Finding the right merchant processor can be difficult if you don’t know what to look for. Businesses that are deemed “high-risk” have an even greater challenge when seeking merchant account providers to process payments for their products and services.
Some merchant processors still see many businesses as having a high level of risk. Here’s what you need to look for in a high-risk merchant processor.
- Start With the TermsHigh-risk businesses have unique considerations that should be addressed in a contract. Your agreement document provides an overview of the services provided and the details related to the working relationship between you and your merchant processor.These contracts can be lengthy, and business owners can feel overwhelmed by the complexity and language included in a contract. As a result, many businesses fail to understand the terms and conditions, which leads to problems in the future.Invest the time needed to look through the elements of any contract before making an agreement with a merchant processor. Any concerns that come up should be addressed as soon as possible to ensure a mutually beneficial agreement.
- Know Your Merchant Processor FeesThe terms and conditions typically outline the information related to these fees and their payment processes, but some fees may not be clearly stated during your initial contact with a merchant processor. Your contract review will ensure that you have all of the information related to the fees for which you’ll be responsible.In some cases, business owners lack the experience in working with a merchant processor. In others, merchant account representatives may provide misleading information in order to achieve a sale when presenting a merchant account. Additionally, the fees associated with processing different credit cards can fluctuate due to the requirements that each credit card company establishes with merchant processing companies.Fees related to the early cancellation of your contract must also be considered when choosing a high-risk merchant processor.
- Transparency and SupportMerchACT offers the transparency that high-risk businesses need. For high-risk businesses, MerchACT’s full disclosure of all processing fees gives you greater peace of mind, eliminates the risk of unexpected costs, and maximizes the return on your investment. In addition, having the support you need over time is essential to addressing any unwanted issues.Some merchant processors provide immediate access to a service representative. Others may provide support through email. This may create more of a delay in correcting issues related to your payment processing.You’ll have to consider the support you need. This is a critical component in choosing the best merchant processor for your needs.
- Why a Merchant Processor Considers You High RiskIf your type of business deals with high-risk products or services such as debt collection or sales of pharmaceuticals online, then merchant processors may be less likely to provide you with an account.Offshore and international businesses can also present a risk to many merchant processors. If a business has been denied a merchant account in the past, then a new merchant processor may not be willing to work with you.This makes it difficult for high-risk businesses to secure merchant processing accounts. Companies such as MerchAct provide solutions that give you fast approval for your merchant processing needs.Understanding what to look for in a high-risk merchant processor ensures that you get the right payment-processing partner to help your business continue to grow.