Like any other industry, high risk merchant account providers also have competition that drives them to do more to ensure a good reputation and position in their business. Also, the competition is increasing as new and promising merchant account providers are emerging every day. If a provider thinks they’ll be unaffected with the increasing competition, they are making a mistake. Not that long ago, Samsung was the only strong competition of iPhone. Fast forward 5 years and now you have smaller companies like One Plus or Huawei dominating the Asian industry and a good part of western lands. So, no matter how small the competition is today, you can be affected by it and to be safe from the dethroning, it’s important to make it stand out from others.
That being said, here are 6 things that only a good and reliable high risk merchant account provider would do in order to stand above the competition and earn people’s trust. If you see any provider taking these 6 things seriously, be sure that they can be trusted for meeting your needs.
1. Offering tailored solutions to meet customers’ needs
Long gone the days when one size fits all business models were able to force the customer to comprise their ease-of-use for the sake of a “standard” mold. These days, almost all businesses are structured differently.
Also, business owners are very serious about their customer’s ease-of-use. They want to maximize the efficiency of their customers so that they feel comfortable purchasing their products or services. That’s why a customized and tailored solution is important to them.
Let me give you an example: say your business deals with 2 different brands. But they are not similar to one another in any way. So, in this case, for a particular brand or product or service, you might need a tailored merchant account that requires higher reserve and lower transaction fees. It can be the other way around but my point is – this types of customization for a merchant account is very important to the business, especially if the business falls under the high risk category.
So, a good and reliable high risk merchant account provider should be able to offer such customized and tailored solutions to business owners.
However, this doesn’t mean the merchant account provider should go above and beyond their terms and limitations to meet their customer’s needs. That is simply not possible.
The merchant account provider should definitely stick to their limits and rules while sanctioning an account because these limitations were brought into action to guarantee protection from future disputes for both parties. So, a merchant account provider should not sacrifice limitations and the general structure of the account. However, within their limits, there are a number of things that a merchant account provider can tweak to offer efficiency to their customers and this is what sets them apart from others.
2. Having scope for the future adjustment of growth
Ok, I know that I said a merchant account provider should not go above and beyond the limitations because of the fact that it’s not good for the provider or the business. But there should be enough room left for growth.
Businesses start to grow as time goes by, considering the business is doing well and meeting their customer requirements. So, the merchant account provider should be able to offer the scopes to meet business growth.
For example, let’s say a business had 1 million in 2017. Clearly, if the business is still in the game, it has grown a lot in 2018, maybe the revenue increased to 6 million. Now in 2019, the business will surely expect higher revenue, in the best case scenario, even 10 – 20 times. But what if the company who provided the merchant account to the business declines to increase the limits as the revenue starts to pile up. What if the company asks to sign a completely new deal and upgrade to a different plan, possibly a more expensive arrangement? And in the worst case, what if in the merchant account provider declines to make any changes at all?
A good high risk merchant account provider will never do these things. They will try to offer flexibility with your account and access to a reasonable solution that you need because they understand that businesses will grow eventually.
So, if a high risk merchant account provider wants to bind a business with an iron-clad contract that doesn’t leave any scope for the business to grow, be sure that it’s not the merchant account provider that people will rely on or make a deal with. Remember, a good provider will also leave space for the growth of the business.
3. Maintaining a healthy communication with the business
A healthy communication is something that everyone wants from a company or service provider they are considering for their needs. Like you and me, everyone wishes a good response from a company and the ease of getting to explain the needs and complaints. This is how a company builds a healthy relationship with their clients. A high risk merchant account provider should not be an exception.
To better explain it, let me break it down to three stages.
a) Before the deal
b) During the finalization of the account setup
c) Customer support
a) Before the deal – the introduction phase
This is the stage where a merchant account provider is introduced to its customers, which in this case is the business owner.
Now, this stage is very important for the account provider because they need to impress their potential clients and work along. A good and reliable provider would definitely treat the customers well. Also, the merchant account provider representative should be able to quench their thirst with proper information. Otherwise, the professional relationship won’t work.
b) During the account setup
In this stage, the merchant account provider will have to listen to their customers carefully. This is the time when the customers or business owners explain their needs. Also, this is the time when the merchant account provider should be available to offer a tailored or customized solution according to the needs of the customers.
