Businesses with a hefty volume of daily transactions have many challenges. From the concerns of data security to the challenges of customer retainment, they have many fronts to fight on. Money of the customers is the most precious thing for such merchants. The reason is clear; the customers always expect a product or service provider to provide a safer transaction platform.
In the case of high-volume merchants, safety becomes even more critical. It is why payment gateways are created that have multiple features and facilities for businesses. Here, in this blog, you can learn in detail about the significance of a payment gateway for high-volume companies or merchants.
What are high-volume merchants?
The merchants with a minimum transaction limit of $100,000 per month are called high-volume merchants. Such business owners always have to struggle a lot to ensure a safe bridge for money transactions of the customers. Loss of customer’s money or data will be the loss of merchant’s goodwill.
|Risks & Challenges to high volume merchants||High volume merchant examples|
|Chargebacks||Casinos and online gaming|
|Data infringement||Forex trading|
|Stringent and volatile laws etc.||Gambling etc.|
You should know that high-volume companies are considered high-risk due to more risks than low-volume businesses.
How do payment gateways help high-volume merchants operate smoothly?
Well! Here is something to expect a lot because payment gateways help high-volume merchants in many different ways. If you are a business owner with a hefty amount of daily transactions, you can find many reasons to connect to a payment gateway. It is also known as a payment processor.
Help get a merchant account
This is the prime role a payment gateway is used for. Any merchant with a high volume needs a merchant account where the money sent by the customers while making a purchase accumulates. But that money goes through the payment gateway. This merchant account is provided by a bank that is called an acquirer. It can be in any country as sometimes high-volume or high-risk merchants do not get such a business account from the traditional financial institutions of their own countries.
The business owners may not know what formalities are required to get such an account. The payment gateway companies tell the businesses to make useful and practicable alterations to their website, consumer policies, etc., to qualify for the merchant account.
Safer bridge to transact billions of dollars
Businesses need to ensure that their customers buy a service or product in a safer financial atmosphere. The online payment gateways that work for the high-volume merchants have a competent team of tech-savvy professionals.
The team ensures all the technical arrangements to pass the money from the buyer’s end to the merchant’s. The payment processors use 3D secure technology to let the buyers pay for a product. When a customer initiates a payment, an authentication code is sent to his mobile. Once the customer fills that code, then only payment takes place.
Currency exchange to facilitate withdrawal to the merchant
The merchants may have customers in many countries, and they make payments in their native currency. But a merchant may need the money in his currency.
A payment processor becomes the prime support when the acquirer transfers the money in the merchant’s account in his native currency. The funds cannot travel without a payment gateway, whether the customer makes a payment or the merchant makes a withdrawal.
Reduction in chargebacks
When the buyers know they are buying on a safer platform, there are fewer chances to raise a demand for a chargeback. Also, the 3D secured payment gateways make the customers responsible for their transactions. In such a situation, a merchant can fight against the claim of a chargeback made by the product buyer.
The payment gateways make it easy to spot people who repeatedly demand chargeback intending to consume things for free. It helps the merchants make better refund and chargeback strategies. With customized merchant account offers, payment gateways make a big difference.
Connect to international customers
High-volume businesses may have many risk factors walking with them, but at the same time, they are profitable as well. They always want to expand faster and for that huge exposure in the global market is vital. But is that possible without being able to receive the payments from the people of new places? Certainly not.
The high-risk international payment gateways take a business to new places conveniently. It can help a merchant get new buyers to the new markets and receive payments in their local currency. Convenience is there both for the merchant as well as for the buyers.
Handling of legalities is easier
A merchant with a huge sale should consider it as a big help. With so many risk factors always working against the company, legal aspects become more complicated. Don’t we know how difficult it is for a casino or a gambling platform or an adult toy seller to deal with law and legal institutions? All keep an eye on whatever is going on in the business.
The laws and rules for high-volume or unsafe industries keep changing. It is difficult to repeatedly make arrangements and changes in payment processing policies and procedures. Thanks to the payment processors that take care of every legal complication. Not only on the part of payment they help the businesses, but also offer friendly suggestions to the clients to make their company law-friendly.
The above points and facts should be sufficient to authenticate the importance of a payment gateway for high-volume merchants. Amald, a reliable payment gateway with thousands of high-volume merchant clients, has its support system ready for businesses seeking help.
Our payment processing is equipped with the latest technology, and we keep updating it now and then. If you need a platform to get paid for your big sale, you should end your search here. We can take care of everything that annoys you on the part of payment processing because we have a team of experts. Contact Us now and focus more on your business. The rest we will handle.