Articles
10 Tips to Protect Your High-Risk Payment Processing Account
by Confidential Banking #1 Merchant Processing ServicesPayment processing is vital to the success of any company today,
especially businesses classified as high-risk merchants. This blog gives ten
tips on how to protect your payment processing accounts.
1. Monitor your monthly processing volumes. If you're going to
significantly exceed the approved processing limits, call the acquiring bank or
your payment processor and let them know the reason.
2. If you expect a tremendous growth spurt, consider getting additional high-risk merchant
processing accounts/ mids. Many
companies that process substantial volumes of payments have more than one
high-risk merchant account or several mids to diversify and safeguard the
continuity of business operations.
3. If you're changing merchant account providers, ramp processing
volumes down slowly from your existing account. If you suddenly close your
account, the acquiring bank will get nervous and may decide to freeze your
funds or hold your reserves.
4. If you have average tickets that are going to increase to higher than
normal levels, call the bank and let them know why. Banks hate surprises. As
long as you let the bank know the reason for any sudden changes, there will be
no surprises, and your payment processing can continue smoothly.
5. Put your customer service number next to your company name on the
billing descriptor. When customers view their credit card statements, you want
customers to call you first with any questions, not the card issuing bank.
Making it easy for your customers to contact you to request a refund or cancel
an order will keep your chargebacks low.
6. Provide superb customer service. Responsive customer service prevents
chargebacks and builds customer loyalty. Everyone wants to be treated well, and
you'd be surprised at how excellent customer service can rescue orders that
otherwise would have been lost.
7. Make it easy for your customers to return items if not satisfied.
Particularly if you sell a lower ticket item, issuing a refund is easier and
much less expensive than fighting a chargeback.
8. Stay on top of your high-risk merchant account by reviewing reports
and reconciling statements. It's amazing the number of merchants who never look
at their statements and then wonder what went wrong when they lose access to
their offshore merchant
processing.
9. Implement fraud protection such as 3Dsecure. The internet is awash
with criminals who are constantly seeking vulnerabilities in websites to
exploit. Don't give criminals the opportunity to attack you. Implement superior
fraud protection, keep it up-to-date, and stay safe.
10. Keep your bank informed of any changes in your way of doing
business. Consider your merchant bank a vital part of your team. Payment
processing is indispensable for your long-term business success, and your bank
is a partner.
Payment processing is the vital lifeblood of your business, so plan to
do everything possible to protect your business and yourself. You'll discover
the time and effort to implement the above suggestions will be well-spent.
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About Confidential Banking 
#1 Merchant Processing Services
20 connections, 0 recommendations, 95 honor points.Joined APSense since, April 26th, 2016, From Panama City, Panama.
Created on Aug 25th 2020 04:03. Viewed 259 times.
