Getting an Auto Transport Merchant Account
There are many benefits of getting an auto transport merchant account. Some of its key features include the ability to accept debit, credit, mobile, and ACH payments, ability to process high-ticket orders online, in-person, and with a mobile app, high-volume transaction rate caps to maximum profit margins, and more. Unfortunately, obtaining a merchant account for auto transport business is not easy. This is because neither banks nor credit card processors seem to want to help you out mainly due to the reason that it is considered high risk.
Why is Car Transport Industry Considered High Risk?
Auto transport industry is considered high risk because it is susceptible to chargebacks. In this industry, it is very common for customers to book with one carrier and then end up using another. Not to mention weather and other travel constraints such as road construction, traffic, etc. make it difficult to estimate costs up front and follow the exact deadlines. If any damage occurs, it is generally very expensive to cover and if an auto transport company fails to compensate the customer for losses, the credit card processor is ultimately held liable. Because of these primary reasons, the auto transport industry is considered high risk. So, to process credit and debit card payments, auto transport and car transport companies have to obtain a high risk merchant account.
How to Obtain an Auto Transport Merchant Account?
The process of obtaining an auto transport merchant account is short and simple. To get started, you will need to first find a reliable high-risk payment processor that works with your specific niche. Once you find one, you will need to fill out an application online. The payment processor will validate your application and determine whether or not you are eligible for a high-risk merchant account. Once your business is approved by the payment processor, you will be able to start processing payments mobile or online.
Things to Consider When Choosing a High-Risk Merchant Account Provider:
Choosing the right high-risk merchant account provider is the key to ensuring that you get the desired support and service to help your business grow. Following are some things you should consider when choosing a high-risk merchant account provider for your auto transport business:
- Responsive Support: Make sure to choose a merchant account provider that is ready to help when anything bad occurs to transactions or payments on your website.
- Customization and Flexibility: Choose a merchant account provider that allows you to implement different payment scenarios customized
according to the specific needs of your business.
- Expertise: Do your research to find out how long the merchant account provider has been on the market and how experienced it is in your specific niche (auto transport).
- Transparent Pricing: Look for pricing structure on the website of the payment processor. It should be easy to find. You also want to make sure that there are no extra fees or hidden charges.
- Remember; Before you sign the contract, make sure to read its terms thoroughly. Make sure you understand all the details e.g. rates, extra fees, hidden charges, termination fee, as well as how high is the rolling reserve account requirement may be.
Merchant Account For Car Transport Business
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About The Author
Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.