Processing payments is one of the most critical parts of running a business. It’s where your income streams in, so you have to be extra careful when choosing a payment service provider that could offer you reliable technology and a streamlined process to benefit your business.

So, how will you choose the right one out of all the high-risk merchant account providers?

Here are five things you should look for in a provider of merchant services.

Things to Consider When Choosing Payment Processing Partner

  1. Adaptability. Whether a startup or an established business, you’ll need a payment service provider that can quickly adapt to your existing system while considering security. This means that you and your customers won’t have difficulty adjusting to the payment gateway once it’s on your website.
  2. Reliability. You can’t choose a payment processing partner that constantly encounters glitches with their system because it can affect your business. Reliability is essential when choosing a provider since you can’t afford to lose money and customers just because they can’t check out their carts.
  3. Pricing. It’s easy to find merchant account providers, but not as easy to find one that can offer you a good rate plan. In most cases, you’ll get flat-rate pricing, where you must pay a fixed monthly fee for the service and a percentage for every transaction made. Although this option is straightforward, it might not be the most practical if you’re a high-risk merchant. So, you really need to ask for rate plans and compare them to see which one will give you the best value for your money.
  4. Flexibility. Your payment service provider should grow with your business, so you must consider flexibility. Aside from having a good payment flow, you should also choose a partner that can scale along with you as you expand in the future. This will help you ensure consistency and continuity in your operations and not limit your growth.
  5. Technology. A good payment service provider should be able to offer you the latest tools in the payment processing industry. Some partners even have specific tools and services for the market that you’re in. For instance, Green Payments recently introduced Dealer Genie, a PCI-compliant platform designed for automotive dealers.
Finally, you can’t forget about security. You need to take extra precautions, especially for high-risk merchants, whose businesses are often prone to more fraudulent activity; high chargeback rates could cost business owners their merchant accounts.

That is why you must find a payment processing partner that offers strict anti-fraud measures to stop any of these activities before they can even get to your business.

Remember these five essential factors when choosing a payment service provider for your business. You’ll indeed find the perfect fit that will allow you to keep customers satisfied while protecting your business's integrity.