|January 23rd, 2018|
“Always put your best foot forward”- this old adage advises every businessman to act wisely. Accepting credit card payments in your business, be it a brick and mortar commercial model or it is E-commerce you have ventured in, is a modern business mandate. This is so obvious that you want to have the most reputed and affordable merchant account services by your side. Entrepreneurs who are yet to start their struggle with payment processing industry should soon wake up to the harsh reality.
Your dreams to be a business tycoon might get scattered at the very first step. As soon as you start applying with major issuing banks for high risk merchant account you realize that it is not going to be any close to easy. To make it possible tons of businessmen head towards the payment processors. Alas this shrewd fraternity is too waiting for the innocent business owners to surrender themselves.
Free Yourself From Trap Of Predatory Merchant Service Providers
This comes as a bad news to the optimistic business owners. Plenty of merchants whose business falls into category of high risk opt for the services of payment processing partners. They expect providers to offer them fair and unique payment solutions that meet their business requirements. Unfortunately instead of putting in efforts to mitigate risks and handle the chargebacks they come up with the plans that cost you several times more than reasonable.
Leave alone their fraud protection mechanism you have to first get rid of fraud that they are offering you in name of secure credit card processing.
Don’t Feel Sorry For Being A High Risk Merchant
There are so many factors that make your business fall into category of high risk businesses. If you are running an adult entertainment industry legally, you are doing nothing wrong but you might not get the approval of society. Thinking of their own public image many investors would not come upfront to lend you money. Similarly you can again be a high risk business if your business model lacks the uniqueness. High turnover rates need to be counteracted with some business USP to stand out of the competition. If you miss on this one point market is already saturated for you to survive.
It is well understood that you are not a retail bakery and things are not easy for you, at least when it comes to taking up secure payment processing services. You have to accept the truth and reality because then only you will be at peace and well prepared for future.
5 Rudiments Of Streamlined High Risk Payment Processing
Cards handling is crucial for every business especially the high risk merchants. But how one should go about it? Provided there are goons everywhere in the processing industry.
1. Credible and up-to-date business plan– You should be perceived as a reliable business. Nothing more than a robust and updated business plan can help you in doing this successfully. Ensure that you cover the pivotal elements like industry analysis, revenue model, marketing strategies, key business processes and expected ROI.
2. Healthy and stout financial industry- Your faulty credit history can greatly affect your merchant account candidature in the eyes of banks and processors. Have at least your best history in last 6 months before you apply for a new or replacement merchant account.
3. Well operated business processes- Evidences in support of professional operating controls will favor your eligibility for best merchant processing.
4. Controlled chargeback rate- Somewhat chargeback is usual and accepted. Incurring high chargebacks can be controlled by establishing proper communication with customers, providing customers secure and time-effective payment solutions, having fraud management system in place.
5. Conducive ecommerce website- Unless you have a website that is free from any kind of frauds, you do not provide the best online shopping experience to your customers.
Key is to maintain the best banking relationship. Follow the above given tips to acquire and preserve high risk merchant processing account.
At Paycron we have the best of relationships with banks and others in industry. We will be more than delighted to help you obtain the best secure and seamless payment processing services for your business at competitive prices.