Every business needs a robust method of taking credit card payments and ensuring they can get their money as quickly as possible. Of course, nothing is free in the business world. You’ll have to pay fees to gain access to credit card processing.
Taking credit card payments isn’t simple these days, and a small business has many options. One such example is WooCommerce. WooCommerce bills itself as an open-source, customizable solution that will work as a plugin on any WordPress website. It can make life much easier for your business, requiring you to develop the correct code and plug it into your website. From there, you can process credit cards.
However, if you run a high-risk business — and many online companies are high-risk — you will need a partner to help you work with a third-party vendor like WooCommerce. At Bankcard, we can help you develop the proper commerce solutions to fit your business needs.
What is WooCommerce?
Let’s start with the basics. WooCommerce is a plugin that comes with many functions. This includes the Woocommerce Stripe ACH gateway. This Gateway integrates automatically with your WordPress website. Once installed, it can send credit card payments directly to your bank account, minus applicable fees. Like all other payment services, the Woocommerce Stripe ACH gateway isn’t free. You’ll have to pay various fees — as well as take out a subscription plan — to access WooCommerce’s services.
The good news? WooCommerce makes it easy to get everything you need for your website. It has a wide array of options, including:
- Recurring billing feature. This option allows you to conveniently manage subscriptions without the hassle of repetitive manual data entry.
- Scheduling and booking assistance for businesses that need to book appointments.
- Templates and docs that can be easily integrated with your website. Using these templates reduces the time it takes to set up your website. If you need further assistance, WooCommerce can also integrate with WordPress themes. These themes allow you to create an excellent and attractive website.
- Integration with multiple payment methods, including debit card payments, credit card payments, and ACH payments. On top of that, Woocommerce also provides users with Stripe integration. This Woocommerce Stripe ACH gateway will allow you to use your Stripe account seamlessly with your preferred payment processing platform.
- Extensive marketing integrations. When done right, these integrations will capture marketing data and contact information.
- Checkout assistance and other options. This expanded functionality will allow you to set up a shopping cart and provide reminders or discounts to customers who leave items in their cart.
- Robust analytics and notifications. You’ll have access to powerful analytics and reports about how your business is performing, how certain products are performing, and if there are any potential problems with your website.
- Options for beginners and individuals who aren’t as technologically savvy. For example, there is a comprehensive tutorial that helps get you started. It also walks you through setting up the various WooCommerce functionality modes. The Woocommerce Stripe ACH gateway also has a full FAQ page that can answer any questions.
WooCommerce isn’t just a typical payment gateway. With WooCommerce subscriptions, you can access a slew of services your business undoubtedly needs. Perhaps most robust among them is the wide array of extensions that you can get with a Woocommerce Stripe ACH Gateway. These extensions can connect with marketing, shipments, inventory, and much more. As a result, WooCommerce can ultimately serve as much more than a typical payment gateway: It can run whole swaths of your business.
WooCommerce is also highly customizable. WooCommerce’s offerings can be as robust as using every service they offer or as minimal as just using a payment gateway that comes with WooCommerce Essentials.
However, while the Woocommerce Stripe ACH gateway can take various payment methods, there are still many issues with the platform for specific vendors. Chief among them is the fee. All e-commerce and local payment methods will charge you to run credit cards. These expenses get higher if you’re a high-risk business. If this is the case, you may need more than just a service that verifies payments. You will also need other services designed explicitly for a high-risk vendor like you. This can reduce your fees while still allowing you to take credit card payments.
Fortunately, at Bankcard, we can help. We offer various services explicitly geared to assist individuals with high-risk merchant accounts.
What Is a High-Risk Business?
A high-risk business is a business that a merchant account processor has identified as having a higher risk for fraudulent activities, security issues, reputational challenges, or chargebacks.
Specifically, chargebacks occur when the authorized user of a credit card either decides they didn’t want an item purchased or didn’t authorize a charge. It’s essential to note that some businesses are more likely than others to get chargebacks, such as subscription-based services or MLM accounts. Other companies, like those with particular reputational challenges, present other problems for merchant account processors.
Being classified as a high-risk business is not a small problem. It can mean many things, including:
- Higher flat fees on every transaction and a higher percentage fee per transaction basis.
- Longer and stricter requirements to gain access to third-party accounts, including providing additional information, bank statements, credit history, and more.
- Higher rolling reserve requirements will be necessary to issue returns on any potential chargebacks.
- Difficulty accessing certain financial services.
What Are the Implications of Doing Business With WooCommerce?
