If you’re a high-risk merchant, it’s important you find the right payment processing services for your company. If you’re not sure if your business is high-risk, here’s a simple explanation to help you. A high-risk merchant is one that conducts business in an industry that has a higher level of risk. An example of high risk would be a company that has age restrictions. Some of the industries that fit this description of high risk include medical marijuana or online gambling. If you’re a high risk merchant, here’s how you can find the best high-risk merchant services for your business.
Search different providers of high-risk merchant services
It’s necessary to find a company that has a track record of working with high-risk merchants. In particular, find a provider that’s worked with high-risk merchants in the industry your business is in. Find reviews on the provider and see if they’ve been mostly positive. It’s also important that their website shows you their prices. Ones that don’t may charge higher fees than you should be paying. You should always avoid providers that process payments through inflated fees when dealing with high-risk clients. Lastly, always read the conditions of their service so you can avoid any potential issues with how much you’re paying for their service.
Avoid long term contracts
Among the options you’ll have with high-risk merchant service providers, some of them will ask that you sign up for a long term contract. Since the nature of your work is risky, that means there’s more risk for changes that could impact the needs of your company in the future. It’s better for you to go with a provider that offers short term contracts and flexibility. A month to month contract would give you enough flexibility to change the conditions of your contract to accommodate the changing needs of your business.
Find providers that offer key services
While you might not find a provider that can serve all your needs, there are certain services you should look out for that can be really helpful to your business. One service that’s really helpful is credit card terminals. These are devices that can be used to process credit card purchases. Many consumers still use them to pay for products and services. In addition, you should also find a high-risk merchant provider that offers mobile payment solutions. The number of people paying for products and services through their smartphones will continue to rise. It’s important your business will be prepared for these payments as well. Additionally, see if find providers that offer POS systems, payment gateways, and integrations. While you might not find one that offers all of these services, it’s helpful if you can find a provider that can offer most of them.
It’s critical for any high-risk merchant to find a good high-risk merchant services provider. Following these tips will help you come to the best choice for your company’s needs. Payment Cloud can help provide you more information on a high risk merchant account.