Have you ever seen those commercials where customers are paying with a particular credit card and the store they’re buying from runs like clockwork? Then one customer comes up with cash, fumbles around with it as if they just learned how to use their hands, and throws the whole process off. The ads talk about how credit card processing is so much smoother than traditional payment methods, but it doesn’t take high risk merchants into account.
What Does This Say about High-Risk Merchants?
What’s funny is that this doesn’t hold true for high-risk merchants. Sure, the retail industry is catered to because there are alternatives out there.
Merchants who rely on credit card payments and don’t have those alternative options of payment? They aren’t always offered the smooth side of the credit card processing industry. They’re offered increased rates by services that have spent the last few decades updating technology to meet old philosophies that no longer serve high-risk merchants. At the same time, they cut costs everywhere they can, including and especially customer service and customized reporting.
This approach is bad enough when it’s aimed at customers. When this approach is aimed at high-risk merchants, it falls apart. High-risk merchants are the ones who need responsiveness and customization in payment processing the most. They need new philosophies based on new technology from their merchant account processor.
The rest of the industry wouldn’t want to admit it, but high-risk merchants. . . they’re the ones who take the risk to pioneer new payment processing territory that will become mainstream down the road. They should be given the most dynamic tools available, not treated like an afterthought.
The Y2Payments Difference
High-risk merchants shouldn’t have to take on additional risks at unreasonable costs. Some cost increase compensates for the risk. That’s reasonable, it comes with the possibility of hazards. At the same time, that territory and cost should bring better tools, technology, customization, and reporting to the table. You ought to get something more for that cost, not something less. You’re in a business that is deemed risky – sometimes unfairly – but your money shouldn’t be worth less when you work with a merchant account processor.
If you pay more because of those perceived dangers, you should also get more. You should get benefits like training, integration with your technology, customized reporting, fraud and chargeback protection, interchange pass-through pricing, and more. There should be a difference.
Cooperation, not Competition
Moreover, that’s not an empty promise. If you’re a merchant account processor who works with high-risk merchants, you should want to see them do well. The better they do, the more stable and flexible you can make them, and the more loyalty and business they give you in turn.
High-risk merchants have to remain on their toes because of their industries, but this doesn’t mean they can’t be supported by businesses built to serve them. If Y2Payments can make your business more capable, both parties benefit and make the other side of the fence a little less dangerous.
Want to learn more about our credit card processing? Contact Y2Payments today!