A payment gateway may have the best API, checkout, and fraud software in the industry, but if the processing company does not approve the business, then the payment gateway will be unusable. This is especially important for regulated products, subscriptions, and businesses that have recently had their Stripe account closed.
The decision between NMI and Authorize.net depends on the processing company’s flexibility and what tools they prefer to receive payments. Stripe takes a different approach and combines the payment software and processing company into one platform. Depending on the product and company, either option will be the best for the merchant.
Start With the Right Merchant Account
Gateways transmit payments between the merchant and the processor. The merchant account establishes the acquiring bank that will receive the payments.
NMI and Authorize.net can connect to merchants’ separately approved merchant accounts. Authorize.net offers an all-in-one solution that combines its payment gateway and merchant account services. Stripe offers payment processing through its own platform instead of requiring merchants to select a payment gateway and merchant account.
For merchants in high-risk industries, the difference in how these companies structure their software solutions is more important than their individual features. Having access to a payment gateway does not mean that the merchant’s acquiring bank has approved the products or services that the merchant offers.
NMI, Authorize.net and Stripe Compared
| Factor | NMI | Authorize.net | Stripe |
|---|---|---|---|
| Core model | Gateway commonly offered through processors, ISOs and software partners | Gateway-only or all-in-one payment option | Integrated payment-processing platform |
| Best fit | Merchants needing processor choice, multiple MIDs or flexible integrations | Merchants wanting an established gateway with accessible billing tools | Supported ecommerce, SaaS and platform businesses |
| Merchant account | Required through a compatible provider | Existing account or eligible all-in-one application | Included within the Stripe platform |
| Processor flexibility | More than 200 supported processor connections | Can retain the gateway while changing compatible processors | Processing remains within Stripe |
| Shopping-cart support | More than 125 integrations | Broad ecommerce and developer integrations | Strong APIs, Checkout and platform tools |
| Recurring payments | Recurring billing, vaulting and updater tools | Automated Recurring Billing and customer profiles | Stripe Billing and stored payment methods |
| Fraud controls | Gateway tools and optional advanced fraud services | Advanced Fraud Detection Suite | Stripe Radar |
| Multiple MIDs | Strong support within one gateway environment | Possible depending on account setup | Different account and Connect structures |
| Pricing | Determined by provider and configuration | Published direct plans plus reseller pricing | Published standard rates and custom pricing |
| High-risk eligibility | Depends on connected processor and acquirer | Depends on the underlying merchant account | Restricted categories may require explicit approval |
NMI says its platform connects to more than 200 processors and 125 shopping carts. That breadth is useful when a merchant wants to preserve gateway technology while changing processors or adding properly disclosed merchant IDs.
Which Payment Gateway Is Right for Your Business?
NMI: Best for Processor Flexibility
If you are a high-risk merchant who needs several different processor options, or if you require multiple MIDs or a gateway distributed through an ISO or another merchant services provider, the NMI payment gateway might be the best option for your business.
NMI’s payment gateway includes the following features:
- hosted checkout
- virtual terminals
- recurring billing
- tokenized customer vaults
- webhooks
- batch processing
- payment links
- multicurrency support
- mobile and in-person payments
- multiple MID management
The company also offers a Gateway Emulator that allows businesses to migrate from certain gateway environments to NMI without having to rewrite the applications that are currently in use online. The available features and price for the gateway will depend on the processor set up with the account.
Best fit: High-risk ecommerce, recurring-payment and multi-account merchants who value processor portability.
Main tradeoff: NMI requires more moving parts among the gateway, processor, merchant account and integration vendor.
Authorize.net: Best for Familiar Billing Features
Authorize.net might suit merchants looking for a familiar gateway with features such as online payments, eCheck, digital wallets, virtual terminals, customer profiles and recurring billing.
Its Advanced Fraud Detection Suite applies configurable rules to filter out transactions, identify suspicious patterns and decide if a payment should be approved, reviewed or denied. Authorize.net also offers hosted payment forms that may limit card data that reaches the merchant’s system.
Authorize.net’s published U.S. all-in-one pricing plan currently starts at $25/month plus 2.9% and 30 cents per transaction. High-risk merchants might be offered different rates and terms by a compatible merchant-account provider.
Best fit: Merchants seeking a simple gateway for ecommerce, invoices, phone, eCheck, and recurring payments.
Main tradeoff: The Authorize.net gateway does not independently approve a high-risk category.
Stripe: Best for Supported Software-Led Businesses
Stripe may be a good option for supported ecommerce, SaaS and platform businesses seeking payments, hosted checkout, subscriptions, APIs and machine-learning fraud prevention all within one ecosystem.
Stripe’s standard pricing in the U.S. is currently 2.9% plus 30 cents for successful domestic card payments, with no standard setup fee or monthly fee for processing. Custom pricing may be available for larger merchants or for those with unique business models. Stripe Radar offers AI-based fraud screening and protection against card testing, though more advanced versions of the service are available at an additional cost.
The integrated design of Stripe can make development easier, since the merchant does not need to set up a separate gateway and processor. However, some business categories are not permitted and others are only permitted with prior review and explicit approval.
Best fit: Supported technology-driven businesses that really value APIs, quick development and an integrated payment processing stack.
Main tradeoff: Merchants cannot easily connect a different acquiring bank to the Stripe gateway if it is no longer supporting the account.
