Top Five Things to Know about High Risk Credit Card Processing
High risk merchant accounts are a lot of work, or at least they seem that way to newcomers. Fortunately, there are many things that you can learn to keep you one step ahead of the game and less confused about what you’re getting into. When dealing with high risk credit card processing, making sure that you know what is most important does matter. Here is a list of the top five things that you should know about high risk credit card processing:
#1- The fees that you pay depend on the type of business that you have and the volume that you are projected to have from month to month. If you do less business, you will pay lower costs for your high risk merchant account and vice versa. You need to make sure that you consider this when applying for a high risk merchant account. Usually, fees are listed on a per transaction or per dollar basis, making it easy for you to determine what your costs will be.
#2- High risk credit card processing services are NOT all created equally. You need to do your homework and make sure that you choose a high risk processor who will provide you with the best services and security, which is the point of the high risk account in the first place. Some companies promise cheap rates or fewer fees, but not all of them deliver. Be very careful if a company seems too good to be true, because in most cases they will be.
#3- Know how long you will wait to be functional with your high risk merchant account when you get it. Some companies can take time to do this, which could be anywhere from a day or two up to a week or more. Make sure that you get an account that not only provides what you need, but provides it when you need it. If your business is already functional or going to be within 24-48 hours of getting approved for a merchant account, make sure the provider can have you set up that quickly so that you don’t lose sales and customers because they can’t make purchases.
#4- ‘Offshore’ is NOT code for ‘bad news’ or ‘illegitimate’. Too many people see ‘offshore account’ and think of all of the scams and schemes out in the world. However, some of the best high risk merchant accounts are offshore accounts, which can provide you with a chance to have higher volume sales and earn more money while also protecting you from fraud and chargebacks more easily. In fact, finding domestic accounts for high risk processing can be difficult and a lot more expensive.
#5- Being high risk is NOT a business death sentence. The reasons that businesses are high risk are varied. Some have high volume sales. Others sell a lot of high dollar items. Even more deal in industries that are simply more subject to fraud and chargebacks, such as replicas, adult, and pharmacy businesses. However, these are all legitimate businesses and no one has to know that you have a high risk merchant account. The negative stigma attached to these accounts is not a viable reason to avoid them because they are far more helpful than harmful.
High Risk Credit Card Processor specializes in High Risk Merchant Accounts, High Volume Merchant Accounts and Offshore Merchant Accounts. High Risk Merchant Accounts include such industries as mail order, telephone orders, adult entertainment industry, direct marketing industry, dating, online dating and escort services, outcall services, travel, telecom, timeshares industry, herbal supplements, diet companies, subscription services, membership services and clubs, ticket sales, MLM merchant accounts, multi-level marketing businesses, bail bonds, pawn shops, water filtration systems merchants, collection agencies, auto rental companies, rare coin and collectible shops, computers, custom design products, software sales and service, detective services, door to door sales, massage parlors, gun shops, hair restoration services, cosmetic surgery, high-end ticket sales, high volume merchant accounts, home based and telecommuting businesses, fortune tellers, infomercial merchant accounts, insurance products, investment products, custom jewelry sales, multi level marketing, MLM organizations, phone sales, internet businesses, seminars, educational institutions, sports collectibles, used auto sales, water purifier sales, weight loss centers, vitamin and herbal supplement stores, international merchants, companies facing high chargebacks, etc.
For additional information about this article or about obtaining High Risk Merchant Accounts, please call 877-460-8472 or email info@highriskcreditcardprocessor.com.
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