One of the major obstacles that a high risk business will face is getting approved for high risk merchant processing. You will require a virtual terminal merchant account if you want to accept credit and debit card payments, which is a requirement for all the businesses today. This holds especially true for any online business. But, for a high risk business, such as pharmacy, it can be a hard process to get approval for the online payment gateway in the first place. If you are a high risk business owner, there are a few things that you can do to get approved for high risk credit card processing services.
Read the following tips to enhance your chances of getting approved for credit card processing:
Show that your business is financially strong:
If your high risk business has been around for some years but you’re just now prepared for accepting card payments, you will surely have some financial history to show. Be sure to show your business’s financial strength to the credit card processor. This will make them understand that your business is genuine with high earning potential and that you are able to fulfill your customers’ orders with the products that you have promised them. The underlying fact is that most credit card processing companies are simply trying to make sure that they are not working for a company that is fraudulent. A sound financial stability will prove this to them.
Show any processing history if you have:
Some merchants will already have some processing history and will be just looking to open an alternate account with better rates. For such businesses, the easiest way to enhance the chances of approval is to show their credit card processing history to the potential processors. This history will reveal the following important elements to the credit card processors:
Number of transactions processed
The overall value of transactions
Number of chargebacks
Number of fraudulent charges
If you can showcase through your credit card processing history that you have taken efforts to avoid chargebacks and fraudulence, you will have a higher chance of getting approved for the virtual terminal merchant account.
Describe how you mitigate risks:
At times, it will just take a small conversation with the processor to describe yourself. Some credit card processors are known to be declining the merchant accounts just because they do not understand a business or they view it as high risk even if it isn’t. Such misconceptions can be addressed by you through extra information. If your business lies in the high risk radar, describe what you will do to prevent chargebacks and what processes you have implemented to avoid fraudulent charges. If the credit card processing company understands more about the business, they will most likely grant an approval.
Bring your credit in line:
When it comes to high risk merchant processing, both your personal, as well as business credit matters. If you have a bad credit, it can affect the processing company’s decision to grant you an approval. So, before applying for a high risk merchant account, make sure you do some cleanups like paying off debts and disputing wrong info on your credit history. These things will make your business more attractive to the potential processors. Even if you have a bad credit history, you must be honest about it. If you try to hide it, it will make your business look unfavorable. Just let the processors know that you know about your bad credit and you are trying to rectify it.
If you are currently looking for reliable high risk credit card processing services, talk to the Pharmacy-Marketing team today!