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:
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.
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.
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. |