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. 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.) How can I calculate my real processing fee?
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.
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.
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.
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