Accepting payments through credit cards has been part of the norm of modern business but if your business falls under the high risk category, finding a Best high risk merchant account provider can be challenging. Is it very important to get the right merchant account provider that will suit the business’ needs because a high risk business requires special attention in setting up a payment processing account because of the heightened risk that comes with the industry category of the business itself.
It is a must to find a reputable merchant account provider that will process the credit card transactions of the business.
How To Easily Identify and Coordinate with A High Risk Merchant Account Provider?
- Search via internet for the list of payment processors that handle card schemes or payment networks linked to the payment cards whether debit or credit card for the list of payment processors. Major card schemes are American Express, Diners Club, MasterCard, Visa, and Union Pay. Inquire with the sales team of the prospective payment processor. Provide them the following information – industry type of the merchant’s business, company website, the minimum and maximum ticket size and the fraud prevention steps of the company to prevent chargeback.
- Businesses from within the same industry can also provide a source of payment processors since most of the company websites show the name of the payment processor of their business on the contact page.
- Inquire about the charges and fees that come with the merchant account because it will definitely cost money to create one. Services rendered are paid although some merchant account providers seem to charge less to open an account but have higher fees for each card transaction. Fees associated with creating and using the merchant account must be analyzed and checked if the charges are reasonable or not.
- The payment service provider should be able to offer as many payment types as possible to maximize sales because a merchant account is not only about accepting credit card or debit card payments.
- The best provider must also be able to provide tools to secure the merchant account and can help in managing fraudulent transactions and chargeback and also help in generating customer profiles through the payment information of the customer.
- The provider should be also able to provide excellent customer support both for potential and existing client and also have friendly fees to its client. It must be noted that if the provider is not willing to answer questions during the inquiry and have shown impatience or if it is unable to provide help, look for a better alternative.
- There are providers who offer a demo for the evaluation of their services. This can help a lot in the decision in regards to the right provider to open a merchant account with.
A real payment processor will not approve easily and will take time to review the requirements a merchant has submitted. Some of the requirements that may be obligatory to submit before a processor underwrites a high risk merchant business are as follow.
- A fully functional company website.
- The company website should be SSL protected.
- homepage header menu.
- The company’s customer support number and email must be indicated on the website’s homepage and contact page.
- There should be a list of products and services being offered by the company including the product and service details, price and the committed date of delivery or the subscription time.
The high risk merchant account should also do the following to be able to assess well which is the best merchant account provider for the company.
- Read the fine print of the rates and fees. This is very necessary to be able to get the accurate rate quoted by the payment processor. An accurate rate is needed to be able to compare the rates offered by several processors. A low rate doesn’t necessarily mean a low overall cost. Sometimes these low rates come with hidden fees. So a merchant must be wary of this fine print or hidden clause in the proposal and contract. It is better to find a payment processor that is transparent with their fees to avoid the bill shock.
- Choosing a processor is not based on the rates alone but is also determined by many other factors that affects how the business is run such as security and technical support among others.
- The security and fraud protection of the merchant account must be of utmost importance. Data breaches have become prevalent and have hit small and large scale retailers. That is why customers are now after the best protection a processor can offer where proactive fraud prevention is sought to by the processor.
It is a big task to search for the right payment processing company for high risk merchant processor for high risk merchants who have essentially almost the same needs as everyone
What qualities to look for in the evaluation of the best high risk merchant account provider?
- Specializes in high risk industry. It pertains to more than the marketing and advertisements. A true high-risk specialist processor has a trained sales staff and customer service staff that is experienced in handling high-risk merchant accounts.
- All hardware provided by the processor must be running such as credit card terminals where card-present transactions are done whether wired or wireless, pos system or smartphone-based system that is embedded with a card reader and an app. This hardware is recommended to be bought outright than lease it because leased terminal often has contracts that run for four years and are not cancelable. Merchants should also be wary of processors that offer free terminals because most often than not the terminal isn’t really free because the processor has included the terminal payment in a higher monthly account fee and may also come with a longer-term contract that comes with a large early termination fee.
- Card terminals must also be able to receive both EMV and magstripe cards.
- There should not be any misleading sales and false advertising done by dishonest sales agents. A full disclosure of contract terms, as well as processing rates and list of account fees, must be made known to the merchant by indicating those on the provider’s website.
High Risk Merchant Account Solutions With IPAYTOTAL
IPAYTOTAL continues to earn recognition among the best high risk internet merchant account providers in the business. We think our commitment to excellence and going the extra mile to exhaust every opportunity is our mantra. We strive to exceed expectations and utilize our expertise and competence to deliver unsurpassed customer satisfaction.
To find out more about High Risk Merchant Account Solution. Give us a call at +44 800 776 5988 or get in touch with us through our website. Even if you’re not a customer of ours, we want to help you understand the process so you can make the best decisions for your business. We believe transparency and proactive education is the best policy.