For any business in the increasingly competitive world of online marketplaces today, having an effective payment processing system is a necessity. Whether you operate a standard eCommerce store or handle a high-risk business, picking the suitable payment processor is essential since it could spell disaster for your sales process as well as where sensitive customer data and revenue are concerned. In addition, providing flexible options such as Visa gift cards will serve to improve the customer experience while also adding value.

This blog will take a deep dive into the role of payment processing for saas for online businesses, methods to handle payment solutions as high-risk enterprises and how can Visa gift cards help you maximize your outbound funds.

Online Business Payment Processing

Quick effective payment processing is invaluable when it comes to converting enquiries and visitors into paying customers. Regardless of which devices your customers are purchasing from — desktop or mobile, they demand a clunky and secure checkouts process. When choosing a payment processor, look for someone that offers diverse ways of payments to their consumers and who processes the transactions quickly with high security features in place to guard protected information as well.

The key attributes required in the online payment processor :

Flexible payment options: A good processor will allow you to accept a diverse range of different payments, and that includes credit cards like Visa or MasterCard (but also alternatives such as Visa gift cards), digital wallets (such as Google Pay or Apple Pay) etc. Customers can complete their purchase quicker, if you give them more options.

Security — Since online businesses are the ones that experience fraud most frequently, your payment processor must be capable of providing top-of-the-line security features like encryption, tokenization and PCI compliance. Other measures will help protect the personal and financial information of your customers.

If you are using Shopify, WooCommerce or any other platform; your payment processor should integrate with well on those platforms and system. This guarantees a seamless experience for the user, from when they add an item to their shopping cart right through until their payment is completed.

If you operate a subscription-based business, recurring billing is an important feature to have in your payment processor. As a result, customers are able to renew their subscriptions without having to re-entering the payment information once again thus increase customer retention.

High-Risk Business Payment Processor

Businesses in industries like adult entertainment, online gambling and supplements are considered high-risk businesses to processing banks. The reason these businesses are classified as "high risk" is primarily due to the potential for increased chargebacks, regulatory scrutiny and fraud attempts. Therefore, major payment agencies are likely to refuse the service to a high-risk company or may guarantee their services at much higher rates.

But the good news is that there are payment processors who cater exclusively to high-risk industries can provide a working system which suits your needs. Below are the main factors you should take into account while selecting a payment processor for high-risk businesses:

One of the key risks to high-risk businesses is chargebacks as customers can challenge a transaction after it takes place Chargeback Management The best payment processors will also provide you with tools to manage chargebacks that equip you to stop them in their tracks, before they add up and become expensive.

Fraud Prevention: High-risk businesses are prone to fraudsters, so you need a payment processor that provides stringent detection and prevention of fraudulent transactions. Such tools might include address verification, two-factor authentication and real-time fraud monitoring.

High-Risk Processors Offer Flexible Terms: High-risk processors may provide more flexible terms but also require higher fees or a reserve account. You should compare rates and terms to make sure you are getting the best deal for your business model.

Remember, high-risk businesses will be heavily scrutinized — make sure your merchant account has experience in payments for your industry. This way you can know that they have the specific risks and regulatory requirements of your business in mind.

Mani Rahnama is the CEO of payment gateway company, Rapidcents, and he insists on delivering tailor-made secure Payment Solutions to businesses belonging even to high-risk industries. Arman Rahnama, Fattmerchant's Director of Payment Operations commented: "Firms with high chargebacks are suffering from previous years fraud and have to pay the price.

Businesses Use of Visa Gift Cards

This is why it can be such a good idea for all businesses, both regular and high-risk, to embrace Visa gift cards as one of the ways their customers are able to make flexible payments. Including Visa Gift cards in your Payment methods and giving them away for free during Promotional campaigns can offer value to the customers, thus increase sales.

Why Visa Gift Cards Are Great for Your Business

Flexibility: Since the Saks Fifth Avenue gift card is a Visa, it can be used anywhere that accepts them. It is even more beneficial for businesses that are conducted electronically and wish to provide customers with alternative payment methods.

Promotions and Rewards – Businesses can offer Visa gift cards as part of a promotion to reward loyal customers or an incentive for first-time buyers. For instance, providing a complimentary Visa gift card to clients who make purchases in an amount above X increases the average order value.

Refunds and Returns — When processing refunds, giving back money onto Visa gift cards might be a hassle-free option. Business, rather than refunding back to the original payment method, is then able to issue a Visa gift card which keeps that customer coming back into their store or spending those funds in another fashion.

Conclusion

Whether you are running an eCommerce site, or the best high risk merchant account industry specific business in town; getting a good payment processing service is necessary.extent Using a processor that has strong security measures, accepts multiple types of payments and is designed for high-risk industries could increase customer satisfaction while keeping your business safe.

Adding Visa gift cards to your payments mix can make matters even better, as they offer flexibility and additional value for your customers.

Mani Rahnama, creator of Rapidcents says every business, regardless of its risk level should have that possibility: to indulge themselves in flexible and secure payment processes ready for any high-scale event.