If your business is classified as a high risk industry, it’s important to be aware of the intricacies in properly managing these businesses. Many business owners are unaware that their company is actually high risk, or what that can mean for their ability to service their customers, find a payment processor, and turn a profit. The following are a few tips on how to manage high risk businesses.
Here are a few major industries that are considered high risk:
- Bad Credit Assistance
- Credit Repair
- Technical Support
Often there are risks related to managing a high risk businesses that see a larger than average occurrence of chargebacks, customer dissatisfaction, and returns. Having an intimate knowledge about how your particular industry operates, will help you navigate these risks.
Work with your ISO and agents to ensure that everyone understands the standardized guidelines that regulate the high risk university. Maintain a negative database to cross reference customer information to keep track of suspicious patterns.
Learn How to Manage Issues Associated with High Risk Processing
There are a variety of good tools and references to help high risk businesses reduce or prevent processing issues. Discuss preventative measures with your ISO and sales agents. The more precautions that your company can take, the smoother operations will go and the faster your profits will grow.
Find the Correct Processing Partner
Even though the Federal Deposit Insurance Corp (FDIC) has recanted its list of high risk merchant types, traditional payment processors are still critical of these types of merchants. Merchants with fantastic credit scores and good reviews, are often charged extravagant fees to handle their account.
It’s important that high risk organizations use reputable third party payment processors who are experts in navigating the high risk industry. eMerchantBroker.com is a low hassle, low cost payment processor that will create and manage your high risk merchant account with skill and precision. Our agents will protect your client’s transactions and boost your profits.