The old school thought of business owners was that only men could pave the way for new, innovative ways to conduct business. Thankfully our thinking has changed, and our change in thinking is proving a reality in Canada, where women are taking control of internet businesses and sales. It shouldn’t matter who owns a business, but the new wave of women entrepreneurs have opened eyes in Canada’s risky internet sales environment.
The main issue with Canadian merchants – male or female – is the lack of merchant account options. Some offer services to those who sale just to their Canadian cohorts, but jack up processing rates for international sales. Even those who sale to the United States suffer from these inflated processing fees. Also, too many international sales make a company look risky, so processors place it into the dreaded “high risk” category. This, combined with a merchant’s unproven business record can spell disaster for someone looking to obtain a merchant account.
This unproven business record is even more common with women merchants, which is why the statistic is a big deal. How are these women getting merchant accounts? Some are probably using Square, PayPal, or ApplyPay to process online payments, but there are issues involved with these processing options. Processing rates can be high, and especially with PayPal, too many transactions in a short period of time can lead to an account closure. This leaves you with a way to process plastic card payments, and without a way to refund customers because PayPal “freezes” account funds.
The solution is simple: Find a Canadian merchant account that allows for international sales at reasonable rates. These charges and processing fees can damage even the most profitable company, leaving them taking out loans or closing their doors altogether. This is troubling, and it hurts the Canadian economy. You need to search for a merchant account provider who has expertise in dealing with Canadian-based merchants, like EMB. While there are many around, not all are created the same, so be sure to do your research before signing on the dotted line.