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BE VERY CAUTIOUS WHILE CHOOSING YOUR HIGH RISK MERCHANT ACCOUNT PROVIDER

This article will help those people who want to get their first merchant account. A merchant account is required so that you can take credit card payments from your customers. But before making the big purchase you should move around a bit, looking for the right deal and doing the right research. The buyer has to exercise caution while he makes his choice of the account provider. There are several significant aspects that have to be considered. If you make the wrong choice then you may have to be stuck with it for a long time.

Eight important tips to help you make the right choice of account provider:

1)    Know your business needs well

There are several types of accounts and processing including real time processing or batch payment processing. Suppose your business is getting low volumes of sales then go for the batch processing. Also, calculate or estimate your business margins, internal resources and transaction volumes. Find out about what software or service you need. You can open an account directly with the banks but fixing all the components may not be so easy. Therefore, you might need a partner who will put it together.

2)    24 Hour Customer Service

Your customers should be provided with a 24 hour support to clarify any doubts regarding payments. It is a proven fact that this service will increase your sales by about 25%.

3)    Integrity and Reliability

You should check the history of the provider and also get reviews or testimonials from trusted and unbiased sources. A dishonest provider will cause more loss to your business and therefore it is very important to have a reputable provider. Look for complaints made by other people against the provider.

4)    Speed of the Service

The setting up of the account should not take more than three business days for a good provider. Therefore, if the provider was not able to set up a working account in time then find out about the capability and experience about the provider. The reverse is also true i.e. if the provider approves your application instantly then most probably, the provider is a fake.

5)    Rates and Fees

Your provider should charge you not more than the industry standards. Well if he is charging you much lesser than that, then you should think that the provider might be a fake. Also, negotiate to get a lower fee for your business.

6)    Risk Assessment and Underwriting

The providers will do a risk assessment process on your company before they approve your application. Therefore, you should find out if your business comes under the “High Risk” category before you apply for the account.

7)    Fraud Management

Your provider should have the latest and sophisticated “fraud management system” is place to protect you and your customers from credit or debit card fraud.

8)    Hidden Clauses

Most businesses end up paying a huge sum at the end of the month to their provider because of this. Therefore, go through your agreement in detail before signing it.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.