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Preventing your business’ per transaction fee from
blowing off into nonsense proportions
using the high volume merchant account
The monthly turnover of
your business is up. The demand is
rising and therefore you manufacture
more. You are on the 9th
cloud because you are making good
profit. What Next? Is a good question.
The answer is: get your business the
advantage of the “High Volume Merchant
Account”.
If your business is crossing the $10,000
mark, then it is considered to be “High
Volume”.
Normal Dealings
Since your business accepts payments
through credit card, you already have a
merchant account. To maintain the
account you pay a few cents for every
transaction that your business makes,
through credit card. Therefore, the fee
in the monthly statement depends on the
number of transactions which are done.
Let’s look at the good and the bad in
this scenario. First thing is, since you
have a huge number of transactions, your
business is doing some great business.
However, you will have to pay a huge sum
for the statement bill because of the
fee charged for each transaction.
Balancing Act
The opening of a “High Volume Merchant
Account” will balance the situation.
With this account you will get
reasonable rates and fees on the mid and
non – qualified sales. Therefore, it
will result in a lower rate for the per
transaction charge that you pay.
Therefore, you will not have to worry
about huge transaction charges even
though you will have high volumes of
credit card transactions. But, this kind
of business is considered as “High Risk”
due to much charge back’s and refunds.
Therefore, if you are looking for
security and stability then your choice
is the “Offshore Merchant Account”.
Reaping the Fruits
When you are charged lesser for your
business transactions due to your
“Offshore High Volume Merchant Account”,
you can put more funds in your “Business
Improvement” account. May be you can
upgrade you Processing Software or
venture into other verticals or expand
to new geographies. You can also
increase the salaries of your work force
which will motivate them to work harder.
This will increase the profits of your
company and then everybody is happy.
Making a Good Choice
Since the “High Volume Merchant Account”
is such an important asset for your
business you have to choose it properly.
Some of the points that you have to look
into are:
-
No hidden charges with low rates
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Flexible policies
-
The capability to process high
volumes
The provider of your “High Volume
Merchant Account” should have the
capacity to accommodate a huge number of
orders each month. Your provider should
also be able to link your merchant
account to a bank account with no limits
related to daily transactions. If you
take a bank account with a daily limit,
then you will have several unsatisfied
customers who will eventually move to
other suppliers.
You provider should also offer standard
clauses and good quality. The rates and
fees should be very competitive.
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