What is Redundancy & Why it is Important For High-Risk Merchants?

Redundancy is a key component of any high-risk business model. By definition, redundancy means having multiple copies of something in order to protect against loss or failure. In the context of online payments, redundancy refers to having multiple payment processors in place in order to minimise the risk of losing revenue due to service disruptions.
 
There are a number of reasons why redundancy is so important for high-risk merchants. First, disruptions to payment processing services can be extremely costly. A single day without access to payments can result in a loss of thousands of dollars in revenue. By having multiple processors in place, merchants can minimise the risk of losing revenue due to service disruptions.
 
Second, redundant payment processors can provide a higher level of customer service. If one processor is having difficulties, the others can pick up the slack and ensure that customers are able to continue making payments. This is especially important for high-risk merchants who may not have the same level of customer service as more traditional businesses.
 
Third, redundant payment processors can offer a higher level of security. If one processor is compromised, the others can still provide a secure way for customers to make payments. This is especially important for high-risk merchants who may be handling sensitive customer data.
 
Fourth, redundant payment processors can offer a higher degree of flexibility. If one processor is unable to process a particular type of transaction, the others can still provide a way for customers to make payments. This is especially important for high-risk merchants who may need to accept a variety of payment types.
 
Fifth, redundant payment processors can offer a higher level of customer support. If one processor is having difficulties, the others can pick up the slack and ensure that customers are able to continue making payments. This is especially important for high-risk merchants who may not have the same level of customer service as more traditional businesses.
 
Redundancy is an essential part of any high-risk business model. By having multiple payment processors in place, merchants can minimise the risk of losing revenue due to service disruptions, provide a higher level of customer service, offer a higher level of security, and offer a higher degree of flexibility.