With so many high-risk merchant account providers on the market, it can be hard to know which one is right for you. The best high-risk merchant account provider will meet your specific needs while also providing a great customer experience.
It’s crucial to find the perfect provider that meets your needs and can help you avoid costly financial setbacks. Here are some pointers on what to consider before making your decision.
What Is A High-Risk Merchant Account?
A high-risk merchant account is a type of merchant account that’s been specifically designed for businesses with a higher risk of chargebacks, like those in the travel, manufacturing, and home services sectors.
Why Choose A High-Risk Merchant Account?
High risk merchant account providers will help you establish an authoritative online presence. If you’re a high-risk business, your business is likely struggling to find funding. The good news is that there are many options out there for high-risk businesses.
With the right high-risk merchant account provider, you’ll be able to get a solid credit card processing solution without all the burdensome paperwork and unnecessary fees. A provider with low rates and solid customer service is key for any high-risk business looking for a new merchant account provider.
Below we’ll discuss what to look for in the best high-risk merchant account provider as well as how to choose one that meets your needs.
How To Choose The Best High-Risk Merchant Account Provider For You?
There are many providers on the market, but not all of them will fit your specific needs. The best high-risk merchant account provider should be able to provide a great customer experience while also meeting your needs.
Location: Where is the company headquartered? Do they have a physical location near you?
Cost: How much will it cost to use their services? Are there any hidden fees or other costs that could potentially arise?
Customer service: What type of customer service do they offer? How responsive are they when you contact them with questions or concerns?
Technology: Does the company offer any new technologies that would help your business grow?
Company history: What type of reputation does this company have in the industry with other companies, lenders, and customers?
Account setup process: How easy is it to set up an account with this company and what is the time commitment required to maintain it?
Consider Your Needs And How Well They Match With Their Services
The first step to finding the right high-risk merchant account provider is thinking about your needs. What are your company’s goals? Do you need a credit card terminal? Do you want to accept website payments? etc. The type of services and products you offer will determine the best service for you.
You also need to think about how well these services match your current business goals. For example, if you’re just starting, accepting credit cards will be crucial for acquiring new customers.
If you have a brick-and-mortar store, accepting mobile payments might not be necessary as much as it is for an online store. This is important because the wrong type of account can end up costing you more than anticipated.