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Tips For Selecting The Right Credit Card Processor

High risk merchant account instant approval
Posted on 25 May, 2021

High risk merchant account instant approval

Choosing the right credit card processor for your business is not as easy as it may seem. There are a lot of options out there, and they all have different benefits. In this article, we’ll explain some key things you should consider when selecting high risk credit card processing.

  1. Understand Your Business’ Payment Requirements

    High risk merchant account instant approval

Businesses have different payment needs. The processor you select for your business will depend on the number of transactions it handles and the type of transactions. For example, a retail store’s credit card processing needs will be different from an online retailer that sells one-off products or services such as consulting and coaching.

Your choices may be limited if you own a small business. In this case, you will need to use the services of an organization that specializes in processing credit cards for businesses like yours. Also, you may have to determine the type of credit card you want to process. This includes choosing between a swipe, chip, or mobile reader.

Swipe cards are processed face-to-face and are typically for small businesses with low transaction volume (less than 100 transactions per month). Chip cards require contactless payments that work with a device (e.g., mobile phone) and can be processed without having an internet connection.

The equipment needed to process chip cards is more expensive than the equipment required for swiping. However, it’s worth investing in if you’re processing high volumes of transactions or want increased security measures. If you have a merchant account bad credit, you may find it difficult to get a reputable processor.

  1. Evaluate Your Business’s Risk Level

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If you are just starting out and don’t have much of a track record, it’s better to choose a lower-priced processor with less flexibility in rates and fees. As your business grows and becomes successful, consider upgrading or switching processors (these may take some time due to the expense).

But if you own an established company that does extensive volume transactions at high dollar amounts per transaction, then it may make sense for you to consider seeking out more sophisticated processing tools such as integrated terminal capabilities or custom credit card programs that allow additional customer enhancements like loyalty rewards.

At this stage you should also evaluate your desired payment terms for customers who enroll in recurring billing plans over the long term.


  1. Watch Out For False Marketing Tactics

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Like other industries, the merchant processing industries is full of deceptive and distracting marketing messages that may trap you if you’re not careful. The Federal Trade Commission offers these tips to avoid being deceived or misled when selecting your credit card processor:

-Be wary of statements that promise you will save money by using the service, as this may not be true for all situations.

-Beware if they offer discounts only available after signing up with them, because it’s likely there are incentives behind those promises. It’s always worth doing independent research about any company before committing to anything long term (or potentially permanent).

-Look closely at what fees they charge in order to understand how much more expensive their services might be.

-It is also important to review the contract carefully before signing on because often time’s agreements can lock merchants.


  1. Know Credit Card Pricing Models

There are two different price models for credit card processing:  swiped and keyed, as well as a third model called aggregate.  Swiped pricing is the simplest to understand because it only charges one fee per transaction regardless of how much money you process on that given day (or month).

Keyed transactions charge an additional flat fee or percentage based on the total amount charged in that particular transaction. Its aggregate is a little more complicated but can save your business some serious coin if you have enough volume to take advantage of its benefits. The best way to find out which type of pricing will work best for your company depends upon what kind of business model you use and how often customers transact with your firm each month or year. It also best to avoid merchant accounts bad credit.

Summing Up

It’s vital have a clear understanding of what type of credit card processor you want. Coupled with these tips, you’ll find selecting the right credit card processor easier.

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1 Comment

  1. Irit B

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High Risk Merchant Account Services

Accept all major credit cards

Regardless of Credit History!