Once you find the right high-risk merchant account for your business, the next step to take is to maintain it. Having said that, there are a few high-risk merchant account providers who provide their services at a really low cost. Now, the reason why they offer their service at such a low price is that their refusal or chargeback ratio is too high. So, do look for a service provider who is genuine and tell you everything about their service transparently. Know who to get in touch with and who to avoid. Talk as much as possible, ask for client testimonials or go by references. These things might help.
A good high-risk merchant account provider will not only offer you the right price but will give you better payment options as well. Since they understand this business from top to bottom, they will help you to set up your account without any issue. However, here are some of the things that you should be mindful about.
Always look for the right service provider
We have already talked about this in the introduction, but the reason why we are discussing it again is that it genuinely depends a lot on the service provider and the kind of support you get from the service provider. Your merchant account will depend mostly on how genuine your merchant account provider is. Particular, if yours is a high-risk business, then you have to do your bit of research before selecting one. This is the first step to sustain your account.
Look for the cost
When you opt for a high-risk merchant account, the service will include some recurring cost. For example, there will always be 2 to 5 percent of fees which you will have to pay for every transaction. No matter how cheap a deal a merchant account service provider offers to you, you should be aware of the transaction rate. Taking rates under consideration will keep you alert that this is a fee that will be there no matter what. Among the gamut of offers, you will start receiving once you look for a high-risk merchant account provider, try not to miss the one who is honest about their service.
Think about your needs
High-risk merchant accounts will always be a little expensive. In order to sustain your account, you will have to pay their fees for every service that you take. Be mindful about the services that you need from them and know what you are paying. Everyone is running a business and failing to pay for their service means getting your high-risk merchant account cancelled. Here are a few things that you can think about. Do you need an e-commerce payment gateway, how about a credit card payment terminal, do you want an integration with online shopping carts, etc. These things will let you decide which payment solution should you invest on to sustain your account.
You will need e-commerce solutions
If you are running a physical store then you don’t need e-commerce solutions at all. But since you have applied for a high-risk merchant account, it is extremely crucial for your business to get assistance for your e-commerce solutions. Before you start selling your products, you will need proper assistance to set up the payment gateway. Once it gets installed, even after that you will need their assistance. The reason behind this is simple. Since yours is an online business, you will be selling many products and having a payment gateway feature would mean to be able to accept payments whenever you want. Now, the payment gateway has to be secured and robust, so that no one finds any difficulty in paying for a particular product.
Having said that a reliable merchant account service provider will ensure that your payment gateway is always updated and free from glitches, this is how you will keep receiving payment non-stop and will ensure that your business keeps growing.
Pricing matters a lot
It is okay to speak to your merchant account provider. If you like a high-risk merchant account provider whose charges are a bit high but are genuine and is transparent about its commitments, then you should definitely try to speak to them to get their service. There will always be a few who are ready to negotiate. Just because someone is charging a bit more than the other, shouldn’t be the reason for you to discard them completely. You know that their service will help you sustain your high-risk merchant account, so go ahead and speak to them. There will be two payments which you will have to pay no matter what. They are the processing fees and the account setting fees. Processing fees are those which you need to pay per transaction, however, account charges need to be paid either yearly or monthly. Since you need to sustain your high-risk merchant account, you should speak to the service provider and look for a solution and try to lower the charges for either of the two. This way you will save money and will also have a robust high-risk merchant account.
Ask the merchant account provider if they can give you month-to-month contract
Although asking for a month-to-month contract could be a bit tough, however, there are a few service providers who might agree to it. The month-to-month contract is particularly beneficial for those who are into high-risk business. The reason behind getting a monthly contract is simple. Since you are into high-risk business, there is always the fear of sustainability. Just in case, if your business starts to seeing losses, paying for a longer year duration contract can be a bit too much for your business to handle. If the service provider that you like denies for the monthly contract and insists on the standard three years contract, then try to negotiate for the price as the point mentioned above.
Ultimately, everything boils down to how your merchant account provider is in terms of sustainability. So, go ahead and speak to the merchant provider.