Choosing the Best High Risk Payment Processing Company for Your Business

Feb 10, 2017

For a modern-day business, accepting credit cards for payment is one of the factors that directly impact success. Gone are the days when customers used to walk into a retail shop with loads of cash or a paper check. Today, everyone wants the option to choose whatever payment system is convenient at the time.

To accept card payments, your business will need a merchant account. But with the number of payment processing companies increasing with each rising sun, choosing the firm that best suits your operation can be a challenge. Nonetheless, here are a few tips that should make the process easier.

  • Finding Merchant Account Providers

The first step to acquiring a merchant account is to find the provider that is available for your type of business. For instance, if your operation is among those regarded as “high-risk,” base your research around risk-specialists like eMerchantBroker, rather than wasting time on a general company search.

It will also be in good measure to start with bigger, better-known firms, who cater for different businesses, and will likely serve yours as well.

  • Consider the Charges

Merchant accounts usually come at a cost to the retailer, because you obviously have to pay for the payment services rendered. While some account providers charge less than others, processing fees can be up to 5% of every credit card transaction. It is, therefore, wise to carefully analyze the fees a particular processor charges, and if they’re not reasonable enough, move to the next available option.

  • As Many Payment Types As Possible

Sure, a merchant account will gift you the ability to accept credit cards, but for maximum sales, those alone won’t be enough. Choose a provider that will also be open to process payments made through other forms, such as prepaid cards, gift coupons, and ACH checks.

Even better, new payment technologies are gaining popularity among tech-savvy customers. You may, therefore, want a processor with near-field communication (NFC) to accommodate payments made through smartphones, smartwatches, and other card-not-present methods.

  • Customer Support is Essential

A firm might be offering many services and friendly fees, but without excellent customer service, all that won’t matter. Before applying for a merchant account, call the company’s customer support and ask a few questions to have a feel of how they relate to their clients. The provider you choose should be capable, ready and willing to answer any questions you may have, at all times.

Landing the perfect payment processing company can be a headache, but by making the above considerations, you can make the task at least a little less challenging.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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