A high-risk business is more likely to have excess refunds and take part in risky business practices. In recent times, e-commerce businesses are booming at a higher pace. With the growth of e-commerce, payment transactions using debit and credit cards are also increasing rapidly. This is also making it difficult to process all the transactions error-free, that too in less time. These transactions are difficult to execute due to their complex structure.
As more online purchases are taking place, threats of financial fraud are also increasing. Financial frauds can cause businesses to lose major amounts of their revenue within seconds.
In 2021, e-commerce retail sales contributed approximately 19.6% of worldwide retail sales. As per forecasts, this segment will reach nearly 25% by 2025. With this ever-increasing transaction, handling them smoothly is essential to running a business without interruptions.
In this scenario, finding a perfect high-risk merchant account provider is a necessity. They are changing how businesses receive payments and process them globally. They help you avoid such potential risks to a greater extent so that you can focus on your business without having to constantly worry about payments.
There are multiple high-risk merchant account providers available. However, finding the best one can be a complex and exhausting process. In this article, we will provide you with 10 points to consider while finding the most suitable option for you.
Due to the complexity of the business, managing a business with high risk requires a good expert. The new players in the markets may have some exciting offers, but you might not want to work with them. It might look cheaper apparently, but it can cause you to lose your reputation among customers.
The merchant account you choose should have good experience with multiple clients. Working with numerous clients for years had led to their employees gathering broad experience. In any critical situation, they will come up with an instant solution for you.
- Services they provide
The best merchant account provider provides you with the services for both online and offline payments. Otherwise, you will struggle to switch between online and offline service providers. It will also make it difficult to maintain records of both modes.
- Effective Cost
Transaction fees and cancellation fees charges are directly related to your transactions and are standard. You have to find out if they have any hidden charges or the charges which you may have not noticed at first.
Make a clear list of charges you need to pay like monthly charges, annual charges, termination charges, and set-up charges. Choose the merchant account service provider which can provide you within your budget without having to compromise on the quality of services you receive.
- Customer Support
You can find merchant service providers at reasonable accounts with fees with multiple added benefits too. But all these benefits are not fruitful if their extended customer support system is not up to the mark. With growing business segments, you need to have round-the-clock customer support.
Best merchant account providers help you get through the onboarding process. They should be by your side during the whole process. You should be able to contact them immediately if any dispute or technical error occurs. If their customer support is available with a prompt solution, you will have a seamless experience in your business.
Being able to talk to the real person is something irreplaceable. Find a company where you can speak to that person directly or if not available, at least have email or live chat support. If the company does not respond to you quickly, it is not good to work with.
- Duration to Process Funds
Every business needs regular cash flow to run the business smoothly. You need to choose the service provider which processes your transaction quickly so that you can start accepting the credit cards right away.
The time required to process the entire transaction should be fixed. Waiting to get your payments clear is not ideal for you or your customers as it puts a question on your credibility.
- Added Features
All businesses have some unique features and thus, specific requirements. A good merchant account provider should be aware of such business needs. Your high-risk merchant account should also reflect that by providing tailor-made features. They might even have elements available for the business that you might have never heard of.
Some service providers even have some packages of add-on services which they offer to suit customer requirements. Sometimes, you can add or reduce any service of your choice from those packages too. Your ideal service provider will happily alter the packages hassle-free.
- Fraud Protection
With increasing cyber crimes, finding a high-risk account provider who processes every transaction safely is of paramount importance. Securing funds in business is a basic need to be able to operate the business. You need to choose a merchant account that is a protective fraud detection and prevention system.
Before finalizing any account provider, do thorough research. Choose a service provider who has no track record of any fraud. Also, check what kind of preventive measures they take to mitigate the risk of any financial fraud.
You would not want to get stuck with a system that is not compatible with your current payment system. Before signing any contract, run a compatibility test to avoid any conflicts later on. You can also check the compatibility by running a system for a trial period.
- Customer Reviews
Go through customer reviews thoroughly. Check if customers are complaining about any glitch or issue with the merchant account. Look for some real-life examples, preferably in your industry.
Look for the businesses using their services and inquire about how satisfying the services are. It is best to look for businesses in the same industry as yours. Your merchant account provider will be happy to provide you with the customer details if they have a good service-providing experience with them.
- Contract Duration
Most service providers will require you to sign a contract for a fixed term. Initially, try to keep the duration short. You can gradually increase the tenure once you get comfortable working with them.
Keeping the term short initially will also enable you to terminate or alter the contract and choose another service provider if you are unsatisfied with the services they offer.
Why Should You Trust PayPound for Your High-Risk business?
PayPound is the leading and fastest-growing merchant account provider for several high-risk businesses. We ensure our payment solutions are in accordance with your requirements, along with retaining a high level of security and protection.