High-risk businesses are more likely to engage in activity with more financial risk involved. what high-risk business is? E-commerce companies have been growing rapidly in recent years alongside payments done with credit and debit cards. As a consequence, this makes it challenging to complete all transactions quickly and error-free.
E-commerce retail sales made up about 20% of all retail sales globally in 2021. Forecasts indicate that by 2025, this segment will grow to over 25%. Seamlessly handling these increasingly numerous transactions is crucial to maintaining uninterrupted business operations. Additionally, financial fraud threats are rising with growing numbers of online purchases. If gone unchecked, businesses risk losing a significant portion of their revenue due to financial fraud.
Finding an ideal high-risk Merchant Services Provider takes work. Many factors need to be considered, such as the types of services offered, the types of risks they can cover and the reputation.
This article will provide a list of 6 tips to help make your decision easier by breaking down these factors.
Type of services offered: You want a provider that offers high-risk merchant services, so it is important to determine what these services are before you start looking.
Types of risks they can cover: Every company has their own set of risks, and it is important to match what your company needs with what this provider provides.
Reputation: You want a provider with a good track record in customer service and service quality, so you should look for reviews on this aspect before settling for one supplier.
Select a high-risk merchant account supplier that takes pride in offering quick approvals. So that your company can start accepting credit cards right immediately, the application and approval processes should be rapid.
A supplier with many positive reviews is another option to consider. Reviews are great in making sure that banks that do business with companies like yours will receive your application, which will save you a ton of time..
Security is crucial when selecting a high-risk account provider. That is because the security of a company's financial assets is of utmost importance. The best high-risk merchant account providers are those that ensure the security of all of your financial transactions. Therefore, you will want to find a supplier that takes the initiative and offers the top fraud prevention services.
Do extensive research before choosing a supplier for your accounts. Select a service provider with no history of fraud. Additionally, find out what kind of precautions they take to lessen the chance of financial theft.
The ideal high-risk merchant account can be set up with the assistance of an experienced high-risk merchant account provider. This is because they have built up a sizable network of high-risk banks over time and have personnel skilled in developing and improving their network of local and international banking partners. As a result, they can provide various solutions for practically all high-risk merchant account types.
A high-risk merchant account provider who has been around for a long time has also tried and tested the majority of financial institutions to determine which is the best fit for your company.
With next-day funding, businesses get their credit card transaction proceeds the following day. Typically, for the cash to be available for the next business day, you must process your daily batch before a set time. Additionally, you should inquire about your payment service's policies on transactions on Fridays and Saturdays because, oftentimes "next-day" refers to next business day.
As you research the different high-risk payment processing companies, you'll discover that some want long-term contracts, especially for high-risk businesses.
Another clause that may come as a surpriseis the automatic renewal clause. Read the small print and inquire about the duration of the contract to avoid this. Searching for a supplier that offers flexibility through month-to-month contracts is ideal. By doing this, you may adapt your services to your company's needs.
Making sure your payment processor can handle your processing requirements will prevent you from having to forgo services you need, or deal with multiple payment service providers.
Credit card terminals, point-of-sale systems, mobile payment solutions, payment gateways, and integrations are some of the most standard payment processing services that should be provided. Keep in mind that as long as they are provided by the service provider and properly priced, they only need to be included in the base cost for your high-risk merchant account.
The tips provided above are not exhaustive, and simply provide some guidelines to keep in mind when looking for the right provider. Of course, as a business owner it is necessary to do your own research and due diligence, as well as read other customer reviews. Merchantech has proudly and successfully been serving high-risk accounts for years. Contact us today to find out how we can take your business to newer heights.
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