If you run a high-risk business, a high-risk processing account is a must. High-risk merchants are prone to fraud and chargebacks, making finding a reliable and established payment processor willing to board your business complex. Difficult, but not impossible.
High-risk businesses often generate impressive revenue. But, as mentioned above, often at a price. If you work with a reputable high-risk merchant provider from the get-go, you are guaranteed to receive a payment solution tailored towards your specific business needs. And one that will minimize your business from fraudulent activity. If you require a high-risk processing account, you’ve come to the right place! Read on for informative tips to help you find the right payment partner for your business.
1. Reasonable Rates
Payment processors take significant risks when extending services to high-risk merchants. Therefore, expect the merchant fees to be higher than those able to utilize a standard merchant account. These high-risk processing costs directly relate to the risk the bank is taking when boarding your account. But, while higher pricing is expected, be cautious of unreasonable rates. Processors charge differently. Be sure to shop around to find one with the most reasonable and transparent rate structure.
2. Excellent Customer Support
This is a feature most high-risk merchants overlook, but a significant one. If you consider excellent customer service an integral part of your business, your high-risk processing partner should offer the same. Your merchant service provider should walk you through the application process and ensure all your questions are thoroughly addressed. Excellent customer service is simple. You need to be able to interact with a knowledgeable, live person when needed directly.
Therefore, you must find a provider offering 24/7/365 support. Besides speaking one-on-one with their direct support team, be sure you have additional ways to get your questions answered. Do they offer live chat support? How long does it typically take to have email concerns replied to? Do they offer a merchant knowledgeable or FAQ page? Be sure your problems can be addressed quickly.
3. Custom Solutions
Expect your high-risk payment processing to be tailored to your specific business needs. Your merchant account should be fully integrated and compromised of the payment solutions you need to thrive. When it comes to credit card processing, it is not a one-shoe size fits all. Be sure you have the options you want in your payment solution. This could include IVR, pay by text, web payments, or even conveinence fee payment acceptance if needed.
The safety of your sensitive data should be uncompromised. It’s why merchants should look for high-risk processing accounts who don’t compromise security. Do your independent research to ensure that your preferred processor doesn’t have previous safety issues. Always opt for companies with a proven record of keeping customers’ data safe and secure. Plus, determine if they have fraud modules available for you to use as needed.
5. Room for Growth
As your company expands and grows, its needs and requirements will also evolve and change. So, your merchant account provider needs to understand this. The last thing you want is to be locked in a long-term contract that doesn’t allow changes and modifications. Flexibility enables both sides to grow and improve. Thus, it’s advisable to have a high-risk processor who understands your business goals. Ensure you get the attention and service you need for your business to thrive for the long haul.
In conclusion, the proper high-risk processing accounts for your business is out there. However, you have to do some research to ensure that you’re picking the best fit for your company. We hope you’ve found this article informative. If you’d like to learn more about Payment Savvy’s custom high-risk processing solutions, please reach out to us.
We look forward to working with you!