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:
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.
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%.
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.
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.
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.
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.
Your provider should have the latest and
sophisticated “fraud management system”
is place to protect you and your
customers from credit or debit card
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
one of our helpful account
representatives to assist you in the
high risk merchant account or
offshore merchant account for a
high risk merchant.