How to Manage a Business with High-Volume Payment Processing
If you’re planning to accept credit cards on your website, then you may wish to consider a merchant account that permits high-volume payment processing. Many websites are seeing an increase in traffic due to their customers ordering products and services exclusively from home because of the various 2020 coronavirus lockdowns throughout the United States and much of the world.
If this is might apply to your business, here are a few things to look for in a merchant account that includes high-volume payment processing. It pays to shop around, and these guidelines can help get you started.
Review the fees
The fees and transaction rates offered for merchant accounts differ between companies in relation to numerous factors.
For example, some change their fees depending on whether your business is new or already expects high-volume payment processing to be necessary. If you’re in a high-risk industry like gambling, some merchant account providers may be more reluctant to approve your account because of the high chance of chargebacks in your industry, or, if you are approved, then this could potentially increase your rates as well.
Make sure you’re aware of what features you’re getting, and what fees are associated with each feature before you sign with your merchant account provider so you’re not surprised by additional fees and restrictions later.
Consider your history
If you have a shaky financial history, you may find your high-volume payment processing plans increasing in fees. This is particularly true if you have declared bankruptcy within the last ten years. However, since you need to accept credit cards on your site, especially during the lockdown when face to face interactions aren’t always possible, it’s essential to have access to a merchant account, even if your credit is bad or nonexistent.
One thing you can do is leverage your status as a store with high-volume payment processing. Merchant account providers may be more lenient with your fees if they know you’ll be profitable for them. This also can entail less risk for the payment processor, since a single chargeback won’t likely wipe out all their earnings from your account. Another thing you can consider is to work on raising your credit score. For example, your bank may be able to help you make progress on your loans or consolidate them. Higher credit scores can improve your standing with your merchant account and result in lower costs to you. As the saying goes, the rich get richer.
The Takeaway
If you plan on processing credit cards on your site, especially as a high-volume payment processing client trying to keep your business afloat during quarantine, you can lower your fees.
Your relationship with your internet payment processor can greatly influence the discount rate, transaction limitations, and other fees associated with your high-volume payment processing account. Ask your merchant account provider about your options before you sign a long-term contract for your online store.
Call Charge.com to see your options for products and merchant services at (888) 924-2743.