Choosing HIGH RISK merchant account providers

It is very important to do a careful research before selecting a specific merchant account provider for obvious reasons. A merchant will never want to end up paying high fees every month. Also, no merchant will want to shell out more than what is required on processing solutions. However, there are several other factors other than price which need to be considered before selecting a particular account provider. The first important thing is to never select merchant accounts in a hurry. While moving too fast, a merchant might just happen to lose a good deal. Following are the chief factors which need to be considered while selecting merchant account providers:

-       Integrity

-       Customer Service

-       Price

The details of each of these factors are provided below which will guide merchants in selecting providers.

Merchant account provider’s integrity – Assuming that a merchant account provider is genuine by the website post or the information given over the phone is a big mistake. This industry has several greedy and ruthless sales persons who seem to have vested interests. Following are a few cases when merchants need to be cautious and a few suggestions to check the integrity of the provider:

-       Each time a call is made, the call gets answered by the answering machine.

-       The representative fails to clear questions asked about the fees of the merchant service agreement.

-       If the representatives use free web-hosting services or a free domain-name. If the providers cannot afford their own domain name, then they needn’t be in the industry.

-       Be cautious if all the service fees and rates are not posted in their web site.

-       It is advisable to scrutinize merchant agreements so that suspicious conditions can be questioned.

-       Searching for online newsgroups or consumer reports for unsatisfactory remarks given to the company is a good option.

Top-Notch customer service – By getting carried away with great rates, one may forget about the customer service. This factor is vital for smooth processing of transactions and long–term success. One will not want to receive long hold periods and busy signals. Moreover, downtime will lead to loss of money for the merchant. Following are a few aspects which should be met for obtaining better customer service:

-       Reliable availability. This factor is important if a business operates on all the days in a year.

-       Courteous, friendly representatives who have good knowledge.

-       Toll-free number.

-       Hold time is less than 5 minutes.

One last point to be remembered is that a merchant should not be fooled by merchant account providers who say the reason for high rates is high-quality customer support. A slight increase in price may be acceptable but high pro\ices should certainly be rejected. Since providing services to customers is vital, it should not be the cause for shelling out a huge amount when compared to other providers. The only reason for the merchant account providers to charge exuberant fees for customer service is to fill their own pockets.

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.