability to customize recurring payments. It is also possible to connect the service of automatic updating of customer bank card data.

4. PayKings

PayKings is an international payment provider for the high risk industries. The company provides B2B solutions to companies, e-commerce companies, online retail businesses, and high-risk companies.
Among the industries to which PayKings provides solutions are Adult, CBD, Dating, Debt, Collection, Firearms, Nutraceuticals, Pawn Shops, Travel, Vape, etc.
Fees. The transaction fee starts at 2.49% and depends on the processing history and a business vertical.
Competitive features:

• Transaction security. The company is complied with PCI DSS certification and ensures a high-level of data security. All banking information is encrypted and cannot be stolen;
• Mobile Order/Telephone Order(MO/TO) transactions;
• Several credit cards processing methods(Level 1, Level 2, Level 3). The methods are divided by the information required to process transaction;
• ACH payment processing. Available for all shopping carts with free payment plugins;
• Recurring payments;
• Chargebacks management.

The bottom line

A large number of startups close within the first few years. It frequently happens because the payment provider cannot provide all the necessary functions to ensure the smooth flow of payments.
High-risk merchants, due to the nature of the business, fail more often than others. It is also one of the reasons why high-risk merchant accounts are more expensive.
The list of payment providers that we have provided is the best option for high-risk merchants.
You can familiarize yourself with actual info on the PayOp website. Also, within a few minutes, you can access the payment platform by registering a free account. Verification of documents and integration of the platform with the merchant’s website usually takes no more than 3 business days. For any questions, please contact us and we will get in touch with you shortly.