And the Best Credit Card Processing Service Is . . .

best credit card processing y2payments

Most businesses have to accept both credit and debit cards today – it’s the most convenient way for customers to pay. If you don’t have the technology in place, you’re likely losing customers. That leads many to shop for the right credit card processing service, but what is that? Is there a list somewhere that will tell you who to hire?  

And the Credit Card Processing Service For You Is . . .

So, ready for that name? It’s not here. That’s because credit card processing companies vary widely because credit card processing is different for every single business. High risk businesses like those that involve gambling often need a very different service than a simple Mom and Pop gift shop in a tourist town. So, without the name of the service to choose, what do you do? Some research would help. As you shop around, make certain you’re looking for services that provide:

*Low Fees: Fees abound when it comes to any credit card processing service, and you want to make sure the fees meet your needs. Look carefully at how your customers pay and think about whether you want to rent or buy equipment. Ask about the interchange plus fee (the cost of each transaction), and don’t forget to find out if there are minimum processing amounts you must meet.

*Added Support: Most businesses want a 24/7 support hotline as opposed to a digital library of content you can find to simply fix the problem on your own. Some DIYers, though, would rather not pay for those added support hotlines, so figure out exactly what level of help you might need every step of the way from the initial set up to the day to day running of your business.

*Fraud Protection: PCI compliance is required from all card processors. Other protections, though, like encryption and tokenization simply aren’t. Find out what each processor is doing to help protect your business and your customers before you sign a contract.

*Perfect Contract Terms: Some companies will work with you on a month to month basis. Others want you to sign up for a year or more. There’s no right answer on this one but understanding what those terms look like on paper is nothing short of a must.

Get quotes from several credit card processing services before you choose the right one to meet your needs, then don’t be afraid to shop around continually until you find a service you truly love.

What Are Common High Risk Merchant Industries

high risk merchant industries y2payments

Ever been denied the opportunity to work with a credit card processor because you’ve been deemed a high risk business? You’re not alone. Many companies deal with the same label every single day, and often it’s a label that comes with very high fees and frustration. Wondering why you’re considered a high risk merchant account? There could be a number of different reasons, but in some cases, it’s the industry in which you work. There are a number of high risk merchant industries.

What Are High Risk Merchants?

Generally credit card processors consider industries high risk if their services or products have a history of excessive charge backs. Similarly, industries with services or products that have longer chargeback liability periods, like annual memberships, end up with that same high risk label. Sometimes, it’s just the reputation of the industry. Take a look at a few types of high risk merchant industries:

• Nutraceuticals
• Timeshare and Travel
• Gambling
• Firearms and ammunition
• Adult Products
• E-cigarettes

There are other risk factors as well. If you do business outside the United States routinely, for example, you may end up with a high risk label. If you’re not in a high risk industry, but you work with high risk clients, that could also mean a similar label. Bankruptcy attorneys, for example, often end up with a high risk label, as do bail bondsmen.

You Can’t Change Industries, So Now What?

If you love what you do, and you don’t want to change industries, you’re not out of luck just yet. There are still a few things you can do to get great rates. The single best first step you can take, though, is to contact us. Y2Payments offers processing services to companies in a variety of industries, even those deemed high risk by so many other companies.

To learn more about what we can do to help, give us a call at 888-693-1850.

Fighting the High Risk Merchant Account Label

High Risk Merchant Account Y2Payments

It’s happened to many businesses.  Don’t worry – it’s not just you. You’ve applied with a few credit card processing companies, and time after time, you’ve been turned down.  Endlessly, the label “High Risk Merchant Account” has been thrown around in the paperwork.  How can you dump that label for good and begin processing your customers’ credit cards?  It’s easier than you think.

Understanding the Label

A high risk merchant account is one that the processing company doesn’t trust.  There could be a number of reasons for a label like this one.  It’s possible the processing company is just a bit risk averse.  It could also be the industry you serve.  Non-traditional sales and marketing tactics can make a company concerned about your ability to do business.

Working within an industry that has a high instance of chargebacks may be the key behind the label too.  Adult entertainment companies, for instance, are often labeled that way.  Gaming companies are too. And collection agencies.   One other reason you may have gotten that label is your own personal credit profile.  If you’ve worked with a processor in the past and gotten a high number of chargebacks or you simply have bad credit, a traditional processing company may not be willing to work with you.

Start Doing Business Now!

Fortunately, the label doesn’t have to stay with you for very long.  Even if you’ve been turned down by several companies, it is possible to move forward and begin processing your customers’ cards right away.  Y2Payments specializes in working with customers who have been previously labeled as high risk by other processors.

The Future

To avoid a label like “high risk” in the future, there are some steps you can take. Working with Y2Payments is a good step forward, but another one is to ensure that you avoid chargebacks if it’s possible.  You lose profit.  You lose merchandise, and you’re responsible for the chargeback fee.  it really is a lose-lose situation, and ensuring that it doesn’t happen to you is a must in the world of credit card processing.  And Y2Payments has an exclusive chargeback handling algorithm that can eliminate them.

To learn more about how we can help, no matter what your industry or current risk profile, contact us today.