If you operate a business online, you ought to give your clients a platform that allows them to make credit card payments for all the products and services they buy. For you to accept credit card payments, you need to have an account with a reputable bank. But if your business is categorized as a high-risk business, then you do not qualify for the traditional bank accounts. As such, you must have a high-risk merchant account that will permit to accept credit card payments.
Setting up a high-risk merchant account requires typically one to seek assistance from a bank to accept credit card transactions by arranging such a mechanism with a third-party account provider. But with a sea of merchant processors out there, how do you know which company to engage? Read on to learn some of the essential tips you ought to take into account when selecting a reputable high-risk merchant account provider for your online business.
Reading reviews online is a sure way of knowing whether the merchant account provider is worth your money. Find the high-risk merchant account provider you want to hire on different review platforms and then decide if they are right for you. If you see that they have negative reviews, then you should consider looking for another merchant processor. A high number of negative reviews indicate that the company does not satisfy the needs of their clients, and this can be dangerous to your high-risk enterprise.
Most high-risk business out there is faced with issues of chargebacks. Chargeback cases are as a result of clients making payments via credit card and then reversing the payments the minute they receive the goods they wanted. For this reason, you ought to know how a merchant account provider takes care of chargeback cases. Walk away if the processor you are considering does not have the technical knowledge to prevent chargebacks. Chargeback protection services should top on your merchant account provider’s list.
What’s more, you should find a high-risk merchant processor who is accessible and certified internationally. The merchant account provider you select should enable your international customers to pay via credit cards for all products and services they buy. Because not all processors operate globally, it is of paramount importance to check this first before setting up a high-risk merchant account with them.
Aside from examining the high-risk merchant processor’s reputation, it is also good to review their business permits. Some of the things you ought to look out for when you check their page include the name of the business, acquiring bank, privacy statements, legal disclaimer, and registration status. Be sure to work with a high-risk merchant account provider who is registered and permitted to provide high-risk merchant solutions.