Finding the right merchant account provider is often the hardest part of signing up for this type of business service. However, it helps to have a strategy in place to get the most out of your investment. Consider what kind of solutions you need from your account provider. Many top companies offer features other than the merchant account for high risk itself. For example, you might be able to access special point-of-sale material with one vendor that you can’t get with another. You can also find providers that give you access to a wider range of payment gateways.
Take the time to look for the best deal from a trusted supplier. It can also mean getting quotes from a number of companies before you make up your mind. Since some of the quote-based fees for a merchant account are only available after you’ve spoken to a vendor, you won’t really know how much each business is going to charge you at first glance.
Other tips to consider:
Prepare everything you need for a business profile
Your merchant account provider will ask you for a business profile that describes what your business does and how you make money. The profile will include a lot of information that should advise your merchant account provider on the type of service you require.
Remember, while you take a risk when choosing your merchant account and hoped to get the right deal, your account provider is also taking a risk. They face the income from your card transactions. This means that some account providers might refuse to work with you if you don’t have the right information in place.
How you accept payments: If you have a physical location, you may need to make offline swipe payments through a point-of-sale terminal or credit card system. You can accept payments through online services and online shopping carts.
How many sales you will process: Obviously, you can’t always predict with absolute accuracy how much money you will make or how many sales you will get. However, if you’ve been in business for a while, you need to know your average volume. Prepare your general number of trades to share. What is the average price of your ticket: In other words, how much does each customer usually spend with you? You can find out by dividing your total sales by your total number of sales.
What does the seasonality of your business look like: Are you making more money at certain times of the year and less at others? If this is the case, you will need to make sure that your merchant provider is prepared for this by providing them with plenty of information. Some merchant vendors even offer discounts to businesses that experience seasonal downtime.
Be careful when requesting your account
Choosing a merchant account is not the same as choosing a website builder or an email service provider. You choose your merchant account services and the company you choose should be comfortable accepting you in return. With all of your business credentials ready, you should be ready to apply for the right account for you. Be sure to carefully read the terms and conditions provided by each company. The last thing you want is a mistake on your application to prevent you from being approved. Make sure the account providers you choose can access your credit history. Also, it is important to know in advance whether you are a high risk business or not. Some industries are riskier than others, which mean you may have to pay higher fees.