Offering the customized and tailored solutions, in this stage, would show how much the merchant account provider cares for their customers. In short, this the time when the merchant account providers can impress the business owners to join them.
If the rates, fees, limits are approved by both parties and agreed upon, the payment provider can start setting up the merchant account for their client. Also, a good merchant account provider will be available to make necessary changes to the plan whenever the customers thinks their account needs some general or security tweaks.
However, the suggestions for improvements and changes should not only come from the customers or the business owners. The Merchant account providers should also be open to suggest necessary changes or improvements. This way the business owners are the customers and the merchant account provider both will be in the healthy loop of conversation. Remember, this type of suggestive comments are always appreciated and it develops a healthy professional relationship with customers.
c) Customer support
This is perhaps the most important stage and here; most merchant providers get beaten down or dethroned by the good ones who really care about their customers. Remember, customers or the business owners in this case always want the support from the company they purchased the service or product from in the first place.
What would you feel like, when you go to the Apple service center with your iPhone and ask for service under your warranty but they decline it? Even worse, what if they just ignore you after hearing your complaint?
You will be angry at them because you purchased your phone from Apple and you know that Apple is supposed to take care of whatever complaints you have.
Similarly, the business owners and customers expect full after sales support from the merchant account provider. And generally, a good and reliable merchant account provider will listen to them. They will try to figure out what was the complaint. They will get in touch with you for further explanation. And finally, they will solve whatever problem you have with your account.
But most importantly, the Merchant account provider will respond immediately to your request or your complaints. This is the most important part of customer support, after sales support. The customers might understand why a merchant account provider needs some time to deal with the problem. They will wait for the problem to be solved. But what they won’t tolerate is a delay in responding to their problems or complaints. So, from a good merchant account provider, prompt responses, professional handling, and efficient solutions can be expected.
4. Offering add-on services
Business owners want more than just basic solutions for their needs. It’s just how human expectations work. People always want more.
It’s not always about getting things for free. Sometimes business owners are willing to spend more for added features like processing gift cards, fraud protection etc. These added features and protection mean a lot to business users.
There are a good number of add-on features available to help and facilitate the business owners and their payment processing structure. However, only a good high risk merchant account service company would be able to present the business with these features and much more.
So, if a merchant account provider doesn’t agree on providing the added feature, they might not be the best option for that business.
5. Being available for personal sessions
I talked about this briefly on the customer support stage of building a healthy relationship. But this is one specific thing that people hardly talk about and that’s why I want to talk about this individually.
Let me give you the premise for this. Last week, I ran into a problem with my VPN. So, I wanted to talk to the customer support team and explain what it is that’s causing the problem. After 15 minutes of searching online and looking at every inch of their website, I only found an online chat option that was operated by a bot. So, no matter how many times I have tried to explain my problem, the bot seemed to understand something else.
I know the bots and automated systems are more efficient at managing and handling the more generic problems that happen to the masses. But there will always be a certain percentage of problems that require manual assistance.
For a merchant account provider, email is the most convenient way to communicate and explain the problems. But at times, email is not the most efficient way to address the issues, especially if the problem is complicated. In this type of situation, a personal phone call will be a great help to the business owner.
I know that many merchant account providers have phone numbers where the business owners can reach the company. But there are a number of providers who believe emails and chatbots can handle the queries. If you come across one of them, be sure that they are not the best option to consider.
6. Ensuring complete security
Security is crucial when choosing a good high risk merchant account provider for a business. There’s nothing more important than the fund’s safety and that’s why business owners cross check, double check and triple check the security features and protection offered by different merchant account providers before finally choosing a company to go with.
In this part, the reputation of the account provider plays a vital role. If a potential customer sees that the merchant account providing company has a history of approving fraudulent activities or mismanaging the financial data accidentally or intentionally, there is no chance the business will reach out to the company for further assistance, unless the merchant account provider takes solid steps to ensure it won’t happen again.
The ideal or perfect high risk merchant account service provider is definitely out there for you. All you need is to do the research to find the perfect one that fits your business model and payment structure. Remember, the one which is worth considering will definitely do the 6 things I mentioned in this blog.