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Planning for HIGH RISK mercHant account solutions

Processing of payments is an important factor for an internet business to be successful. Even tough a business operates perfectly it is of little use if consumers cannot buy products easily and quickly. However, several businesses don’t have the resources and time required for correcting merchant account solutions. Before, the term “Merchant Account Solutions” simply meant offering payments made by credit cards as the payment alternative. However, around 30% of payments on the internet are made using options other than credit-cards.

Credit cards are a part of the solution for payment processing. However, other payment solutions are highly preferred by consumers and hence it is necessary to implement these options along with processing of credit cards. When an online search is done, one can see a number of firms which offer processing of credit cards. If a business sells goods which involve no chargeback risk, then a merchant can shop for lowest rates.

Merchants selling goods or services which fall under the high risk category need to be more careful. After an account is approved and a trader begins processing payments, sometimes the settlement funds from a transaction will not be received. In such cases, merchants cannot process their orders since right processing solutions are not being followed. A salesman vanishes after a merchant account is signed. If a merchant requires changing his payment solution, a salesman will be out of reach which puts the trader is a terrible situation.

In seeking payment solutions, it is always advisable to invest time in research to get a suitable provider. Processing of payments if an option for low risk businesses and should not be considered by high risk business owners. Pricing is also an important factor and it is best to compare rates for payment solutions. However, it is not the only criteria to be considered before the final decision is made. For the long term success of a business, it is vital to have the most suitable payment processor.

If a business falls under the high volume, high risk category, it is best to plan ahead to diversify merchant account solutions for credit cards. When compared to other trade operations, payment processing is the most important. Almost all the merchants have backup plans for their computer operations but never have one for redundancy of payment processing.

Sometimes, the business owners find that their account is cancelled or that the account is terminated. The trader would have done everything right but still his/her account is not working. There a many reasons for this to happen. One reason is that a bank has made a decision that certain trade types are not allowed to continue with certain payment solutions due to the change in guidelines.

A prudent merchant should always have back up plans for merchant account solutions in a manner he/she does with other business operations. A definite plan should be in place for the protection of payment processing and the on-going business operations need to be secured.

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.