In the world of online sales, there are a lot of things written on the page but are left unread between the lines. In other words, you go about selling your products and services but there are lots of things high risk merchant accounts providers don’t tell you. Not because they could not or would not, but because they would not discuss the issues with you until you have experienced them. A good example is going through possible freezing of your merchant account.

If, as a high risk merchant, you have not exerted an effort to make a research concerning frozen accounts, then you’re in BIG trouble. I’ll keep it short. Once your merchant account is frozen, your present and future business is put under horrible risk. First, because you will lose the ability to process credit cards online. Second, you will be denied merchant account if you applied for another one. You certainly cannot allow this to happen and it will never if you are smart enough to take preventive measures.

VOLUME LIMIT EXCESS
Okay, so what gives? You would think if you made a mistake in stating your processing limits or average ticket size, there is an easy way to get out of the mess. But underwriters and high risk merchant account providers are realistic. If you make more profit than you have actually stated during the assessment period, you will be likely incurring more chargebacks. When this happens, your underwriter is liable to pay the issuing bank the losses. Obviously, the little mistake you made spelled trouble to your provider.

How do you prevent this? Find a high risk merchant account provider that is flexible with your monthly processing volume limit. This means that as soon as your ticket size grows, you can negotiate an adjustment on the discount rate and other fees.

NICHE PRODUCT/SERVICE FLEXIBILITY
Another issue that will most likely cause you trouble with your merchant account provider is your niche product or service. This is pretty easy to figure out and it’s lot like choosing a domain name. Define your product or service in the broadest way possible. Pick pharmaceuticals instead of hoodia. That way if you expand your catalog or change into a different but related product/service in the industry, then it will be easier for the provider to adjust.

REFUNDS
This issue will speak for itself. Is giving refunds to your customers a bad practice? Sure it may hurt your business, but a business also has to maintain a good reputation. One way to keep it is to make sure dissatisfied customers are able to return your products and get their money back, if only because you would want them to buy again and not spread ill words about your company. Above all, you do not want them to commit fraud against your business.

BACKUP ACCOUNT
Two merchant accounts? To some business owners, having one alone can be a pain especially with high discount rates. But there’s also an advantage in obtaining a back up merchant account. There is if your business relies solely in processing credit cards online! If one provider halts processing or encounters a glitch, you have support that will not put inconvenience to your business or customers. Having a backup merchant account is quite tricky but it always serves its purpose.

Frozen merchant accounts are horrible for your business. Now is the time you find out the issues with your high risk merchant account provider before your business goes down the drain!

By: Gerri Bryce

Article Directory: http://www.articledashboard.com

Gerri Bryce is a versatile technical writer specializing in general web content copywriting and consultancy for finance and high risk merchant account providers. She has contributed a massive number of articles for today’s most popular technology, gadget, gaming, business, finance, and science news websites. She participates in a number of top webmaster, finance and merchant account forums.

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High Risk Merchant Account

Choosing the right merchant account

Setting up a profitable business is quite the challenge, and an even bigger challenge is figuring out a way to accept payments from people who are using different modes of payment. Not everyone who walks into your store or buys goods from your online store, would like to pay in cash or by just a visa credit card. The object is to offer as many payment methods as possible while maintaining a profitable margin for yourself. This is where choosing the right merchant account comes into play. No merchant account today is free from transaction fees, or additional fees for utilizing the service.

There are few parameters that will influence and aid your decision in choosing the right account.

First things first, you should know the various types of merchant accounts that are available, there are in essence 3 basic types of merchant accounts, the first is a regular or basic merchant account, this account does not come with any special privileges and the charges involved are decided based on the volume of transactions carried out and the volume of business you are generating.

The second type is high end or what is popularly called a high risk merchant accounts, such accounts are useful for people who are in a designated ‘high risk’ business category, for examples online casinos etc. Such accounts are more exclusive as approval criteria are stringent.

The final type and rarer are specialized merchant accounts that are created for a particular type of business or special transactions.

If you have online business, you need to consider online merchant accounts, like instant merchant account or Internet merchant account.

The next few questions are designed to help you make a easy decision as to what type of merchant account to choose to get a merchant account that suit your business:

What volume of your business will be dependent on credit cards and EPOS transactions?

If you plan to offer the credit card facility as an additional convenience or a majority of your customers pay by cash, then you will in all likely hood be provided with a regular merchant account, with fixed monthly charges, and a minimum monthly limit.

So then what do you have to get a high risk merchant account? Well think more like Walmart, okay you don’t have to be that big either, but you should have a very good case to apply for a high risk merchant account, preferably have a good credit history and decent standing in the market.

Is there no way I can get a high risk merchant account if I have poor credit history?

Once you have decided that you need a high risk merchant account, and if you were declined a high risk credit account, the next step is to usually carrying out overseas processing of transactions, in countries like St. Kitts etc. Also spread your merchant accounts across multiple locations and vendors, not only does this step increase your chances of getting a high risk merchant account, but it also ensures all your transactions are not dependant on a single merchant account.

Can I do all this on my own?

There are specialized companies that offer their high risk merchant services and drastically improve your chances of getting a high risk merchant account. If you are not confident maybe you can get in touch with these companies online and let their professional expertise aid you.

Click this link to Learn How You Can Be Approved Today For Your Own Merchant Account.

By: Jim Johnson Jim Johnson

Article Directory: http://www.articledashboard.com

Jim Johnson the author of this article on credit card processing. Find more information about high risk merchant acccounts here.

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