Finding high risk merchant services can be difficult; however, to reduce your pain, in this article, we are going to discuss the top 3 high-risk merchant solutions for business owners. High risk merchant solutions are payment processing services that allow business owners who are considered to be high risk by banks to accept credit cards from customers.
Following are the top 3 high risk merchant solutions for high risk business owners:
- Cashless ATM Machine Services
If you want to generate certain additional revenue for your retail store, you can go for a cashless ATM machine. These cashless ATMs allow you to run pin-based transactions for your customer so that they can withdraw the amount from their account and directly transfer it to you.
By adding a cashless ATM machine in your store, you provide customers with the added convenience to directly pay you at the store with a debit or credit card. Also, by adding a cashless ATM, your transaction fees will be reduced, thereby transferring it to the customers who would pay it as a convenience fee for using their debit cards. It will also reduce the chances of chargebacks and fraud as the customer has to be present during the transaction with the correct pin.
- High risk Credit Card Processing Machines
If you are identified as a high-risk business, in most cases you are paying a high credit card merchant fee. High risk credit services are like payment gateways that have a reputed trust and experience in the market and have tied up with financial institutions who are willing to trust the intermediary payment processor to take on most of the risk associated with such transactions.
Also, it would be our suggestion that before you choose any payment processor, take the time to evaluate various rates of the different high-risk credit card processing companies. However, most of the rates would be still higher, and hence we recommend you to go for a cashless ATM machine provided by My Payment Solutions USA.
- Accepting Cash Payments
One of the major benefits of accepting cash payment is that you have the money instantly. Sometimes in credit services, it takes 24-48 hours to process the payment, but in the case of cash, it is hardly so. Also, you don’t have to pay any transaction fees in case of accepting cash payments.
However, by accepting cash payments solely, there is a very hefty amount of cash in your register, which puts you at risk of theft. Moreover, it will be really difficult for your bookkeeper or accountant to keep track of only cash transactions leading to hefty losses. Hence, we suggest that you should go for a cashless ATM machine instead.
Finding A High Risk Merchant Provider
Since you now know about the high-risk merchant solutions, let us guide you with some of the elements you should keep in mind while choosing your high risk merchant services.
- Responsive support team
It is important that you choose a high risk merchant that has a proper response team so that in case of emergency, you can contact them quickly, thereby providing a guarantee that every issue would be addressed.
When you are choosing a merchant solutions provider, make sure you can tailor it to your business needs, and this is significantly important if you are running a high risk business. Do make sure you can customize every element of the payment form and can discuss all your relevant rates, features and conditions.
- Transparent Pricing
Generally, when you hire a merchant solutions provider, there is a tendency to charge higher prices. So, make sure they have a transparent pricing system that can be easily found in the public domain. Before you make any decision, make sure to ask them about their fees and potential costs.
Summing It Up
The goal of this article is to guide you as you choose one a high risk merchant. You can also get in touch with My Payment Solutions USA, who possess in-depth expertise in this field.