Offering your customers the option to pay via credit card is crucial to match your business. Especially for online businesses, card payment is your best option customers have. Third party agencies offer merchant processing services consist of credit card processing to businesses. But herein lies the catch. While everyone is willing to assist low risk businesses, businesses that are risk do not get as much support from merchant service providers to help them open a merchant card account.
They are offered only by specialized service providers.
Are You a risky proposition Merchant?
You qualify to do this services if your company is categorized as a high risk business. The online businesses that come under this category typically include those their following areas- porn sites, those linked health and beauty such as websites selling weight loss, skin care, muscle enhancing and other similar products including nutritional and beauty supplements. Detective services, online dating sites, lotteries sites, sports consulting sites etc are some illustrations of this family businesses. These businesses are inherently risk for apparent reasons.
This type of merchant services are also required for high volume businesses, given that they are more be subject to credit card fraud. Small companies with low volume sales are also considered because they cannot afford the necessary fraud screening tools.
The individual business/ business owner characteristics are also important. Businesses not accredited with the small business bodies, those with poor/inconsistent credit histories, or where business or the owner has been blacklisted due to any reason are considered high risk.
If you are a merchant, you will find it difficult to get a merchant account, will be crucial to enable credit card offers. Hence you need the assistance of merchant service providers who especially cope with the needs of these type of chain stores.
High Risk A merchant account – What Utilized Expect
These type of merchant account providers charge enormous fees for their organizations. Merchant service fees are way compared to those charged for normal businesses.
For setting up a regular CBD merchant account account, often the set up fees are negligible or nil. In case of these kind of merchant accounts, your high fees start right from now and include high processing fees.
However, considering that enabling payment by credit card is crucial to the success of your business, you have no choice but to make in to the requirements of merchant service providers. But as always, you must choose your agencies wisely and make sure you are not being taken for a ride.
How to Pick a High Risk Merchant services Provider
Ask around and choose a provider with well established reputation in the field and who is well spoken of for the range and quality of services offered.
Choose someone who caters to your particular needs. For instance, depending on kind of your business, you may require 24×7 support.