The devil’s in the details and for high risk credit card processing the details are critical. There are multiple factors to consider when you’re setting up credit card processing. Here’s an overview of the major variables that can impact the costs of high risk credit card processing.
Choosing a Merchant Services Provider
This is the first step and it can determine how well the rest of your processing runs. Choosing a poor quality processor can wreck your efforts to keep costs down before you really get started. Some good, grounded advice is to not look for the lowest rate available. Look for the most competitive rate. Low rates are usually just pretty fronts for ugly hidden fees and fluctuating rates. Check out their application fees, for example eMerchantBroker charges no application fees. Some processors may decline you just to get a second application fee. eMerchantBroker has been rated with an A by the Better Business Bureau and is a three-time top credit card processor by TopCreditCardProcessors.com.
Examine Fees and Rates
There’s a long list of fees and rates you need to investigate before you sign on for a merchant account. Beginning with application fees and ending with termination fees—with everything between. You’ll want to see what their monthly fee is and whether there’s a monthly minimum. Are there any cancellation fees and how does your provider handle interchange rates? You’ll also need to see if there are fees for integrating their system into your current transaction system. Is there a fee simply for contacting their customer service? Finally, comb through the terms and conditions with a fine-toothed brush. By nature legal documents are technical and involved, but you need to understand, for the good of your business, what exactly you’re signing into.
Find the Right Fit
Finally, you want to find a service provider that is the right fit for your business. They should be interested in your business’ growth just as you are. They should also be able to find a merchant account tailored to your high risk credit processing needs. eMerchantBroker has years of experience finding merchant accounts tailored for specific high risk sectors. Let our team find you the merchant account that will best facilitate your high risk credit card processing.