To get a high-risk payment gateway for your business, follow the simple steps that are outlined below.
| Step | What to Do |
|---|---|
| 1 | Find a high-risk processor |
| 2 | Gather business documents |
| 3 | Make your website compliant |
| 4 | Choose gateway features |
| 5 | Apply & submit KYC |
| 6 | Integrate & go live |
Identify a High-Risk Payment Processor
Identifying providers that have specialization in supporting merchants from high-risk Industries such as CBD, adult, nutraceuticals, travel, coaching, and subscription-based services. While doing so, make sure that they have experience with your specific business model and are supporting your graphic target market.
Prepare Business Documentation
Next, make sure that you prepare your proper business documentation. this will include your government-issued photo ID, valid business license and most recent 3 to 6 months of business bank statements. It should also include the website URL that you want to get approved by the payment processor. Make sure that the website you are on has the important pages, such as refund policy, privacy policy, shipping policy, and any other disclaimers that may be required for your business model.
Some payment processors will ask for your recent processing history this is usually applicable if you are already processing card payments. In industries where the fulfillment is handled by a different business, especially for industries such as Dropshipping, nutraceutical, peptides, you will have to provide the fulfillment or shipping policies; you will have to provide the fulfillment agreement or the shipping policy.
Set Up a Compliant Website
To get a yes from a high-risk payment gateway provider, make sure that your website is fully compliant this means that your product and service information is listed properly, pricing is mentioned correctly, and all the terms and conditions are displayed. Your website should have an SSL certificate, and your company contact information should also be there in the footer section of every page. To Accept ecommerce transactions your website must have a active Shopping Cart.
Choose the Right High Risk Gateway Features
Make sure that you choose a payment processor that offers you the right gateway features this must include 3D secure 2.0, multi currency support, fraud filters such and chargeback alert services such as ethoca. The payment gateway should offer easy integration via API and ready-made plugins for platforms such as Shopify and Woocommerce.
Apply and Undergo Underwriting
Next, you will have to submit the full application form and the KYC documents to the processor; they will start the underwriting and it will typically take between two and seven business days. Make sure that you are prepared to answer questions about your business model, marketing methods, and the fulfillment process. For Some industries the payment processor may ask for additional documents such as a license and COA.
Once your account is approved, you can start the integration process. The high risk payment gateway company will give you the details of your gateway login and integration information. You will have to work with your developer team to use custom integration, or else you can use readymade plugins for simple integration.
Once it is done, you can start using the high-risk payment gateway on your website to accept credit and debit card transactions.
Recommended readings
https://www.quora.com/How-do-I-get-a-high-risk-payment-gateway