High Risk Merchant Services

 

When you are glancing for a reliable provider of high-risk merchant services, it can be hard to choose among the many options available.

7 Tips for finding your impeccable high risk merchant services for your business

What do you take into consideration? What do you ask? How do you know? Read for our 7 tips and questions to canvass to make your search easier such as –

#1 – Do they acquire high-risk merchant services clients in your niche/vertical/industry?

Many payment gateway providers might be able to afford you a high risk merchant services account, but not all of them will be recognizable with your industry and its intricacies. It is always outstanding to work with someone who already has clients with businesses similar to yours because they are more intimate with the risks and challenges specific to you. An expert won’t just be adept to administer high-risk merchant services, they’ll also be able to advise you.

Once you know that a given merchant account provider does assist your industry, it is time to take a look at their track record. What do their previous and current customers have to assert about them? Here you do not have to limit yourself to businesses analogous to yours – what you are glancing for is a general evaluation of their skill, level of customer service, reliability, and trustworthiness. A glance at their website, but don’t stop there – check out their social media accounts, Google reviews, Yelp, and other directories. Do not get hung up on individual bad reviews if you identify them – sometimes people leave a scathing review for something that is not a business’s fault. But beware if the preponderance of reviews and testimonials is negative. Get high risk merchant account instant approval with 5 Star Processing.

 

#4 – Always be cognizant of the costs

Having a high-risk business tag on you will mean having to pay a higher price than a regular business. Even if you designate to go with a service specializing in high-risk merchant accounts. You can foresee paying between two and five percent for each transaction. And also the account fees can vary, depending on the services you are going to need. It is decisive to keep in mind that there will be no one offering you the rates you see processors advertising. You should know this so you do not end up rejecting a great service for your high-risk business just because you think they are charging more than what you have seen somewhere else.

#5 – Figuring your processing obligation

The basic urgency that you will need from a high-risk merchant account from 5 Star Processing is similar to any other. Because you are paying rates and fees, you will have to start carefully thinking about the exact services and equipment the business urgency to you can minimize the costs. The process of figuring out what you require and what you can do without is a tricky one. Some services can seem a little too high, but with the increased profits you are going to get extra sales to justify it. Some of the things that you devoir to see whether you need or not may include such as –

• Credit Card Terminal – This feature is a must for a brick-and-mortar business. Many people do not like to have cash on them and adopt making their payments using a card. You also have to know whether you need NFC-capable capable terms that are adept to process contactless payment options such as apple pay.
• Mobile Payment Solutions – If you have a business that is always on the go and you need to process the payment anywhere at any time, then this is decisive for you. If you are in the same place always, there is no urgency to get this service.
• POS System – This is a modern-day standard for business because it will seamlessly accommodate the in-store and online management programs, ordering and payment process, and tracking tools.
• E-commerce Payment Gateway – You will require an eCommerce payment gateway if you plan on selling products online. This service is not decisive if you are not planning on selling online.

#6 – Buy equipment instead of leasing

The high cost of equipment can be off-putting when starting a business and this is why many of them will adopt leasing. When it comes to credit card processing equipment. It is decisive to buy because it will save you a lot in the long run.

#7 – Negotiating pricing based on the needs of your business

Setting up a high-risk merchant account is not a forthright process and most high risk payment processors will not give you any fees or rates upfront. It will associate dealing with third-party organizations and services before the solutions can be administered.

 

This means there is some arbitration you can do to get a great deal. Following the tips above will asset, you know what you need. The two costs are a must for account fees and processing rates. Processing rates are those that you pay for each transaction of your business. While the account fees are those you will be paying on a monthly or yearly basis. A high-risk account will have to pay more for both of these services. Depending on the demand of the business, you can manage to negotiate lower for one or the other.

 

Conclusion

Getting a month-to-month contract is an outshining option especially when you are a high-risk business. This is an option that many providers find arduous to agree to because the business is risky. A three-year contract is an alternative, and it comes with a very high early termination fee.

 

These high risk merchant account fees can be very calamitous if the business goes under. You can accept higher fees for a more flexible contract. Contact 5 Star Processing to more about high-risk merchant accounts.