Entrepreneurs find them stuck between problems when they want to start with merchant account services or they want to change their current processor with a better one. Be it you or some other person, everybody looks for ways to get fast easy merchant account. Most of the important things to be considered are overt but the scope of committing mistake is always there if you don’t really brush up the followed key points. You need to pay all the extra attention if you require the special high risk merchant account. If you are connected to those products or services which are associated with dangers or controversy or transaction difficulties your business falls into category of high risk merchants.
High risk payment processing is religiously reserved for the below mentioned types of businesses:
- Adult Businesses
- Pharmacies/Medical suppliers
- Cigarette and alcohol retailers
- Travel agencies
- Mail order/ telephone order businesses
- Online businesses
Nowadays the world no longer runs on cash but on plastic money. But there are certain challenges associated with high risk payment processing. Find out why does your path of getting a right processor seems to be more difficult than low or average risk businesses.
- As per the stats, greater risks of chargebacks are involved in your business.
- You are more exposed to fraudulent transactions.
Owing to this high risk merchants find hard to get quality processors for their business. There are many large merchant account providers who do not want to get involved in liabilities related to chargebacks and fraudulent. This trims down the good options available for you. There is a possibility that you get enticing deals from the service providers but you have to develop eye for details so that you do not get trapped in a wrong professional relationship.
Careful research and selectiveness regarding certifications, skills, and rich experience of handling high risk merchant accounts are extra important when choosing your processor. Note that many of these providers will be presenting your file to the same limited banks which process for high risk merchants. You need to educate yourself more and more of research you require. You can do more and more of calculations of variables to keep you away from future losses and controversies.
Listed down are the factors you need not to make compromise on so as to make a smart decision.
- Pleasant Reputation
- Rich Experience of working with high risk merchants
- Reasonable rates
- No hidden terms and conditions
- Live customer support
- Multiple banking relationships
- Offer all possible payment gateways such as online, eCommerce, MOTO etc
Final piece of advice to you is in spite of depending on one acquiring bank you should consider more than one merchant accounts to mitigate the risk, especially if you are high volume merchant. Once you finalize merchant account provider keep a continuous review to assess performance of all your processors. Also keep yourself updated for any revisions in ever changing legal and banking regulations.