If your business has been labeled as high-risk, you have a new challenge you have to solve as soon as possible. This may be the case due to the fact that you are a part of a high-risk industry such as online gambling, or on the other hand, you have had a poor credit history in the past.
Whatever the case may be, your main concern should be to find and hire a merchant account provider. Since this is a significant decision, and in a way, your options may be restricted, here is a list of requirements they have to meet before you even consider hiring them.
1. Conduct research
First things first, you have to search for top providers in their line of work and research each one of them individually. Our advice is to focus on those that have collaborated with other businesses in your industry. This doesn’t only mean that they have more than enough experience, but also that they can offer you the services you need.
Furthermore, consider only those that can provide you with the exact cost of services. Check the websites and see if you can find this information. Some of them display it publicly, while others offer the option of getting a quote. If none of these are available, move on to the next potential partner.
The same thing goes with terms and conditions. If you don’t get familiar with these beforehand, you may receive some unpleasant surprises in the future.
2. Make sure they are certified
Once you have found a potential partner that has a long history of successfully collaborating with other businesses in your industry, it is time to investigate if they possess all the proper certifications. One more time, information such as their policy number, the name of the supplier and the bank, and other legal documents should be available on their website.
3. Do they offer customized services?
Surely, they provide a set of general services that every business needs, but the question you should ask is, can these be customized? After all, companies differ, and so do their needs. According to iPayTotal, the greatest quality of the top high-risk merchant provider is that they can meet every requirement of your business. As you can assume, the only way they can achieve this is by completely understanding the needs of your company and adapting to them.
4. Additional services
We have already stated that you should go with a merchant that can design services specifically for your company. However, you should also investigate whether it is possible to choose the ones you want to get and omit those you don’t need.
Sure, there are some general ones that you will require, but there is no point in paying for those you will never need, right? In addition, inquire if they offer some additional ones that may not be that frequent.
5. Do not commit long-term
Once again, if you have done any research, you have probably noticed a pattern that most providers require you to sign a long-term contract. Still, this may not be the greatest idea. Why? Well, simply because the needs of your business can change in the future, and you won’t always be able to predict them. Then, the merchant may not be able to provide you with the exact services you need.
In the ideal world, you will find a partner that is open to contract renewal every month. This is another thing you have to discuss with them before signing a contract. Inquire about their flexibility and options you have at your disposal. Remember, a professional merchant should provide you and your company with the opportunity to grow and expand. The last thing you need is a partner that will restrict the way you conduct your business and prevent your revenue from increasing.
6. Check their rates
The truth is that provider’s fees will probably be high, but also, it is true that some of them offer reasonable rates. As already discussed, those that are transparent when it comes to this are the ones you should consider employing.
However, our advice is to set a budget and stick to it. If you have no idea with the average cost is, compare the fees of multiple top providers and calculate it. Then, think about your assets, and determine how much money you can afford to invest.
7. Previous experience
Unfortunately, there are many who advertise as high-risk merchants, when in fact, they aren’t. To avoid these and any problems down the road, you should investigate the history of the provider, what type of services they can offer, how successful they are, and so on. You should also check customer reviews and maybe even contact one of them if you have some additional questions regarding the details of the way they conduct their business.
This way, not only can you rest assured that you are collaborating with professionals, but also, you won’t have to worry, whether or not they’ll be able to solve some problems or create a perfect solution for your company.
8. Account security
When choosing a merchant account provider, you have to make sure that the security of the account is state-of-the-art. After all, your funds are your greatest assets and are of crucial importance for the future of your business, so you have to ensure that they are safe.
Due to this, it is vital to discuss account security with the merchant before employing them. In addition, you should also ask them to deliver your information regarding their history. This is the only way to be certain that they have never had major issues with security.
9. Customer service
Last but definitely not least, customer service is just as significant as any other requirement. You probably provide your clients with one, so you shouldn’t settle down for anything less. What’s more, it can be even more important since we are talking about someone who is going to deal with your finances.
Make sure that they will be at your disposal 24/7, and not only that but that you will be able to talk with a real person every time you contact them. You will probably have a ton of questions, and you will need answers to those, but you will also need someone who will explain every aspect of the process and ensure that you understand it fully.