During the Covid-19 pandemic, many businesses suffered from a loss of traffic, revenue, and the ability to overcome adversity due to having a high-risk merchant account. According to one of the fastest-growing merchant account businesses in the industry, High Risk Pay and Ami Cohen, believe that every business deserves a chance to succeed regardless of their credit history. In their recent blog post covering risk management for merchant accounts with high-risk businesses, High Risk Pay offers beneficial advice and guidance on how to maximize your business during a pandemic.
You may be wondering what it means to be a high-risk business? According to this source, a high-risk business is one which:
- Brings in more than $20,000 in sales each month
- Has credit card transactions that exceed $500
- Offers products and services in high-risk (fraud) areas
- Bad credit history
- Returned payments due to unsatisfactory products or services
If your company fits within these criteria, it is likely that your business is high-risk to banks when seeking to open a merchant account. However, High Risk Pay offers digital processing (merchant accounts) for high-risk companies.
In order to avoid the risk of losing business and the potential challenges a pandemic may present, it is necessary for your company to consider options for risk management. To do so, it will require a solid foundation for your business to grow on. High Risk Pay offers a bit of advice on how to properly prepare for the unexpected.
- Develop a Sustained Relationship with Your Account Provider
- Maintain Account Records of All Transactions, Financial & Tax Documents, and Permits
- Have Patience During Periods of Low-Volume Processing
- Reduce Your Companies Chargeback Ratio
- Establish Satisfactory Customer Service Reps
- Make Contacting Your Company Easy
According to High Risk Pay, the above steps can significantly impact the success of your business. Having a merchant account service you can trust alongside the aforementioned risk management tips will help mitigate potential risks your company may face during a crisis.
Establishing a high-risk merchant account with a dependable payment processor has never been easier. High Risk Pay allows their customers the freedom to focus on the more pertinent matters at hand with the growth of their business without having to worry about the health of their credit history.
High Risk Pay strives to offer digital processing services that are tailored to meeting the unique needs of each business:
“High Risk Pay knows how high-risk businesses work. We understand that you can’t afford to waste precious time gathering the mountains of necessary paperwork, only to be rejected by conventional payment processors on the basis of being a high-risk merchant. As a leading payment processing solutions provider, our 99% approval rate and fast 24-hour turnaround sees to it that your business takes off quickly.”
Trust High Risk Pay to help your company build trust with your customers and provide your company with the tools to develop increased customer satisfaction, reduce the risk of chargebacks, and aid in the growth of your business.
To learn more about High Risk Pay and their merchant account services visit their website at: https://www.highriskpay.com/high-risk-merchant-account/