What Is a High-Risk Payment Gateway for Woocommerce?
We all know that WooCommerce is an excellent WP plug-in for an e-commerce business and usually makes it very easy to adapt a mainstream payment and credit card processing solution.
However, if you operate or are starting a business that is labeled as high-risk by these mainstream payment gateways, you won’t be able to use their merchant account solutions. Instead, you need a high-risk payment gateway for WooCommerce like 5 Star Processing.
Do You Get a Lot of Chargebacks?
The most important things that factor in a risk assessment are the number of chargebacks that you get in your WooCommerce store and the industry that you’re in.
Getting a lot of chargebacks can immediately make your credit card processing activity look suspicious from a payment gateway provider’s point of view.
What constitutes “a lot”, though, is not an easy question to answer. “A lot” of chargebacks for one business maybe 3 in a month, but 10 for another.
The problem is that giant providers like PayPal and Stripe don’t have the manpower to follow up on and check every single chargeback, because they have millions of clients worldwide.
Instead, they have algorithms that ruthlessly shut you down if you happen to cross an arbitrary limit that you can’t even know ahead of time, because it’s not written anywhere.
Are You In a High-Risk Industry?
Just like with chargebacks, this can seem a little arbitrary, but at least it’s fairly easy to figure out if your business belongs under the “high risk” label (from a payment gateway’s perspective).
If you’re in any of these industries, then your business will be seen as high risk and you’ll need a high-risk payment gateway for WooCommerce:
- Fantasy sports
- Gaming & gambling
- Firearms and Ammunition
- Adult entertainment
- Vape / eCig / eJuice
- MLM marketing
- Nutraceuticals
- Precious metals
How To Get a High-Risk Payment Gateway for WooCommerce
If you can see above that you probably need a high-risk payment gateway for your WooCommerce store, then 5 Star Processing is the perfect solution for you.
We’ve dealt with hundreds of high-risk businesses, including dozens of WooCommerce operators, and understand your payment processing needs.
Unlike traditional banks and giant payment gateway providers like PayPal, we are built to work with high-risk businesses and are able to provide a far more flexible service than any retail bank on main street.
In addition to our high-risk tolerance and ability to deal with chargebacks, you also get much lower processing fees than with vendors like PayPal. This way you don’t have a middleman who sucks out most of your profit margin out of your revenue, but instead, have a reliable partner who can help you grow your revenue instead.
Let 5-Star Processing Help You With Your High-Risk Payment Gateway needs
Our team has e-commerce experts ready to assist you and answer any questions you may have about getting a high-risk payment gateway for WooCommerce, or any other credit card processing questions you may have.
Call us toll-free now at +(888) 253 9692 or send us an email at [email protected].
