- February 9, 2019
- Posted by: Nigel Howard
- Categories: best high risk merchant services, Best Merchant Accounts for CBD Oil, high risk merchant account application process, high risk merchant account instant approval uk, high risk merchant account provider, high risk merchant account solutions, high risk merchants uk, high risk moto merchant account, high risk offshore credit card processing, high risk payment gateway uk, high risk pharmacy merchant account
As an online business owner, you know that offering multiple payment options to your clients is a huge part of the business as well as a better way to enhance payment methods and increase sales. It also helps customers to see your company as a serious and safe organisation. However, to be able to allow those different types of payments, you need a merchant account.
When obtaining a merchant account for a low-risk business it is an easy task; it doesn’t work the same way for high-risk industries. Although there are merchant account providers who focus on doing business with high-risk merchants, choosing the right high-risk merchant account provider can be quite challenging.
Things to consider before choosing a merchant account provider
Before deciding on a merchant account provider, it’s important to ask the right questions and to do proper research. Those questions may include the type of industries, maximum and minimum ticket size, fraud and chargeback prevention systems. To guide you through the selection process, here are a few things to consider before choosing your high-risk merchant account provider.
Reputation and experience
Ensure you choose a high-risk merchant account provider with enough market and industry experience as well as a good reputation. If you have no idea where to start your research, you can always ask your friends and colleagues for recommendations or you can look up reviews on the internet to be certain that the provider has the experience and a good customer base. Any negative reviews may indicate weakness of the merchant account provider.
A good high-risk merchant account provider will not only process your credit or debit card payments but will also offer your customers the benefits of having safer payment transactions. This is as important as allowing different types of payment. They should offer services that include various MSPs, ISOs, PSPs and payment facilitators.
Rates and fees
Most high-risk providers offer expensive deals to the merchants due to their high-risk status, however, this shouldn’t be an excuse. A good provider offers all kinds of payment processing solutions at an affordable and competitive rate.
It’s important to note that fees and rates for high-risk merchant accounts usually depend on the registration process with the card brands, business types and other factors. For instance, if you want to create a merchant account with both Visa and MasterCard and have an MCC that requires a card registration, you’ll probably need to spend as high as $1,000 annually in fees.
Still, you can find a high-risk merchant services provider that offers a reasonable rate of payment processing services. The rates and fees in creating and using the high-risk merchant account should be analysed and checked whether they’re reasonable or not.
Customer service is another important thing to look for in a high-risk merchant account provider. They are handy when you need help concerning your merchant account or card processing. Highly professional customer support, that can be accessed in different platforms, shows that the provider is ready to respond to any issues and problems that may arise. It should also make the application process easier and smoother.
If possible, use the merchant account provider’s demo services to gain a full understanding of how they operate.
Important things to note
A legitimate high-risk merchant account provider must have transparency on its website. They should have a form of accreditation and verification that can be reviewed by the merchant. Some of this documentation is mandatory, and others are just nice to have. Here are a few examples of things a legitimate merchant account provider should have:
- Fully functional website, SSL protected
- A clear indication of the company’s customer support email address and phone number on the contact page and homepage
- A homepage header menu
- A list of services and products offered by the company, including details and pricing of services as well as the estimated subscription time or date of delivery.
The right merchant account provider for your business
Now that you’re aware of the most important things to look for in a high-risk merchant account provider, the easiest thing to do is to choose iPayTotal. We are an experienced merchant account provider, specialising in high-risk businesses.
We can offer you the best deal, with fair rates.
Contact us today and talk to our team about your options. They are ready to learn about your business and answer any questions you may have.