You also want the best price plans and contract terms you can get. This is where a dose of reality comes into play. There are several really great merchant account providers that we have awarded 5 star ratings for a good reason. They offer low exchange rates plus (or subscription), monthly contracts and excellent customer service and support. Unfortunately, you can keep your costs down and offer your dealerships such good conditions by completely avoiding the high-risk category. In other words, you will not be allowed to sign up for an account if you decide that you are in the high risk category. The granting of a license for a merchant account, if it is considered to be a high risk, involves some obligations. You do not get the lowest prices. Paid more fees than a dealer who is not at high risk. And you probably will not get a contract from month to month (although sometimes you can successfully negotiate a contract). However, the high risk specialists we’ve named below can typically make a deal above the industry average, even if it’s not the best of the best.
We have identified the following criteria to evaluate our best suppliers of high risk accounts. We saw that: High Risk Payment Gateway
High risk specialization. This means more than just marketing in the high-risk area. A real risk expert will have a (preferably internal) sales person who is trained and experienced in the accountability of high risk traders. In addition, your customer service representatives receive training to work with high-risk accounts.
Hardware If you do not run a pure e-commerce business, you need equipment to handle transactions with the current card. This may be a standard cable credit card terminal, a wireless terminal, a POS system, or a system based on a mobile smartphone with a card reader and an application. Regardless of what type of hardware is best for your business, we recommend that you buy your equipment directly rather than rent it. Standard leases have a term of four years and can not be terminated. This means you will need to buy the remaining months of your lease when you close your account. Note that some providers offer a “free” terminal with their account. Be careful with it and read the fine print. While this offer may work if you only need one terminal, you often pay a higher monthly fee (that is, the terminal is not really free), and you may also be subject to a long-term contract with a premature termination fee. considerably Do not accept a magnetic card reader! With the transition to EMC, you need a device that can handle magnetic stripe and EMC cards. The team that can process contactless payments using NFC (such as Apple Pay) is also a good idea, as this type of payment method is quickly gaining in popularity among consumers.