Many small businesses have dropped their merchant accounts and have switched to a “cash only” payment method after the recent hacking jump. While this may be easier for the merchant, it is difficult for the customer, and in more ways, than you initially thought. So, before deciding to drop your merchant account, especially if you have a “high risk” business, there are a few things that you need to consider.
First off, the vast majority of people do not carry cash, especially large amounts of cash for a purchase. This is not only an inconvenience, but it could also be costly for your business. Many would rather turn away than find an ATM to get cash. However, those who are willing to find an ATM to take out cash are liable to end up being charged for using an ATM that is out of their network. While the charge may be only a few dollars per transaction, this could easily add up if your customers frequently return, such as a life coaching business. These businesses tend to have their customers return every week or every few weeks, and the few dollar charges easily becomes quite a large sum that is unnecessary.
What you need to do is to obtain a life coaching merchant account. Very few companies offer this, and it is important that you vet the company before you choose one. One of the best is EMB. We at EMB know that security is a top priority for your business, and we provide top-notch security and terminals for your customers’ safety. We also provide you the ability to combat fraudulent charges with our chargeback suite. It not only helps you determine if a charge is actually fraudulent, but it also helps you keep chargeback fees low. This also helps your customers, as it can help you from raising prices, due to a chargeback fee overload.
For more about merchant accounts with EMB, contact us today!