Credit cards are one of the most important payment devices in this modern world of commerce and those businesses that can’t process these transactional are getting left behind. No one knows this like the community of high risk businesses stuck behind the entrenchments of financial institutions.
The only way to access the fields of consumers beyond it to access a high-risk merchant account. And as you may already know, the best high merchant account provider for your business may seem as real as the Easter bunny.
But, there is hope and the fact is many services exist to give those very important high-risk businesses a fair shake. High risk providers can work with your company to give you a hand when making thee important transactions. The following article will provide an overview on how to find the best partner for you in this endeavor.
How High Risk Businesses Can Process Credit Card Transactions
Businesses of all types can be considered high risk. Fine furniture is high risk business because each payment is well over $1000.00. Travel services and accommodations that make reservations months and years in advance are also high risk, because plans can change. These businesses are exposed to higher degree of managed risks and therefore need special attention to set up an account that will not place the credit card companies at risk. This is where the high-risk merchant account comes in.
Merchant accounts allow you to accept credit card payments from your customers. There are a variety of services that can help you do this and picking the right one for your business will always be the most profitable. This can be a challenge in itself and the experience or expertise needed for a precise selection could fill a sizeable volume.
Nevertheless, the following article will include a few digestible pointers to enlighten your perspective on merchant accounts.
No. 1 – Choose the Account Provider for your Business Type
There are different businesses that can be called high risk. These include pharmaceutical companies, health and weight managements support, telemarketing outfits, tobacco shops and automotive brokers. Save yourself the pain and hassle by going directly to the merchant accounts that service businesses like your own.
No. 2 – Understand the Risks and Charges
As you probably guessed, this is not a volunteer service to the commercial world, but a way of counterbalancing a great risk and this counterbalance will need commensurate ballast, ballast being an associated fee for an excellent service. You will find some minor variations in the prices offered by different merchant account providers, but across the board the average fee is 5% of the transaction. This is where finding the best merchant account service for your business will keep your spending nice and low. If the rates don’t seem perfectly suitable to you, time to move on to the next provider.
No. 3 – Variety of Payment Types
As you will be paying for this service it should be as all-encompassing as possible. Look for the providers that offers as many payment types as possible, Credit cards are always a must but look for as many other options as you can find. A top-rate merchant provider will have a large variety of options available to you.
No. 4 – Security Measures
The need for effective cyber-security is mandatory as the threat from malicious hackers cost businesses More than a million dollars each year. Look for a firm with cutting-edge protection from chargebacks and frauds, secure databases for client information and encrypted transactions that can’t be observed by the most advanced cyber-snoop.
No. 5 – Excellent Customer Support
Above all “High Risk” is simply a category of brave-business folk who risk much in service to their customers, not a punishment. There is no reason that you should have to drag yourself through poor customer service, not even the best rates and fees will do you any good if your merchant account never responds to your urgent concerns and technical issues. This should be checked and rechecked when choosing your merchant provider.
Additionally, it is a good idea to look at the reviews made by current clients of this merchant account to get a feel for the way they see the company and its services. If customer support is lacking, your experiences with this merchant account will be short and full of excitement and stress.
Some providers will offer a demo of their services and this is most certainly something to take advantage of. Whether or not you actually sign on with the company is irrelevant, you want to get a feel for customer service and ensure that it is smooth and fluid every time.
Important Notes on Avoiding Predatory High-Risk Merchant Services
Because of the great need for a suitable solution to the high-risk business community, there have sprung up many dishonest websites posing as legitimate service providers with unbelievable offers for you. Sad to say, these unscrupulous outfits run a fairly successful racket preying on the needs of hapless merchants.
You can avoid them by paying close attention to some pointers when making a final selection. Once you have ticked all the boxes above, take some time to consider the following points carefully
- Check the Webpage Again – Does this look like a website meant to for business, or merely attract high risk businesses for a closer look. If you feel that the website is off-putting, plastic or not updated in months. This is a warning sign.
- Check the Data – never sign on with a high risk merchant service until you have researched who they are and what type of businesses they are serving, basically following all the steps above. The biggest trick a nefarious organization will apply is getting you to make a fast decision because the offer is about disappear. Taking the time to check the data is of utmost importance.
- Read the Contract – finally, make sure you have fully studied any documents or agreements before signing of accepting in anyway. Within these documents are the clues that can identify your best high risk merchant account provider as a honest provider or charlatan.