Here’s everything about RocketGate and RocketPay being safe:
The answer to this question is a bit complicated.
It’s safe to say that RocketGate is a legitimate business, and RocketPay uses typical security measures for a payment-processing app.
That said, RocketPay provides some features that favor businesses over users, and that creates some concerns to investigate.
So if you want to learn all about how safe it is to use RocketGate and RocketPay, then this article is for you.
Let’s get started!
What Are RocketGate and RocketPay?
A little bit of context can help clarify things before we get into the nuts and bolts of safety concerns and solutions.
For starters, RocketGate and RocketPay are not exactly the same thing.
Let me explain.
RocketGate is the company that makes payment processing tools.
RocketPay is their most popular of these tools.
To get into more detail, RocketPay is an electronic payment processing resource.
It basically works as a virtual wallet.
A lot of companies use RocketPay as the primary system to process online transactions.
In fact, there are more than 400 known websites that actively use RocketPay.
So, when we’re talking about the safety of RocketGate and RocketPay, it will be important to distinguish between the two.
Safety issues related to a company are one thing.
Safety concerns tied to the processing payment mechanisms are something else altogether.
Both are going to be discussed at length.
How Does RocketPay Work?
Ok.
Now, we can get more into the mechanics at play.
How does RocketPay actually work?
There are two points of view here.
One is from the point of view of someone accepting payments.
The other involves making payments.
Let’s start with the latter.
If you go to a website that requires RocketPay for a transaction, you will have to set up a RocketPay account.
Creating the account is free, but depending on the type of transaction, there might be a transaction fee tacked onto the interaction.
Typically, if you are paying a RocketPay customer, there is not an additional fee (or more specifically, the website is covering the fee and baking it into the cost you see).
If, however, you wanted to use RocketPay to send money to a friend, then you would have to pay a transaction fee.
Because of this, RocketPay is mostly used for merchant transactions. There are better apps for peer-to-peer transactions.
When you make payments on RocketPay, your account will have your name and an email address.
It will also require a credit card.
To date, RocketPay only accepts credit/debit cards for payment and does not have direct-from-account payment processing.
So, you make your account, and you complete a payment. RocketPay will charge your card, and that is that.
It’s pretty normal in this regard.
If you’re the merchant in this equation, then it still begins with creating a RocketPay account.
Doing this, you can set up RocketPay processing for your website.
Depending on your account and the services you select, there will be charges to use the RocketPay system.
When it is set up, you will be able to collect payment via RocketPay.
Is RocketGate Safe? (2 Points)
We’ve already covered some good ground.
Now, let’s get into RocketGate.
Is this a legitimate company?
Is it a respectable company?
Is your information safe in their hands?
These are big questions with important answers.
The short answer is that RocketGate is relatively safe. It is not a scam company or anything like that.
It runs legitimately as a business, and it even offers resources that can help you see that it is for real.
Whether or not it’s an ideal business for payment processing is another matter, and honestly beyond the scope of this conversation.
Suffice it to say that RocketGate is relatively safe to use as a service provider.
#1 Registered Business
To justify that answer, we can look at RocketGate’s business registration.
It is a licensed LLC, meaning that it is known by the government, presumably pays taxes, and exists in the space of legitimate business operations.
Typically, scam businesses don’t bother with registering an LLC.
More to the point, there is no evidence that RocketGate operates as a shell corporation or is involved with any “shady” practices.
To be more accurate with RocketGate, it largely functions as a high-risk merchant payment processing organization.
What that means is that RocketGate is available for processing credit cards for businesses that have a hard time getting accounts from larger, better-known payment processors.
#2 Active Customer Service
Another indicator that RocketGate is safe is that it has active customer service resources.
You can contact their customer service, and you’ll get a response.
It’s actively staffed, and the staff is equipped to help you with questions or issues that might arise.
This demonstrates a commitment to the services provided by RocketGate.
If they were just trying to trick people out of money, there would be no need for customer service.
Now, this is not a review of RocketGate customer service.
I haven’t used the service directly, so I can’t speak to how they stack up against other providers.
But the customer service is there, and they did respond.
Hopefully, that’s enough to speak to the safety of working with this company.
What Are the Primary Security Issues With RocketPay? (3 Things)
RocketGate is a real company, and it behaves in normal company ways.
So, you can consider it safe.
But, what about RocketPay?
It might not be a scam, but that doesn’t mean it’s well made.
Even if it is, there are still security concerns any time you try to pay for something online.
Generally speaking, RocketPay uses industry standards when it comes to protecting your identity and financial information.
Payments are encrypted, and it’s difficult for third parties to steal that information. So, it’s up to par in that regard.
That said, there are concerns that come up with RocketPay, and each of the issues listed below has been discussed by RocketPay users.
These are things that really have gone wrong.
Unfortunately, RocketGate doesn’t release statistics that would allow us to see how prevalent these problems are.
We only know that they have happened before.
#1 Scams
When it comes to paying for stuff online, scams are always a major concern.
RocketPay itself is not a scam, but it can be used by scammers to collect money from victims on the internet.
In this regard, it’s similar to a lot of other payment processing tools.
Here’s how the whole thing works.
You go to a site and want to make a purchase.
When you click to check out, you get directed to pay through RocketPay.
So, you go through the steps, and you complete the payment.
When you’re done, the thing you were paying for isn’t available.
If it was an item, it never ships. If it was a service, you never get the service.
This is a standard scam.
RocketPay didn’t run the scam. Instead, it was used for the process.
In that way, it’s just like PayPal or even your credit card company.
But, there’s a difference here.
RocketPay does not have as many resources for you to get a refund.
Instead, you’re better off disputing the charges with your credit card company (and the reasons for this will make more sense in a minute).
There’s a second issue that has come up with RocketPay.
While it does secure your financial information, there is an exploit that has come up in the past, and RocketGate has not made an announcement as to whether or not this exploit has been fixed.
This is what happened.
A user made a purchase with RocketPay.
Later, they found that the site where they made the purchase shared the login with other sites (or maybe even owned those other sites) and made additional, unauthorized purchases.
So, the user’s financial information wasn’t compromised, but RocketPay was exploited in order to steal money.
Clearly, that’s a major concern, and until RocketGate announces a resolution to this issue, caution is warranted.
It’s possible that this was a one-time problem, but it’s possible that it could happen again.
The lack of public information makes things difficult.
#2 Chargeback Mitigation
Here’s the biggest thing to understand with RocketPay.
It has protections in place to reduce chargebacks.
That’s a two-way street, so let’s consider both angles.
If you’re the merchant, then this is a wonderful feature, and it’s why RocketPay is popular among high-risk industries.
Let’s pause for a second. What is a high-risk industry?
It’s an area of business where people are more likely to dispute charges.
Pornography is a classic example.
So, what does this have to do with chargebacks?
Well, high-risk transactions tend to get chargebacks more often.
This is where people dispute the charges and try to get a refund.
If you’re working in a high-risk industry, then chargeback protection is extremely valuable.
RocketPay is trying to help your business model by making it harder for users to get a refund.
From the user’s perspective, you can see the problem. This feature works against you and makes it harder for you to recover losses in the case of fraud or scams.
It’s probably the greatest risk associated with using RocketPay, from the user perspective.
#3 Stored Information
The last real concern is stored information.Â
You have to give RocketPay personal and financial information in order to use it.
As you already saw, RocketPay does encrypt this information and protects it in normal ways for the industry.
Also, there are no major data leaks that have been reported with RocketPay, so that’s encouraging.
Your information is likely as safe with RocketPay as with any other payment-processing app.