Working with WooCommerce will have specific implications for your business. You’ll have to pay more for credit card processing, and you may need more customizable solutions to reduce your fees and keep your expenses down.
This is where Bankcard can help.
At Bankcard, we specialize in high-risk payment gateways, including high-risk payment gateways for websites. This means that we can help you set up a Woocommerce Stripe ACH gateway that can help to reduce and control fees. As an official partner with WooCommerce, we fully understand how their service works and how you and your business can benefit from it. In addition, we can provide various additional services that are simply unmatched and unavailable if you do business with a Woocommerce Stripe ACH gateway alone. These services can ultimately reduce expenses and help make doing business with you safer and more secure:
- Our ultra-secure payment gateway is designed to identify fraud and catch fraudulent charges before they hit your bank account – and you can avoid chargeback fees.
- Helping you find other vital plugins that you may need based on your business model.
- Helping you accept various credit cards, debit cards, and alternate payments. For example, some businesses have found a real benefit to taking payment via cryptocurrency but are unsure how to do that. At Bankcard, we can easily set up a Cryptocurrency portal through your high-risk payment gateway.
- Working hand-in-glove with a slew of other services your high-risk business may need.
What Additional Considerations Exist for a Woocommerce Stripe ACH Gateway?
You will need a high-functioning website, preferably designed by professionals and optimized for your business purposes. You will also need a variety of security measures to protect the data being processed on your website. This includes an appropriate security certificate and verification system that can confirm that the authorized user of a credit card is truly the one making a payment.
These security considerations are vitally crucial for internet-based transactions. All internet-based transactions are somewhat riskier than in-person transactions, as they are card-not-present transactions. These transactions occur when a card is not physically seen by someone taking the payment. As such, it is easier to defraud the business in question. This makes it all the more critical that you have appropriate security measures.
These security measures are not just suitable for your customers: They are also good for your business. Remember, an unauthorized credit card charge will result in a chargeback, and your merchant account processor will have to refund the money. If your chargeback ratio increases to unacceptably high rates, you will have to pay higher fees. If there are repeated instances of fraud, you may lose access to a merchant account processor altogether. This makes it all the more vital that you work with a third-party vendor with experience in this area. Thankfully, we can help you install appropriate security measures at Bankcard and find additional ways to reduce chargebacks.
What Other Services Will Your Business Need?
All of these services can be extremely useful for any website. However, depending on your business type, it may not be enough. Other services include:
- Retail Services: If you have a brick-and-mortar business, you will need to take physical credit card payments, as WordPress plugins won’t help you here. Instead, you will need a POS device capable of running an array of credit cards and ensuring that the money safely and securely gets back to your bank account. Furthermore, you will need a device that can take more modern payment methods, like Apple or Google Pay. Finally, you’ll need to know what the fees are for these devices and what sort of tech support will be available to you if something goes wrong with your device.
- Offshore Merchant Account: If your business deals extensively with international payments, you may need to examine an offshore merchant account, which allows you to accept payment from international buyers. Specific offshore accounts are critically important if you’re engaged in foreign business, as you may need more robust security protections than usual. These types of funds also have additional record-keeping requirements. Still, at Bankcard, we can help you understand what information you need and allow you to process the paperwork as quickly as possible.
- Zero Cost Processing: There are some instances where a business cannot easily absorb the fees charged by a high-risk merchant account processor. In these cases, passing these costs on to your customers may be more worth it. With a zero-cost processing account, you can pass the credit card processing charges to your customers. However, this is done transparently, as customers are given the option to not pay with a credit card and use another payment method.
- ACH Payments: ACH payments remain a highly stable and popular method of charging a credit customer. With ACH payments, a processor regularly sweeps a bank account for the money. This is often less expensive, more secure, and reduces processing time. These payments are also processed in batches, allowing you to avoid paper checks.
Regardless of your industry, it would be best if you found a merchant account processor that can easily integrate with several partners. At Bankcard, we integrate with WooCommerce, Stripe, Shopify, and more. We also have programmers available that can help create customized APIs to integrate your payments with a variety of partners. Such customization can help ensure that your payment collections and marketing work together and that you can collect your money while also updating your financial records.
The Bankcard Advantage
There is no question about it — being a high-risk business means having different needs than most businesses. As a result, you’ll have higher fees, more security challenges, and may struggle to access your business’ financial services. At Bankcard, we believe every business deserves the best, regardless of industry. As such, we can help you work with various payment methods and help you collect money from your customers without spending a small fortune in fees.
Want more information on how we can help your business thrive and integrate your payment processing with a Woocommerce Stripe ACH gateway? Contact us today, and learn more about what Bankcard can offer you.