The biggest challenge for businesses classified as high risk merchants is finding stable, reliable, and secure high risk merchant services. High risk merchants need to accept card payments, of course. But, companies also need other high risk merchant services such as electronic checks, international bank transfers, and local payment options in order to maximize sales.
How can high risk merchants discover the right processing company? Here are a few tips of what to look for in high risk merchant services providers:
Fraud Protection. One of the reasons businesses are classified as high risk merchants is that they are frequently targeted by cybercriminals. It is vital that your high risk merchant services provider gives you an arsenal of easy-to-use customizable weapons such as cascading rules, filters, geo-location, velocity checks, and other tools that help you maximize good sales and avoid fraudulent ones.
PCI Certified. Level 1 PCI processing is a vital part of high risk merchant services. PCI keeps high risk merchants safe and compliant with processing regulations.
Processing Vault. High risk merchants with recurring billing models benefit from using military-grade data encryption, tokenization and enhanced security features offered by high risk merchant services providers.
Automated chargeback management. High risk merchants are more vulnerable to chargebacks than are non high risk merchants. Be sure to use high risk merchant services providers that provide automated chargeback management which keeps chargeback ratios low.
Multi-Currency Processing. One of the best ways for high risk merchants to increase sales from international buyers is to offer payments in local currency. Chose high risk merchant services providers that have multi-currency processing as a standard feature.
Robust Reporting. High risk merchants must have data to quickly respond to changing markets. High risk merchant services providers should provide in-depth analytics and customizable reports specific to the needs of your business.
Alternative Payments. High risk merchant services providers often have multiple alternative payment options including international bank transfers, echecks, or mobile payments which increase sales.
Processing Volumes. Rapidly growing companies are often classified as high risk merchants. It is vitally important to chose high risk merchant services provider who can accommodate fast growth.
Single Gateway Multiple Accounts. Many high risk merchants have multiple accounts. Streamline management and reconciliation operations by using high risk merchant services providers which include load balancing.
Virtual terminal. High risk merchants that accept orders by telephone by mail, phone, or fax need a virtual terminal. Make certain a virtual terminal is included as part of high risk merchant services.
Dedicated Descriptor. One way for high risk merchants to keep chargebacks low is through the use of a dedicated descriptor. High risk merchant services should include dedicated descriptors to increase customer retention and help maintain low chargebacks.