Unfortunately, so many high-risk or even low-risk business owners who want to apply for credit card processing so that they may transact online have had the disappointing result of being led down the garden path. — It is true that countless business owners, with all their paperwork ready, have waited not only weeks, but months for an answer.
As a recently-approved high-risk merchant in the gaming industry mentions, “I went through the rigorous task of supplying a payments solutions company with everything they needed, only to find out months later that they could not support my industry type. It was an utter waste of time.”
Time, in the business world, is considered perhaps the most invaluable and most essential asset. Still, it seems that there are, though not always ‘fly-by-night’ processing companies out there, many payment solutions companies who are not as experienced or equipped to manage accounts with the level of expertise required.
“It is essential,” mentions Sen Kugan, president at iPayTotal, a premier payment solutions company in the UK, “to ensure you find the right experts first before making decisions.” Kugan goes on to express how, in his experience, he has had to mend the dismayed business owners, building rapport and trust, and allowing them to see what iPayTotal offers, which is, as he puts it, “a transparent and fully responsive company, ensuring our clients are aware of everything, from costing to realistic goals for the future.”
What should businesses consider?
The first thing business owners should consider is speaking with an experienced and reputable payments solutions expert. There are numerous details regarding the payments industry for which not all potential merchants are aware. In a word, they ought to be aware of the costs involved, the potential risks and the process as well as the ongoing process. They should also be aware of what type of support upon which they can rely once they have been approved as a merchant account.
Here are five important features to consider before choosing the right payment solutions company: —
- 1. Experience/Expertise
When selecting the right payment processing company, you ought to have a clear picture of the company’s relationships with acquiring banks or other entities who have the right financial licences and who are able to do the underwriting necessary for a payments solutions company to assist in finding the right banking partner to support your business.
iPayTotal has, for example, years of experience in managing successful high-risk merchant accounts, and its reputation and relationship with offshore acquiring banks is extensive expansive and globally renowned. It’s important to select a company with the right connections in order to have a smooth transition into becoming a merchant account.
- 2. Support
Support is often underrated, but for high-risk merchants in particular as well as all internet-based companies, chargebacks cause great blemishes on your business and can even lead you to losing your merchant account or never being able to become approved for one.
By having a 24/7 support team, ready to help your customers with any queries, there is a great means available to mitigate any potential chargebacks since customer support enables customers to understand the product better, which may deter them from claiming a refund. iPayTotal leads by example, offering its clients (merchants) a 24/7 support team for all queries. — This ‘peace of mind’ to carry on with business as usual is what a payments solutions company ought to strive to achieve for their clients.
- 3. Costs
Payment solutions companies around the world often leave this section out for fear of potential merchants running in the opposite direction. This is clearly misleading and, in the long run, leaves such payment solutions companies with a ruined reputation.
iPayTotal believes strongly in transparency. Knowing what you will pay, precisely, is one of the essential reasons when deciding on which payment processor to select for your merchant account. It is necessary to know what you will be charged so that you can plan your budget accordingly.
- 4. Gateways
Not all gateways are secure. This is an unfortunate reality of which cybercriminals are all too aware. If a payment solutions company does not have a secure payment gateway, you should automatically write off said company as an option. This is something you cannot afford to risk.
With a DSS-compliant company like iPayTotal, and its own-designed payments gateway, your website will be fully integrated with the gateway, which is secure and properly encrypted to ensure easy transactions, but above all, safe ones. In addition, this option affords you the ability to have real-time access to all transactions, giving you full control and insight.
- 5. Security
Undoubtedly, the key feature for any payments solutions company is security. Fraud will never go away, or at least the attempt of fraud will always be present. If you cannot be guaranteed of a security measure in place, then the payments solutions company you are investigating ought to be off your list.
iPayTotal uses specialised, high-tech anti-fraud technology, embracing the 3D anti-fraud protection system. This gives your customers as well as yourself the feeling of performing transactions online in a safe, secure environment. Without this, customers will not feel comfortable providing their credit card details, etc.
In the end, the decision must come down to what the investment in a payments solutions company would be in order to benefit your merchant account optimally. You need a seamless transactions system in place to satisfy your customers online.