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FIVE POINTS TO CHECK BEFORE ACQUIRING A HIGH RISK MERCHANT ACCOUNT

It is said that “Money is a tricky Business”. It is more applicable when you have to make it for yourself. If you are the owner of an online company then you not only have to be sure that the money transactions are secure but also make sure that it makes sense. Before signing up for any merchant accounts for the purpose of processing money transactions then you need to have a clear idea of what you will be getting when you sign of for a service.

The merchant account system allows the customer to give his or her credit card information to his accounting company. They will then verify the information before depositing the funds from the customer’s account to your account. Being in between your account and the customer’s, they will not only help you in performing secure and safe transactions but will also facilitate the smooth flow of money in to your business account. However, before opening a merchant account you will have to watch out for these 5 things:

  • High Fees

If you are the owner of a small or a start up business then there is a high probability that your company may not have a good amount of cash flow. However, a few merchant account providers would charge you more fees than you will be able to handle. With every transaction that you make, you will have to pay some fee for processing which will add up to a sum larger than your profit if you are not able to get too many orders. Therefore, you should have an idea of the number of transactions that you will be able to make before you negotiate the merchant account rates with the provider.

  • Not enough Security

Whenever any information is transferred through the internet, there are chances of it being stolen. This is truer when it is financial information. Therefore, you need to make sure that your merchant account provider is up to date with the security technologies available in the market.

  • Slow Customer Service

Suppose there is a break down with your merchant account system, just for an hour, it will cause bad results for your business, especially online, as you will not be able to accept credit card payments. Therefore, check to see if they have a responsive customer care unit to attend to your queries.

  • Getting locked in an agreement

Before signing up with a merchant account provider you have to check the agreement to see the rate of cancellation fees that you will be charged if you decide to terminate the account.

  • Understand the Fees Applicable to You

There are several companies out there waiting to cheat you of your hard earned money. Therefore, be careful to check the fees’ and its rates before you sign up for a merchant account. If you don’t understand something, ask the provider’s to explain it to you.

It is in best interest of your company to do some research before signing up for a merchant account.

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