Tips to Choose Your High-Risk Merchant Account Provider
When it comes to choosing a high-risk merchant account provider, the process can be complicated. If your business offers high-risk services or products, you have to look for an established merchant account provider that offers credit processing solutions to merchant businesses like yours. There are several merchant providers that you can choose from for your high-risk credit card processing needs. While not all merchant service providers are equal, choosing the right one comes down to your homework. The tips below will help you make an informed decision.
Prepare a list of important questions to ask when evaluating different merchant account providers. Apart from focusing on meeting the requirements needed for a merchant account, you should also be sure that the provider you are about to work with is the right choice for your business. Get to question their experience offering high-risk merchant account services, how their support works, their merchant solutions, payment processing equipment, replacement terminals, why e-commerce solutions and wireless terminals are the best among others. By asking questions, you can easily determine if the sales rep and service provider are knowledgeable and suitable for your business.
Find out about their pricing and costs involved. You have to get a clear outline of all monthly costs that will be charged by high-risk merchant account providers. To have a clear understanding of what fees you will be paying, ask them to explain how they do their calculations. You should understand the interchange fees, early termination fees, monthly minimum fees, annual fees, chargeback fees, PCI compliance charges, price structure for your business, how fees will be deducted from your account and other charges. Consult at least two or three leading merchant account providers and get a clear cost analysis of fees that you can compare.
What Do You Know About Accounts
Look for professional and efficient support services. This is a critical aspect to consider when choosing a high-risk merchant account company. Apart from offering efficient credit card payment solutions for your high-risk merchant business, they should also be able to troubleshoot problems fast and with ease. Does the provider have a dedicated support team that is ready to respond to any issues and offer the best solutions for your business? With the right support, you will get professional help when faced with technical issues or when you need to clarify something about your merchant account.
Doing Merchants The Right Way
Consider the reputation of the high-risk merchant account provider. Although you will come across many companies offering merchant account services, focus more on their credibility. Look at their financial stability and client’s testimonials and reviews online. Do they offer services to businesses like yours? The longer they have been offering payment processing services to high-risk merchants, the better for you. For merchants that sell products or offer services internationally, you need a provider with a huge global presence. PCI and EMV compliance is also critical for the protection of client’s credit card data and the prevention of fraud.