If your company is considered high-risk, it can seem impossible to find a payment processing company that will take you. The stark reality is getting high risk merchant solutions for your business is risky but not as difficult as it might appear.
The important thing is taking the steps to better your chances before you begin and work with a company that specializes in potentially providing payment processing to high risk businesses.
These tips may help you to get approved for a merchant account and decrease your overall costs, whether you take credit cards online or use a credit card machine.
When looking for the best of the best when it comes to payment processing, as it turns out, PayKings are a pretty strong contender in the high risk merchant provider game, and they've done the work to set you up with these helpful tips for getting you on the road to payment processing and accepting debit and credit cards online.
01. Be Upfront With the Processor
Do not make the mistake of trying to lie or misrepresent your company when applying for merchant services. If you do not fully disclose the products or services you offer, the credit card processing company will find out anyway.
Your merchant account will likely be closed without notice and your company and revenue flow is going to be disrupted. If you are honest and utilize a reliable payment processing company from the start, it is absolutely possible to qualify for merchant account solutions.
Remember: getting a high-risk merchant account is not a bad thing; it just simply means that the payment processor knows the risks connected with your business and is ready for specific issues such as higher-than-average chargebacks.
02. Provide Past History
In case you have had a merchant account before, give your previous processing history when applying for a new merchant account. This will permit the payment processing company to assess your history and make an informed choice. Even if you have been denied service or dropped from an aggregate previously, you can still find a payment processor who'll work with you and your specific needs.
03. Renegotiate Afterwards
If your organization is new, you will probably have a more restrictive account with higher terms because you do not have any history. You're able to renegotiate your reserves, rates, and other terms along with your processor within a few months once you have enough background to review.
04. Manage Chargebacks
A top chargeback ratio is one of the most common reasons for a high-risk merchant to have their accounts closed. The good news is that there are several actions you can take to stop chargebacks and address them before they become a problem. It is possible to keep your chargeback ratio reduced by:
- Making your refund policy clear on your website and receipts. Make sure you have clients contact you directly if they're unsatisfied rather than contacting their credit card issuer. A crystal clear refund policy may also help you win invalid disputes.
- Look for red flags that indicate fraud. You will require documents that a hacker or thief is unlikely to have, such as the card CVV and spoken confirmation to be sure the billing address matches the card issuer's supplied contact details.
- Use a chargeback alarm system to alert you to chargebacks. This will give you 3 days to issue a full refund before the chargeback has been initiated.
- Send follow-up emails or a confirmation phone call after sales to confirm that the customer is happy.
05. Select the Ideal Payment Processor
There are many options for high risk merchants today, however they aren't equal. Just because your business is considered less than secure does not necessarily mean you can't qualify for excellent customer service and superior payment processing support.
Make sure that you choose the right processor, like PayKings, by selecting a business that handles PCI compliance without cancellation fees and costly term commitments. A high-quality processor will guarantee not to boost your markup rate afterwards.
PayKings knows how important card processing can be to the success of your business. Regardless of which kind of business you run, your volume, or your past calculating history, we provide top-rated high risk merchant account services and payment processing solutions to truly help your business thrive and grow.