If you used Wirecard payment processing, here’s the list of? alternatives for you to consider
Best alternatives to Wirecard high risk payment processing. Source: shutterstock.com
Due to the latest news with Wirecard, many companies with high-risk businesses are actively looking for alternative solutions to minimize the losses and avoid missed sales. What is going on? Do you need to get another payment processing company? Find out in the article below.
What happened to Wirecard?
Wirecard is a well-known payment processor that has been on the market for over two decades. It has helped numerous merchants from all around the world by offering payment processing services and working as a financial services provider and a banking institution. Originally it was founded for porn and gambling sites. Over time, the company grew into a developer of software for online transactions with A-list customers like FedEx, Ikea, and Singapore Airlines.
Last year, Financial Times first noticed the company’s accounting irregularities. On June 18, 2020, however, things took a huge swing. The company was supposed to publish the audited results for 2019. Instead, it announced that over 2 billion dollars are missing. The auditors couldn’t locate €1.9 billion ($2.1 billion) of bank deposits in trust accounts. It’s unclear if the money ever existed.
Wirecard’s clients look for alternative options that can help them fast. Source: facebook.com
The long-time CEO and founder, Markus Braun, resigned. Later, he was arrested on suspicion of false accounting and market manipulation but was let out on bail ($5.6 million). Now the firm files for insolvency.
Key things to know now:
- The company’s value fell from $28.6 billion (in 2018) to $2.6 billion (last week);
- Shares of the company tanked 52% on Friday;
- According to Bloomberg, BaFin is investigating whether the company manipulated the markets or other matters;
- The company’s clients look for alternative options that can help them fast.
How to get out of the situation with the smallest losses for your business?
If you want your business to thrive, you should look for an alternative payment processing company now. Fast actions will minimize the impact on your company. Choosing a trustworthy and reliable company is much more complicated than it seems. There are plenty of companies that offer similar software. Only some of them work with high-risk businesses. Let’s discuss a possible solution that your high-risk business should try.
Ikajo can become a perfect fit
One of the companies that can offer high-quality integration fast is Ikajo International. It’s a global payment service provider that works with merchants from over 120 countries. The firm has offices in Amsterdam, Hong Kong, San Paolo, and Riga. Its professionals can build a suitable payment solution for your business needs.
One of the companies that can offer high-quality integration fast is Ikajo International. Source: unsplash.com
Reasons why Ikajo stands out from the rest:
- A fully integrated payment platform supporting HPP, API and plugins;
- Flexible fees start at 1.2% and depend on the service type;
- Fast onboarding within 2 business days;
- Own built-in fraud and chargeback prevention software;
- Up to 91% of disputes resolved in merchant’s favor;
- 100+ payment methods and 100+ currencies and cryptocurrencies.
Other reliable payment processors to consider
Stripe is an American company that works with businesses from all around the world. It has been on the market for over ten years, and it still keeps expanding. A popular payment processing company helps different kinds of online businesses to get money for their goods and services.
One of the advantages of choosing this provider is the complete toolkit for internet businesses. The team of professionals works fast to deliver high-quality services and meticulously designed software. Other advantages are:
- Fraud prevention tools
- Subscription management;
- Embeddable checkout;
- Invoice support;
- Real-time reporting;
- 24/7 support.
PayPal has an excellent reputation and simple integration. Source: shutterstock.com
A giant company is known to everyone on Earth. This can be your go-to solution, too. PayPal has an excellent reputation and simple integration. Before you pick this option, however, there are a few things to keep in mind:
- The company doesn’t offer recurring billing;
- There is no 24/7 support or a live chat;
- It doesn’t work with high-risk businesses.
While some of those factors can be crucial to some business owners, others can work with that. The advantages of this payment processing company are the lack of setup cost or annual fees, high-quality fraud protection system, and PCI DSS compliance. Clients will also receive customizable reports and two-factor authentication.
A relatively young company got on the list because it’s secure and widespread in Europe. Companies that work with this payment processor get such security measures as 2FA, SSL, and the company’s dedicated fraud prevention system. Besides, it doesn’t charge merchants with setup or annual fees, which could be a decision-making factor for some.
The company mainly accepts payment methods like Visa, Mastercard, Maestro, Discover, PayPal, and American Express. Fees vary depending on the payment method. It also supports recurring billing, which is great for merchants who offer subscription services. All in all, it’s a perfect alternative for European merchants who work with locals only. Global companies will find these services rather limited.
It’s an international company that is well-known for a selection of security measures it uses to secure financial transactions. They include:
- PCI DSS Compliance;
- Two-factor authentication;
- Integrated fraud-prevention system;
- Own security measures for transaction flow protection.
Aside from that, it’s a convenient choice for companies that prefer to pay fixed rates regardless of the payment method chosen by a customer. 2Checkout has eight payment methods available. The most in-demand ones are Diners, Discover, and JCB.
Before choosing this payment processing company, a business owner should find additional detail. For instance, 2Checkout works with low-risk businesses but doesn’t support enterprises associate with high-risk industries.
Main points when choosing payment processing service
Main points when choosing payment processing service. Source: shutterstock.com
Choosing a new payment processing company is inevitable. Yet, it’s the most important decision when it comes to eCommerce. To make a smart choice, business owners should pay extra attention to the following factors:
- Integration speed;
- Company’s reliability.
Other factors may differ and include suitable merchant accounts, budget-friendly fees, payment processing policies, etc. One should make sure the company can help you accept the preferred payment methods or different billing types. High-risk businesses must verify it’ll be easy to refund money.
Bottom line
With everything that’s going on with Wirecard, business owners should double-check the reliability of the payment processing companies they use. This choice impacts businesses’ value and reputation a lot. Consider getting Ikajo to secure high-quality services to your customers and get an excellent payment gateway for your high-risk business.
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