Offering your customers the option spend via credit card is crucial for your business. Especially from online businesses, card payment is the only option customers have. 3rd party agencies offer merchant processing services consist of credit card processing to businesses. But herein lies the issue. While everyone is willing to contain low risk businesses, businesses that are risk do not get as much support from merchant service providers to assist open a merchant account.
They are offered only by specialized service providers.
Are You a risky proposition Merchant?
You qualify for this services if your business is categorized as a bad risk business. The online business that come under this category typically include those in the following areas- porn sites, those dealing with health and beauty such as websites selling weight loss, skin care, muscle enhancing and other similar products including nutritional and beauty supplements. Detective services, online dating sites, lotteries sites, sports consulting sites etc are some other examples of this family businesses. These businesses are inherently risk for self-evident reasons.
This type of merchant services are also required for high volume businesses, simply because are more at risk from credit card sham. Small companies with low volume sales are also considered because they can’t afford the necessary fraud screening tools.
The individual business/ business owner characteristics are also principal. Businesses not accredited with the small business bodies, those with poor/inconsistent credit histories, or where enterprise or the owner has been blacklisted due to any reason are considered high risk.
If you is usually a CBD merchant account us, you will find it difficult reward yourself with a merchant account, can be crucial to enable credit card transactions. Hence you need the assistance of merchant service providers who especially cater to the needs of these type of merchants.
High Risk A merchant account – What Perfect Expect
These type of merchant account providers charge enormous fees for their websites. Merchant service fees are way higher than those charged for regular businesses.
For setting up a regular merchant account, often the set up fees are negligible or even nil. In case of these connected with merchant accounts, your high fees start right from this point and include large processing fees.
However, considering that enabling payment by credit card important to the success of your business, you have no choice but produce in to the stress of merchant providers. But as always, you must choose your agency wisely and make sure you are not being taken for a ride.
How to Choose a High Risk A merchant account Provider
Ask around and select a provider with well established reputation in the field and who is well spoken of for the range and quality of services offered.
Choose someone who caters to your particular needs. For instance, depending on kind of your business, you may require 24×7 support.