Although it is very important for high-risk merchant account owners, there is a need for all customers to have answers to some important questions concerning their high-risk merchant account payment gateway. Before you even think of signing up for a high-risk payment processor in the UK, here are five questions we believe are critical to the use and operation of your high-risk merchant account.
Clients may want to clarify their doubts before choosing for a merchant service provider, but for this, there are tons of factors related to this matter, which can leave a confusion in the merchants. For this reason it is good to leave clear some of the most important doubts that clients may have so that way they can commit in a good way with their provider and build a healthy relationship. For this reason we at iPayTotal created a list with top five questions that customers do to their merchant account providers:
These questions cut across the level and type of services provided by the high-risk processing companies. Asking these questions also serve as a means of exposing the un-authorized activities of some high-risk payment processors in the UK. These questions include the following;
1.) What are the contract terms and conditions?
Although the terms and conditions of each contract depend on the high-risk payment platform, most of the fees are charged monthly. In cases where your high-risk merchant gateway offers a lengthy contract, it is crucial that you have a general idea of how long the contract will last and what happens when you are no longer interested in the contract or decide to end it before the stipulated time. Also, have a general idea on what will be required to cancel the contract with the term is up. Some of the likely terms and conditions you may come across when engaging the services of a high-risk merchant gateway to include; auto-renew clauses all business owners should take note of. Make you understand every sentence in the clause before appending your signature.
2.) Which fees do you charge?
Payment gateway for high-risk business usually charges processing whenever you use their services. Once you identify the best high-risk payment gateway that suits your taste, try to know how much the charge as processing fee. While the credit card processing rates depend on the type of transaction made on the card and the monthly processing volume, this amount differs from one payment gateway to the other. Know which of the fees apply or do not apply to you.
An important fee to be considered is the discount rate, although it is not the only fee to check, it is a crucial one, so you should ask this to your payment merchant account provider, because with this fee you will have a percentage of sales less from the total amount to pay, the standard discount rate is from 1.5%. There are other fees to be considered, and these are influenced by different factors like the location of the business, the industry category of the business, the business model, and so many others. We advise you to ask about all these items to your provider.
3.) Are there any additional fees or charges I should know about?
Some of the other common additional fees you should be aware of include; PCI Non-Compliance fees, equipment rentals, early termination fees, chargeback fees, cancellation fees, and account change fees. Don’t be taken aback by the number of additional fees you can take your time to understand what they mean or read our article on “Credit card processing fees you should be aware of” for a detailed explanation on what each fee is used for. Make sure the fees are flat rate because this can make a big difference.
4.) If I have a problem how can I get it rectified?
Most of the High-risk payment processing companies tend to have an excellent customer care support system where you can get first-hand information on important issues ranging from account information, activation and authorization. These customer supports are available on all platforms; email, social media handles or phone numbers.
When you use your credit/debit cards online, and you need to be concerned about it, because this could put you in a difficult situation, beside the chargebacks that surely you’ll want to claim to refund your money back. So, for this reason, you should seek for a good provider who consider the overall best fraud protection that you can have. This fraud prevention system should be comprehensive and afford the standards merchant accounts and the best option is it should have an approachable cost.
5.) What software or integrations do you offer?
Deciding to use simple integrations can significantly assist you to streamline your business and make it more effective at meeting client needs. The software offered depends on the request of the client and the level of technology at the disposal of the high-risk merchant account owner. For example, a processor may be required to use QuickBooks if the need calls for it.
You could ask your provider for a demo of the gateway, so you’ll be able to probe its features, and have a real user experience. So, you will see in a first-hand which features are provided by your payment gateway company and you’ll choose the best option for you, ensuring that your payment processor provider it’s reliable, secure and has a good quality of services. Be careful to ask if the gateway offers you invoicing, PCI compliance, reporting and quickbooks integration. So, once you choose, you won’t have to seek for another provider anymore or maybe in the near time and you will streamline your business and make the goal of more effective accomplishing your clients needs.
Kindly contact us if you have any questions for our distinguished team of experts, we will love to hear from you. Kindly share this article with friends and family members.If you want to go deeply on any of these topics, please contact us and our team of experts, we at iPayTotal will assist you and clarify all your doubts