You may have difficulty getting approved for a traditional payment gateway as a high-risk business. However, options are still available to you in the form of high-risk payment gateways for your woocommerce website.
Where to find a Woocommerce high risk payment gateway?
There are a few places you can look for a high-risk payment gateway for your woocommerce website. Like most, you have probably hit a brick wall trying to find one that accepts such business. The best option is to contact a merchant account provider specialising in high-risk industries.
What do I need to get a Woocommerce high-risk payment gateway?
You will need to provide information about your business to get a high-risk payment gateway for your woocommerce website. It can include your business name, address, phone number, and website URL. You will also need to provide information about your product or service, average transaction amount and monthly sales volume.
Why Woocommerce
Woocomerce is an extension to WordPress one of the most common and most popular frameworks for building a website. There is an estimate of over 5 million Woocommerce websites on the internet. Woocommerce on WordPress offers endless amounts of customisations and possibilities without the need for programming.
What can I expect from a Woocommerce high-risk payment gateway?
When approved for a high-risk payment gateway, you can expect to pay higher fees than you would for a traditional payment gateway. However, this is to be expected as your business is considered to be high risk. If you speak with a specialist, they will be able to find you a company with the most competitive rates. You can also expect to have more limited options when it comes to payment processors. However, there are still plenty of high-risk payment processors that can work with woocommerce websites.
With a high-risk payment gateway, you can expect to pay higher fees, but you will still have plenty of options available. Many high-risk payment processors can work with woocommerce websites. You can also expect to have more limited options when it comes to payment processors. However, this is to be expected as your business is considered to be high risk. If you speak with a specialist, they will be able to find you a company with the most competitive rates.
Why are the fees higher?
The higher fees are since your business is considered high risk with elevated chargebacks against merchants. This means there is a greater chance that you will default on your payments or be involved in fraudulent activity. By charging higher fees, the payment processor can offset the risk they are taking by working with you.
How long does it take?
Getting approved for a high-risk payment gateway typically takes 2-7 days. However, this can vary depending on the processor and the specific requirements of your business.
When you are approved for a high-risk payment gateway, you can start accepting payments on your woocommerce website immediately. You can also expect to have access to features such as fraud protection and chargeback monitoring. These features are vital for high-risk businesses, as they can help you avoid costly chargebacks and fraudulent activity.