Fast-Track success with the Best High Risk Merchant Accounts

Payment processing comes with its own set of difficulties in high-risk businesses, but the right merchant account Trinity Consultings provider can turn these challenges into an avenue for accelerated growth. Knowing how to utilize high-risk premium merchant accounts can change the way you do business and create additional streams of revenue.

What are High Risk Classifications?

Traditional payment processors often label businesses as "high-risk" and put extra stipulations on them because of the industry they are in, the amount of business they do, their credit history, chargeback ratios, etc. Industries that are often considered high-risk are adult entertainment, travel services, subscription businesses, entertainment, and online gaming businesses. A high-risk classification should not discourage you from building your business; savvy businesses understand that a high-risk classification means that they can work with companies that value their businesses' unique needs.

Important Features To Look for In Premium High Risk Accounts

The highest quality high-risk merchant account service providers offer payment solutions based on much more than just processing payments. They feature fraud protection, which protects the merchant and the customer as the transaction goes through. They also offer acceptable processing in multiple currencies for global expansion. Premium high-risk processing solutions provide specialized chargeback management tools to help the merchant maintain a healthy percentage of disputes. 

Rolling reserves seem restrictive, but they do offer stability for merchants in higher risk industries. They also demonstrate the merchant account processor's dedication and commitment to the merchant and their business interests. High quality providers provide reasonable rolling reserves and upon completion of timelines, they release funds promptly.

Smoother Application and Approval Process

Leading the best high risk merchant account processors have streamlined/optimized processes to underwrite accounts, leading to rapid approvals that do not lose the standard due diligence requirements. Really good providers can get you preliminary approvals for merchant accounts in as little as 24 - 48 hours and are able to provide you with a full account setup within a week. Quicker deployments allow businesses to seize on market opportunities instead of suffering lengthy downtimes. 

The application process will often require documents that outline your business model, such as business licenses, financial statements, and processing history. In some cases, you will also have to prove your compliance as an agent/broker. Be prepared and have all the materials ready ahead of time, just makes the approval process that much faster.

Competitive Pricing Models

Likewise, high-risk processing hold fees do not mean "crazy" high rates. The best companies will have competitive pricing in explicit fee schedules, with equivalently structured fees to quote with transparency. Interchange-plus pricing models can save companies money, and for companies that know their processing volume and can maintain it the benefit lies in lower costs that lead to better margin; bundled rates are often not as good a deal as interchange-plus rates when processing volume is steady... a key measure of value for a business looking to maximize margins and lower costs! Volume-based tier pricing is appealing, especially when a company's revenue is scaling... frequent usage often produces a cost advantage and incentivizes growth. Further, some providers reduce rates after proven stable processing margins over time. 

Technology and Support Provided

Today's high-risk merchant accounts (and providers) can integrate into business along with existing technologies such as e-commerce platforms, accounting systems and customer relation management ("CRM") systems; use of an API to drive a seamless data exchange can create return-to-work efficiencies for companies still using the lowest-cost processing options available today. Technical support is important... especially for high-risk businesses that have little to no tolerance for payment processing downtime. The best companies offer connected technology support as well as dedicated account management teams based on industry knowledge and experience, by proactively planning solutions related to specific operational risk challenges.

Creating Long-Term Value

To many of the most successful high-risk merchants, their payment processor is not just a vendor, but a strategic partner. This strategic partner relationship is cultivated by having frequent performance discussions, compliance updates, and strategic discussions about programming to grow their business.

By selecting the right high risk merchant accounts provider, businesses can convert payment processing from simply an expense, an expense that enables their customer to transact with them, into a strategic tool that is leveraged to make the business productive and to create even greater value to service their customers.