If you are planning to start or have already started a business that falls under a so-called” high-risk industry, it may be difficult to find quality credit card processing for your business.
Why is it so difficult to get a quality credit card processor for a high-risk business?
Well, there is a specific definition of what makes a business high-risk for credit card processors, and it is generally based on the processor’s risk tolerance. For instance, some merchant account providers are not willing to work with online tech support companies while others do. Similarly, there are some industries that are considered as high risk for some merchant account providers, i.e. Adult services, Travel/Tour Companies, Mobile Apps, Internet Gambling, Annual Membership Sites, Dating portals, and CBD businesses.
How do I find a reliable credit card processing gateway for my high-risk business?
So, if your business falls under a high-risk industry, i.e. a CBD online business or even a physical one, then you need to have a special credit card processing gateway that will enable you to accept payments via credit cards and debit cards. However, a good and reliable credit card processing gateway does more than just allowing you to receive payments through cards.
Most banks do not offer these services to their customers because a CBD products business is considered a high-risk business. As such, therefore, third-party credit card processing gateways other than banks are used.
Here are some of the factors you should consider when choosing a credit card processing gateway for your CBD or any other business that may be considered as a “high-risk” business.
1- Safety:
E-commerce has made it very convenient for people to shop for items they need from the comfort of their homes. It also puts personal information at risk since it is now possible for others too sensitive information when used online.
A good credit card processor ensures that all customers’ sensitive data is kept safe and secure ensuring the privacy and security of the customers.
2- Acceptance Of Many Currencies: Another great advantage to a business is the ability to accept many different currencies from all over the world. This means that you can be able to complete sales for people anywhere in the world taking your business globally.
You are not restricted to selling to people in your locality which means then that you can easily scale your business. Being able to sell to people all over the world and accepting many currencies significantly increases the revenue for the business.
3- 24/7 Support: Since most of the credit card payment processors offer their services through websites such as for https://thesoutherninstitute.com, they can provide 24/7 support for your business whenever you need it.
There are many problems that can occur with a high-risk account, and therefore a reliable support system is crucial. The support can be offered online and also through the phone whenever it is needed.
4- Management Tools: Another factor to consider while using a credit card processing gateway is to have easy management capabilities. The processing gateway should provide useful management tools that you can use to track and manage your business.
The most important management tools like detailed reports and metrics that can help to scale your business are essential. Good credit card processing gateways also offer a lot of trends based on market data that you can use to learn important customer insights, i.e. where most of your customers are from you can change your business to target them better.
5- Reliability – For a low-risk business, having chargebacks over a certain set limit will see the account being closed and the business might suffer. But when it comes to a high-risk merchant account, the specialized processing gateway is aware of the high probabilities of chargebacks, and therefore having a bad month with many chargebacks might not lead to the closure of the account although it might lead to hefty fines for the CBD business. This, therefore, means that the business gets the longevity required to survive in a high-risk business.
However, a Mastercard chargeback may be handled differently than a Visa chargeback, and card brand rules are constantly changing, so it’s a good idea to keep yourself informed on the individual card brand policies.
The Bottom Line:
While searching for a good credit card processing gateway for your high-risk business like an online CBD store, you may find tens of services that claim to work with high-risk businesses, but you must ensure that they work with merchants specifically in your industry. It’s always good to talk to a representative before signing up and implementing the credit card processing system.
Having a credit card processing partner who knows the risks and potential of your business goes a long way with your business.
