When searching for a dependable high risk merchant account provider many business owners make one or all of 5 crucial mistakes. Whether you have been a long time high risk business owner or if you are just starting a business there are 5 common mistakes high risk business owners make when looking for a new high risk merchant services provider to accept credit cards.
In today’s marketplace there are hundreds of merchant service providers claiming to support high risk merchant accounts. Unfortunately most lack the “three E’s” necessary to provide dependable and transparent high risk merchant accounts ethics, education, and experience to provide your business the service it deserves.
Ethics – In an industry where too many merchants are trapped between being able to accept credit cards or face going out of business there is no shortage of high risk merchant account sales people who look to take advantage of panicked business owners. Using harsh contracts, adjusting rates, and unreliable banks when offering high risk merchant accounts to accept credit cards.
Education – Many business owners are surprised to learn that there are generally no requirements to become a high risk merchant account representative. High risk account sales people tend to come and go leaving merchants with contracts and little to no customer service.
Experience – Many merchant service representatives and providers are relatively new to the high risk side of the industry and often times lack critical multiple options for business owners. Having multiple acquiring banks both domestically and internationally available to you is a must to make make sure that you receive the absolute best solution to accept credit cards so that you can do what you do best and run your business.
It is important to complete your due diligence on high risk merchant account providers. Don’t just accept the sales pitch from the sales representative. All too often your sales representative will “sell” your account to the bank at which point the bank will take control of your rates. Ask the representative:
- If their rates are fixed for the life of the account
- What bank and country they process in
- How many years they personally have been in high risk payment processing
- If they offer domestic 24/7 service centers and what are the hours
2. Applying with Multiple High Risk Merchant Account Providers
A lot of high risk business owners make this mistake. Panicked and frustrated with having little luck at finding the best high risk merchant account provider many business owners submit applications with every high risk provider they can find. Do not do this! Multiple merchant account applications submitted at the same time are not only time consuming but can cause your merchant application with the best available solution to get denied.
3. Incomplete or Messy Merchant Account Paperwork
When you decide on the high risk merchant account provider who has the best service and solutions for your business take your time completing the application and supporting documentation. Make sure to type or neatly print the application and put together a complete package. Underwriters are more likely to approve an application that is complete and professional looking.
Your website is your billboard, make sure that it speaks to your professionalism. Just because your business has been classified as “High Risk” doesn’t mean that your website can look risky. For your best chances to approved for a high risk merchant account make sure that your website is grammatically correct and that product information is accurate. Also, it may sound obvious but, make sure that your contact information is not only correct but that it matches what is on your application. Also clearly provide access to your shipping policies (if applicable) as well as your Terms of Service and refund policies.
5. Read the High Risk Merchant Account Contract
Once again, it may sound incredible but a lot of high risk merchants sign the first approval they see without reading the contract. Make sure that the terms are acceptable and ask to have all fees and rates explained. If the representative cannot tell you what a fee is or if a fee seems too high for negotiate to get it removed.
If you need assistance obtaining your first, additional, or new high risk merchant account Bankcard Brokers has over 10 years of High Risk Merchant Services experience as well as a dozen domestic and international banking partnerships. Combine that with an industry leading secure gateway, chargeback prevention services, and world class service and you may not have to look any further for the industry’s leading high risk merchant services provider!