HIGH RISK CREDIT CARD PROCESSING FEES
Credit card processing of any kind of can be extremely pricey. They are even more expensive when your business is considered a high risk industry. Why’s that? This issue usually occurs when your business is considered to be a high risk merchant, and if it’s already almost impossible to receive a balanced and effective payment processing account, then obtaining a fair one with a risky business is a real struggle. If you somehow manage to get one, the rates that you’ll get are going to be significantly higher than the average non-risk credit card processing.
You’ll have to deal with a lot of problems if your business is considered to be risky, but it doesn’t have to be like that. It isn’t fair, is it? There are several things that you can do in order to get away with it, to be accepted by various processors and companies.
What Are The Rates:
Before diving deep into it, we’re going to have to know the exact rates that you’ll be charged. Firstly, the credit card processor has to know that your business is somewhat safe, if he knows it isn’t or is unsure about that then he probably won’t even waste a single minute of his time in order to work with you and your credit card. In case they accept it, it won’t be profitable and you’ll probably going to lose much more than what you earn.
Most of the times, what makes everything so expensive are the fees that you’re going to get charged along with the rest of the rates, but, what makes a processor think that your account is a high-risk one.
* Having a bad or poor credit can really make a difference
* Illegal and or hidden businesses
* Businesses that are located in foreign countries
* If your business is obsolete
* Non-balanced businesses
* Questionable marketing tactics
* Having a fraudulent history
Finding The Best High Risk Credit Card Processing
In case you have already been denied by several companies and banks, you might consider revising your business, maybe if you change some things then you’d be able to get a good opportunity when it comes to obtaining a merchant account. There are also processors that are specialized in providing high risk credit card processing, maybe worth a try.
Keep in mind that all of the accounts and processors are different, maybe some of them are actually going to consider you to be a fraud, or a high-risk merchant, but some others might not. It really depends on the conditions of each business. Try to apply to as many as you can, if you like it, then just do it, you never know what is going to happen.
How To Lower Credit Card Processing Fees
Try to stick to the rules and follow the recommendations and regulations of each company. The business itself is going to give you the regulations and all of the rules. If you exceed the preset limit you’re going to be charged a very high quantity that’ll be represented as a fee, this is going to make your business even more risky.
By doing so, you’ll be one step ahead. You’re going to be able to do as many transactions as you want to without any visible consequences, in case everything you do is legal. You should find a payment processor that’ll give you the time and space you need in order to grow your business.
Take Your Time To Find The Best Rates & Fees
At times we might be so desperate to find a payment processor that we might even forget about reading the contract and diving deep into the processor’s history. Avoid this mistake, or otherwise it’ll give you a lot of problems in the future. Negotiate the costs with the processors and make sure you do a little bit of research on the processor.
Read the entire contract, it doesn’t matter how boring it is, just finish reading the entire thing. At times there could be a lot of secret content hidden. Ask a lot of questions and make sure you understand everything that’s written. Make sure that you’ll be able to cancel the contract whenever you want to.
Don’t settle for less than average, even if you’re considered to be high-risk, you should not by any means risk losing your money or being taken advantage of. Be careful and always think two steps ahead, people are going to want to trick you most of the times. Ensure that all of your transactions are secured and protected by encryption. Make sure that you’ll be able to check all of the information online at any time, on case you can’t or if the high risk credit card processor doesn’t allow you to do so, it means there’s a big problem on the way. Don’t ignore the red flags.
Author: Angela De Steffano
Merchant Services Account Executive.
Staff writer at HRMA-LLC
PLEASE BE SOCIAL: