Best High Risk Merchant Account Providers: Top Features To Look For
What does it take to be the best high risk merchant account? Not all payment processors are made the same. There are several different merchant service providers in the industry and some are better than others for when it comes to key features. It is important when searching for the best high risk merchant account services that you choose a company whose experience and reputation align with your specific business needs. Whether you're selling cbd online or looking for a payment gateway for your adult site, finding a reputable processor within your industry is key.
Here are some features to look for that will set the best high risk merchant account providers apart; keep these 5 listed items at the forefront of your mind when doing your own research.
1. Merchant Account Providers – Custom Solutions
Your merchant account provider should know your business's unique needs. Moreover, this means that your high risk merchant account should reflect that. It should be hand-tailored to fit your online sales process. Some companies like subscription box services may have higher chargebacks while others like jewelry stores rely on large orders. The payment process is dynamic and should be set up with your needs in mind. Additionally, you'll want the best payment gateway to streamline the checkout on your website.
One size does not fit all when it comes to reliable credit card processing, so you should be able to customize a solution that gives you exactly what you need. This becomes especially important when understanding the types of fees you may be charged. Some fees include:
Set-up Fee
Monthly Minimum Fee
Cancellation Fee
Chargeback Fee
Gateway Fee
Not all fees should be charged to certain companies, and some are optional when it comes to the payment processor. Learning which apply to your business and which don't is critical.
2. Features of Merchant Services – Customer Service
Fantastic customer service cannot be underestimated. It's likely that you consider customer service at your own place of business as an important feature for your customer base and should expect the same from the financial institutions you work with.
The best high risk merchant account should be able to guide you through the onboarding process. They should stick with you and help you put your bank package together. Once you have everything in one place, you'll be approved fast.
Great customer service comes down to a human connection. Find a company where you can speak with a real person quickly via phone. Alternatively, email or live chat can be used to help solve your problem and advance you through the processing journey. Any company that doesn't have good customer service or that is hard to get a hold of is not the type of payment processing provider you would like to work with.
3. Top Merchant Service Providers Allow Room To Grow
Any agency that creates high risk merchant accounts knows that your company is constantly expanding and growing. Your needs and requirements will also change and grow as your business does. You should not be locked into a long-term iron-clad contract that does not allow for changes and modifications.
There has to be flexibility to keep both sides growing and improving. Your payment gateway service should allow for your business to steadily increase revenue. As your monthly volume grows, your authority grows with it. A top company understands your business goals and projections and can work with you every step of the way to ensure you're receiving the attention and services you need for whatever stage your organization is in.
4. Added Features
You should always have the ability to select the services you want and need out of your credit card processing service. An excellent company will have the ability to meet the specific needs for your business model, as well as other affordable characteristics you didn't even know about or may have thought would be too pricey.
Some additional features you may look for include accepting gift cards or fraud protection like PayKings's iSpyFraud program. There are many different add-on features available and a good merchant account providers will be able to offer every method of payment processing you need and more.
5. Secure Merchant Accounts
When choosing the best high risk merchant account service, choosing one that is secure is paramount.
There's nothing more critical than the safety of your funds and your business's financial health. A 3d secure payment gateway will ensure that each financial transaction is protected. You want to be certain to do your research before you pick an online credit card processor to ensure it has not previously had any safety issues.
Exceptional high risk merchant account providers will have top-of-the-line security and a proven track record of keeping business and customer information safe and secure. Be sure to discuss your options for what it means to mitigate credit card fraud.
The ideal service is out there for you; you just need to do your research to find the one that is the perfect fit for your business, and the ones that are worth considering, will have these five attributes.