If you have a high risk or an international business, you need to look for a high risk merchant account provider that will give you the best service, gives the most reasonable fees and charges, provides fast processing of your requests, and shows reliability.
High risk merchant account providers cater to businesses that are classified to be high risk and those that may be located offshore. High risk businesses, such as those in pharmaceuticals, online gaming, and travel services, have high volume in sales, thus making them more vulnerable to fraud. In order to make your business more efficient and profitable, you can find the best high risk merchant account provider using the following criteria:
Offers you the best service
The first few things you need to look at when comparing high risk merchant account providers are their services and the quality of assistance they provide. Since you will be dealing with many customers, look for providers that are more flexible such as those with the ability to accept multiple currencies. This is especially helpful with your online business that deals with the global market. Find out how each provider deals with chargebacks and choose the best one that handles returns well according to your preference. Finally, since you are expecting high sales volume, your merchant account provider must have excellent customer support as you are prone to having more technical problems and other concerns. See if providers have toll-free customer care hotline or online customer support that you can reach any time of the day.
Gives the most reasonable fees and charges
The money you will spend in applying for and maintaining a high risk merchant account is one another important criteria to consider. It is understood that your will incur higher costs as compared to standard merchant accounts, but comparing high risk merchant account providers can help you find the one that will give you the best deal. Higher rates are said to be mainly caused by the increased risk of these providers for fraudulent transactions. Another reason is that many businesses under this category are hoping to apply for a merchant account, but with not so many providers willing to cater to such companies. Furthermore, if you are an international or offshore client, your fees will also be higher since there are more processes to undergo with your application and maintenance.
Provides fast processing of your requests
Most providers take longer time to approve your high risk merchant account application than applying for a regular merchant account, since more processes are involved and more factors and papers are being assessed. Look for a high risk merchant account provider that takes lesser days for you to wait for their approval. You will need a provider that will let you start earning from your business as soon as possible and one that will help you minimize opportunity losses for the days you can actually start doing your business.
You must look for a trusted high risk merchant account provider that will ensure everything goes in control from your application to servicing your needs over the contract period. Go over provider reviews and feedback online and ask your personal bank for recommended high risk merchant account providers, if they have any. Another helpful way is to ask existing and long-running businesses about their merchant account providers. It is also important to find a provider that is backed by a stable bank so that even if your transactions reach high amounts, especially during peak seasons, you would not have to worry about the security of your funds.
For a more efficient and profitable high risk business, you need to make sure that you find the best merchant account provider that suits your needs. With the higher cost you need to incur, it is a must that you get the best out of what you spend for. Getting a merchant account is part of your investment and so it must lead to improving the status of your business by increasing your sales and not exposing your business to more financial risks.