Getting A High Risk Merchant Account For WooCommerce
Deciding the payment method for your business is key to ensuring a seamless customer experience and efficiency of the business. Like a credit card terminal, a payment gateway allows business owners accept payments through their websites. But there are lots of payment gateway options available, so it is important that you choose one that suits the needs of your business.
WooCommerce is free and flexible ecommerce shopping cart software for WordPress that allows business owners sell products online and create unique and secure shopping experiences for their customers while ensuring the organization of the ‘behind the scene’ operations of the business.
Whether you’re just launching your ecommerce business or you’d like to improve your existing online store, the WooCommerce payment gateway offers real value. But WooCommerce offers even more: it is a great payment solution for merchants in high-risk industries.
Integrating A Merchant Account with Your WooCommerce Store
WooCommerce offers its users a variety of integrated payment solutions, referred to as “core payment gateways”. These payment solutions include PayPal, Stripe, and Klarna Payments, among others. However, some merchants are categorized as “high risk”, and in this case, finding a payment processor willing to offer merchant account services at a reasonable rate can be difficult, but with WooCommerce, it is not impossible.
Merchants in the high-risk industry will need to work with high risk merchant account provider like HRMA-LLC to get there business approved for credit card processing. Once merchant account is approved the payment solution should seamlessly integrate with the WooCommerce platform via a payment gateway login that would be sent in your Welcome Email. Two of the best payment gateway solutions that can be integrated with the WooCommerce platform include:
Authorize.net Payment Gateway
Authorize.net will integrate with your high risk merchant account, that allows customers make payments through the echeck on your website or their credit card. The payment process through Authorize.net is especially unique because it allows customers enter their shipping and payment details without getting redirected to another web page. More so, the payment process is streamlined and secure.
Founded in 1996, Authorize.net has evolved to take its place as a leading credit card processing solution. Not only is Authorize.net known for integrating with WooCommerce, but it is also compatible with lots of third-party applications, and even more shopping carts than other payment gateways. The payment gateway can also different currencies, including those from the U.S., U.K., Europe, Canada and Australia, and it even works well with mobile card readers for card-present transactions.
NMI eCommerce Payment Gateway
Network Merchants Inc. (NMI) is an advanced payment solution platform for businesses of varying sizes. Though NMI is another popular payment gateway, it has not yet as widely known as Authorize.net since it is still relatively new in the payments industry. Like Authorize.net, NMI secures customer information with a token vault and comes along with similar features like ACH transfer payment options, subscription billing, a payment button, mobile card reader add-on for card-resent transactions, electronic invoices sent using email as well as fraud protection services.
As is the case with the Authorize.net payment gateway, the WooCommerce integration process for NMI is easy and seamless.
Should A High-Risk Merchant Work with a Classic or Modern Payment Gateway?
Authorize.net and NMI are typical examples of classic payment gateways, while the WooCommerce core payment options such as PayPal, Square and Stripe can be referred to as modern payment gateways. So, which payment processing option is right for you?
Classic payment gateways provide unique services like PCI compliance support, fraud and chargeback prevention support, and next-day funding. And since this payment processing type is typically managed by a dedicated merchant account provider, the services are customized to fit your business model.
Payment processing via modern payment gateways usually takes weeks after the process was started, so shutdowns could occur unexpectedly. This is especially true if your business is deemed high risk by the payment provider’s criteria. The transaction fees of modern payment gateways are also higher and services like fraud/chargeback or even personalized support are absent.
While a modern payment gateway is ideal if your business does not manage heavy transactions, it is far from the best option for businesses considered high risk.
If your business accepts payments on a large scale, a classic payment gateway is the way to go as it will help you take advantage of its many options like accounting reconciliation, invoicing and reporting, as well as enjoy reduced payment processing costs.
As an online merchant, your ability to process transactions is crucial to the survival and growth of your business. Since you do not qualify to work with traditional payment processing providers as a high-risk merchant, it is important that you evaluate your options and select a suitable high-risk merchant account service that fits your business needs. WooCommerce is an excellent ecommerce shopping cart that is fully compatible with a high risk merchant account from HRMA-LLC.
About The Author
Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.