Tuesday, November 2nd, 2021
The capacity to accept debit and credit cards is essential to having a viable business in today’s economic climate. Seeking a trustworthy and dependable merchant account provider can be a major undertaking.
That is why it’s critical to set your sights on seeking services from a high-risk merchant account provider. They know the ins and outs of most high-risk industries. The key is to carefully evaluate them to determine whether they can serve your business best.
The 10 Key Attributes To Look Out For In A High-Risk Merchant Account
Despite the risk, high-risk verticals have proven to be quite lucrative and that is why many unsavory players have filled the market, claiming they can offer high-risk merchant accounts and take a merchant’s business to the next level.
Legitimate high-risk merchant account providers have essentially 10 attributes that prove that they are up-to-snuff, to handle any curveballs your business can face along its journey.
Here are the 10 attributes:
1. Custom Solutions
Your business is as unique as its needs. A professional provider worth it’s salt will offer you the best payment gateway that suits your particular business. They will also offer access to both domestic and international banking partnerships to ensure that you are teamed up with those that fit your processing needs.
2. Chargeback Protection
Chargeback protection is a must so that your account doesn’t face termination once you surpass a certain limit. There are no high penalties. This is what makes high-risk merchant accounts so advantageous. It ensures you stay in business.
3. Opportunities For Expansion
You are not limited as to what and how much to sell. The sky is truly the limit. More opportunities to sell more products means more revenue and eventually the ability to expand your operation, even on a worldwide scale.
4. Cut Back On Processing Delays
Having consistent cash flow is vital for your business. This means having easy access to your cash. With a high-risk merchant account, you will have lower processing times and fewer barriers to reaching your funds.
5. Account Termination… A Thing Of The Past
High-risk merchant account providers are not intimidated by risk. It’s simply part of the business. They will not close your account if you exceed a certain threshold of chargebacks. Simply make sure that they are under control.
6. Take On The World
You will be able to accept international transactions in multiple currencies, provided that they are low-risk countries. This will allow you to scale on a global level.
7. No Volume Caps
The perks of a high-risk merchant account include the freedom to transact as much as you want. No monthly target volumes to be met.
8. Top-Tier Security And Fraud Protection
Having a 3d secure payment gateway is paramount to ensure your customers’ sensitive card information is not compromised. Top-of-the-line security and a lengthy and proven track record of security are a must.
9. Top-Notch Customer Service
It is critical that you have access to professional and knowledgeable experts to help you handle any complexities you may encounter. You need to be able to connect with them immediately, either by phone, live chat, or e-mail.
10. Merchant Account Reserve
Acquiring banks and other financial institutions still want an extra layer of protection from any risk. To bar against chargebacks and other fraud, they will require a merchant account reserve. This money will be set aside to guarantee that they will be paid, even if you were to face financial difficulty.
Do Your Homework
High-risk merchants no longer have to worry about being left out in the cold, without a reliable merchant account to process their payments. The key is to stay vigilant. Research the online reputation of potential high-risk merchant account providers.
Go over their terms and conditions carefully to ensure that this potential partnership will be beneficial to you and your business.