Payment Gateway Costs & Migration Considerations
Gateway cost is separate from merchant-account pricing. The total cost of a payment gateway can include fees for:
- monthly fees
- per-transaction fees
- processor markup
- interchange fees
- fraud detection tool costs
- token vault or token updater fees
- recurring billing fees
- ACH or eCheck payments
- multiple MID fees
- integration fees
- chargeback fees
- reserves
NMI’s pricing comes through the third-party partner that provides the merchant account. Authorize.net lists its direct pricing plans but may vary with its partners and high-risk accounts. Stripe publishes its pricing for transactions and separately lists other product costs, such as its Radar fraud detection or Billing software.
Before migrating to a new merchant account, determine whether the tokens for the customer’s payments can be migrated. Additionally, determine whether the old merchant account must remain active after the migration is complete. Do not cancel the old merchant account until the new account has been completed and successfully reconciled for at least one billing cycle.
Fraud, PCI DSS and VAMP
While all three options can assist with card-not-present transactions, there are still security considerations for the merchant. Merchants must control administrative access, ensure the software supports secure integrations, and complete the appropriate PCI DSS validation process for the software.
The Visa Acquirer Monitoring Program (VAMP) collects the number of fraud and non-fraud disputes for card-not-present Visa transactions. It also monitors for enumeration attacks that may occur with the presented cards.
Instead of waiting for the merchant’s payment processing company to warn of fraud or disputes, merchants should track these metrics for each product, channel, and traffic source for their company.
Stripe Radar offers machine-learning controls directly into Stripe. Authorize.net allows for rules to be configured within the gateway. NMI offers various tools and services for fraud detection, depending on the provider’s configuration. The best payment processing software is the one that can be configured and monitored by the merchant to fit the specifications of that business
What High-Risk Businesses Should Compare Before Choosing a Gateway
Underwriting Compatibility
Ensure that the acquiring bank’s products, subscriptions, and locations support the merchant’s current and future business. Do not rely on test transactions to ensure acceptance by the bank.
Processor and Token Portability
Ensure that the payment gateway can remain in place should the merchant choose to use a different payment processor. Subscription merchants should also confirm whether the tokens of customers’ payment methods can be transferred between processors.
Recurring Billing
Review what the payment gateway offers in the way of scheduling subscriptions, failed payment retries, account updater services, customer payment vaults, and subscription cancellations. This is also disclosed during the underwriting process.
Fraud and Card-Testing Tools
Payment gateways offer various fraud and card-testing tools, such as velocity limits, AVS and CVV results, IP address controls, risk scoring, and third-party advanced fraud software tools. These are used to identify spikes in authorizations or declined payments from customers.
Reporting and Multiple MIDs
Reporting features for payment gateways should allow refunds, disputes, fraud transactions, and payments to be separated by each channel or MID. A merchant may have multiple payment gateways for different locations, currencies, or products. Each should be legitimate.
Integration Requirements
Ensure that the payment gateway supports the merchant’s ecommerce platform, accounting software, customer portal, and applications. Authorizations for payments should be tested for common transactions before live traffic is sent to the processor.
NMI, Authorize.net and Stripe Questions
Q: What is the main difference between NMI and Authorize.net?
A: NMI offers flexibility with various processors and multiple MIDs. Authorize.net provides a very familiar gateway with ecommerce and other tools.
Q: Is NMI better than Authorize.net for high-risk merchants?
A: NMI might be better for those who need various processors and multiple MIDs. Authorize.net might be better for those looking for something more straightforward.
Q: What is the NMI payment gateway?
A: The NMI payment gateway accepts online, mobile, virtual-terminal, and in-person payments and links to various processors and banks.
Q: Can Authorize.net process high-risk payments?
A: Authorize.net can process high-risk payments for merchants who have an approved account with a processor that supports the type of business. Simply having access to the Authorize.net gateway does not mean that the merchant will be approved for high-risk payments.
Q: Is Stripe a payment gateway or processor?
A: Stripe is a payment processor that offers payment gateways and other payment services. Stripe does not allow merchants to connect to an outside acquiring account.
Q: Is Stripe suitable for high-risk businesses?
A: Stripe can process payments for some high-risk businesses that are approved for additional reviews of their business. Other categories of high-risk businesses are prohibited from using the Stripe platform.
Q: Which option is best for subscription billing?
A: All three solutions offer options for subscription billing. The best solution for merchants will depend on the underwriting and other features of the subscription billing software, as well as Stripe’s pricing and subscription policies.
Q: Can a merchant switch payment processors without changing gateways?
A: Both NMI and Authorize.net allow merchants to use their gateways even if they switch to another payment processor. However, the merchant will have to open a new account with the payment processor and get that account approved before they can move their transactions to the new account.
Choose the Right Payment Gateway for Your Merchant Account
The processor that offers the most flexibility is the one that NMI provides. Authorize.net offers the right tools for merchants with the right account. Stripe offers the most unified developer experience for businesses that fit the company’s policies.
It is important to note that the acquiring bank should be selected first, followed by the payment gateway company for high-risk merchants. The most suitable payment gateway will not provide merchants with an account with an acquiring bank that does not approve the products and transactions that they attempt to process.
Sources
- NMI. “Payment Gateway for ISOs and SaaS Platforms.” Accessed August 2026.
- NMI. “Integrated Payment Gateway Features.” Accessed August 2026.
- Authorize.net. “Online Payment Processing and Gateway Services.” Accessed August 2026.
- Authorize.net. “Payment Gateway Pricing.” Accessed August 2026.
- Authorize.net. “Advanced Fraud Detection and Prevention Tools.” Accessed August 2026.
- Stripe. “Pricing and Fees.” Accessed August 2026.
- Stripe. “Prohibited and Restricted Businesses.” Accessed August 2026.
- Stripe. “Radar Payment Fraud Detection.” Accessed August 2026.
