The e-commerce industry is in the middle of a major wave. In the first quarter of the year 2021, this booming sector of retail was expected to break records for the next year. However, no one could have anticipated where the e-commerce business would be at the close of such a chaotic and unprecedented period, driven by the coronavirus outbreak which kept people in their homes for so long. In 2021 more than ever before the population was doing everything – work, socializing, and plenty of shopping online and remotely.
At the end of April, the year-over-year growth was 68% higher. The number of orders placed on e-commerce businesses across both the United States and Canada had been growing by 129% and the upward trend increased. There’s no doubt that the industry has never had it this good. It is expected to get better. As per Statist, global online sales are expected to surpass $4.5 trillion at the end of 2021 nearly tripling from $1.3 trillion in 2021.
If you’re in a high-risk enterprise, however, participating in the process could be more complicated than you anticipated. Banks and other financial establishments don’t want to provide payment processing to high-risk enterprises, so you’ll need a specialist service that is able to provide premium services at a reasonable cost and in a manner that is supportive.
Why is e-commerce expanding at such a rapid rate?
People all over the world are becoming accustomed to the convenience and speed of buying online and this is largely due to smartphones. Delivery services are becoming less expensive and becoming more efficient. Software and technology are developing at an incredible rate. The world is now embracing online shopping like never before.
Anyone can begin their own online store all they require is a computer, internet connection, and the appropriate tools online. However, you will require essential business tools like payment and credit card processing systems, as well as online shopping cart applications.
Retailers are aware that without an efficient online order platform, they’ll struggle to be able to sustain themselves. Every major business nowadays has a well-designed e-commerce website, and small companies are following similar patterns.
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However, the year 2021 has seen the exponential expansion of e-commerce businesses. Lockdowns by COVID-19 have forced millions of brick-and-mortar shops around the globe to shut down. This has meant that consumers have turned to online stores in a staggering number. Although there is some improvement in traditional retail at some point, the shopping experience has certainly changed for the better.
This is the perfect moment to increase your online presence for your business However, to do this requires a reliable payment solution supplier. If your company is considered high risk it’s a lot easier said than accomplished. However, assistance is readily available and you only need to be aware of how to locate it.
Why are secure payment processing solutions essential?
A successful company requires the security of a high-performance, secure payment processing system that makes purchasing online easy and effortless. Without it, consumers won’t enjoy the quick, easy and enjoyable experience they’ve come to want – and they’ll head elsewhere.
Modern e-commerce businesses require merchant accounts, credit card processing systems, and an online payment gateway. Also, it requires a variety of security measures that ensure against theft, fraud, and theft as well as other threats. Luckily, these services – as well as many others – are offered by trustworthy, high-risk solution suppliers.
What are the risks that e-commerce businesses must be aware of?
Risk is a normal element of running a business online. Whatever security measures you put in place but you aren’t able to fully protect yourself from criminals. However, what could you do to reduce risk by taking proper safeguards in place,
When money is transferred electronically, there’s always the risk of theft, hacking, and even fraud. However, that’s not the only aspect of risk to be concerned with. Chargebacks can be a major issue and impact certain businesses in particular. A chargeback occurs when a consumer disputes an order, and the funds are returned to the card used for payment. This can occur for a variety of reasons, such as customer returns and fraudulent purchases, as well as illegal purchase restrictions, quality of the product, and late deliveries.
Why are high-risk companies struggling to find solutions to their payment problems?
Traditional payment processing companies and banks are very risk-averse and may be tolerant. They see certain businesses as high-risk, as a matter-of-fact. They comprise CBD traders as well as tribal-owned businesses, and collecting agencies in addition to tobacco dealers as well as gambling websites.
A lot of times banks will see a request for a merchant account from a business operating in one of these sectors and instantly decline the application. Sometimes, they will approve the account, but without comprehending the business and later, they may decide to cancel it or increase the cost of the account.
Any business with chargeback rates of greater than 1 percent is considered high risk. If your e-commerce business is in this category because of chargebacks or other factors, you require a specialist service provider who employs various mitigation strategies to lower the risk to an acceptable level. The services provided by a high-risk processor service provider include verification of age, prevention of chargebacks as well as fraud detection. Safe Automated Clearing House (ACH) and much more.
Advantages of high-risk merchant accounts providers
High-risk merchant account providers are familiar with your business and industry, and provide you with an abundance of information and practical experience to run your business safely, easily, and effectively. The team behind these companies has faced every possible issue and is equipped to handle risk, no matter what it is and wherever it’s.
Established loss-prevention systems
Alternative processing providers offer tried-and-tested strategies to mitigate risks and minimize loss. Monitoring and technology behind the scenes constantly look for signs of danger to stop it from happening before it has an impact on your company. The most frequently mitigated threats are fraud, high charges as well as age-restricted purchases, and hacking.
Customer support advisors are vital in guiding you through the complicated waters of high-risk payments processing and connecting with your account. If something does occur, they’re ready to help with any questions or help you. With 24-hour customer service and a team that values your business, you’ll avoid problems and make sure that the payment issue doesn’t hinder the sales of your business.
Legal compliance to the fullest extent
The Payment Card Industry Data Security Standard (PCI DSS) is an array of guidelines that apply to every firm that accepts debit and credit cards. The standards are intended to protect both merchants and consumers and increase the confidence in shopping online for goods and services. There are a lot of risks in the world that your business cannot manage, however being in compliance with the regulations is one thing you can manage.
The entire range of high-risk merchant service needs all in one location
Merchant Stronghold is a reputable merchant accounts and credit card processing company that provides services to all retail and online companies regardless of whether they are large or small. We are specialized in providing businesses with high risk, including CBD shops as well as vape shops. Native American businesses and consumer finance businesses.
Merchant Stronghold is a seasoned alternative processing service provider that uses its banking network of highly skilled partners as well as robust in-house technology to reduce the risk associated with e-commerce business on every level. Merchant Stronghold has a unique background in compliance and offers unmatched customer service with flexible options and customized solutions that are customized to meet the specific requirements of our customers.
Please tell us more about your industry or high-risk venture. We’ll start as soon as possible to offer you the speedy, simple, and secure payment processing that your online-shopping customers want.