High Risk Payment Processing for ISV Platforms
Your customers want you to provide software solutions to make their lives easier, including accepting payments. Integrating payment processing to your platform is a powerful way to help your clients.
Low risk and standard risk merchants have no issues obtaining payment processing accounts. There are endless payment processing choices for these types of businesses. However, it is a different situation for companies classified as high risk by acquiring banks.
There are far fewer payment processing options for high risk merchants. Therefore, independent software venders with customers in high risk industries need to find a payment processing partner to accommodate the special requirements of their customer base.
When considering a partner for high risk merchants, it is vital that your partner has the technology necessary to properly manage high risk merchants. The payment gateway should include chargeback mitigation services, fraud prevention tools, military grade security, tokenization, hierarchical management, and advanced processing features specific to the requirements of high risk merchants.
Additionally, consider only payment processing partners who have multiple acquiring banks integrated with the payment processing platform If you have customers with international markets, international acquiring banks are important as well as US acquirers.
As any high risk merchant can tell you, dependence on a single financial institution for payment processing can be a disaster. If a bank changes underwriting requirements, industry acceptance, or is merged with another bank, your clients can risk losing their payment processing accounts.
A robust high risk payment processing gateway is vitally important. And multiple acquiring banks connected to the gateway are crucial to protect your high risk merchants long term processing needs.