Credit card processing industry is filled with numerous options that sometimes it becomes difficult to choose the option that’s right best payment gateway for high risk business for you. There are companies who use their information advantage to take money out of your pocket. However, today is going to be the lucky day in your life because I’m going to break down the complete process right here in this article.
1. Find out the option that suits your needs: Instead of choosing an option in hurry based on the advertised fees, first of all make an educated decision about your requirements. Advertised fees are often misleading and lead to serious problems in future. The minimum requirements to accept credit cards online are a merchant account (it isn’t your bank account) and a payment gateway (the software that communicates with credit card issuing company). But your requirements may vary depending on the nature of your business and other elements like recurring billing, PCI compliance and remote credit card storage may find a way in your list. Some companies can offer all these things to you in the form of a bundle while others may ask you to manage relationships with multiple vendors. If possible, pick the company that provides bundled solutions. If you can’t go for that company due to any reason, limit yourself to three vendors at max who have business relationships with each other.
2. Find out the truth about your fees: Once you narrow down the options based on your requirements, you can analyze the prices of each company on your list. In ideal circumstances you may get this information by asking questions. Ask the representative of each company about following charges:
Rates for business cards, international cards and rewards
Annual charges, monthly charges and minimums
Also ensure that they offer Address Verification Service for reducing your transaction fees and risks of chargebacks.
3. Check out their API and other technical specs: If you are a developer yourself then that’s great, but if you aren’t then you should ask your technical team to review the API and other technical specs of merchant account providers. The functionality offered by company should be great enough to comply with your needs, flexible enough to grow with your business and compatible enough to integrate with your website.
4. Check the status of their customer support department: In times of need it’s the customer support department of merchant account provider that assists you, so try your level best to ensure its responsiveness. If a company has dumb customer support department, avoid it regardless of company’s offerings.
The information provided above will help you in choosing your ideal merchant account provider as quickly as possible. Just follow these tips and get on your way!