Do you currently have a physical store where you are selling products? You may also have an online counterpart to your store where you can do transactions. You may have noticed that your current payment processor is raising the rates, something that is cutting significantly into your profits. It is a moment like this that motivates business owners to start looking for different payment processors so they can do more affordable transactions. Unfortunately, for many people that are in a high risk category, it can be difficult to simply find another business. Even more difficult is locating one that will save you a substantial amount of money. Here is an overview of how you can find high risk credit card processing companies that will offer the lowest possible fees.
How To Target Companies That Will Save You Money On Processing Fees
Some people will begin by looking in the local paper if they happen to be in a large metropolitan area. However, most people are realizing that the best deals tend to be on the web. Not only can you find these in organic listings, but the best deals tend to be in their advertisements. They are paying top dollar to be seen when people are searching for some of the more popular keywords. Therefore, they need to make their offer really stand out. One of the ways that they are able to do this is by offering lower processing fees. These of the companies that you will want to target and eventually set up an account with to help you save money.
Are These Easy Companies To Get An Account With?
This is a common question that many people ask when switching over to another business. They may submit several different applications, and they may get a couple that approve them, but they wonder if they are making the right decision. They may have use the same payment processing company for many years, and they are not very fond of change. That's why it's important to do a little bit of research on each business, and potentially talk to a representative of each of these companies to find out how easy it will be. If they did approve you, and they do have low rates, these of the companies that you will want to consider working with.
Do High Risk Merchant Accounts Offer Low Processing Fees?
If you are switching over to a different business model, selling products that are considered high risk, you might be astounded at how much money it will cost you by comparison. When working with a regular bank, and also a standard payment processing business, the prices that you are charged with a high risk credit card processing company are going to be much higher. However, if you already have one of these high risk accounts, you will definitely notice when they are offering lower prices. Once you have narrowed this down to just two or three businesses, there is one final thing to consider to make your choice.
The Cost Of Processing Fees And Leasing Their Equipment
The cost of leasing their equipment is the final consideration that you need to make. This will be on top of the processing fees that they will charge for transactions that go through their system. If they can offer you lower prices on the physical components, along with lower processing fees, you will definitely have found the best business. If you have done research on this company, and they are also highly recommended by people that are using them now, you will want to switch over right away if you are lucky enough to have been approved by this company.
Is The Transition Process Easy Or Not?
Transitioning over to a new company doesn't have to be difficult at all. In fact, this might be one of their primary selling points. For example, not only will they offer lower prices on leasing equipment and fees, they may do most of the set up for you so that it is as easy as possible. These companies often realize that they need to provide a deal that people cannot pass up. Remember, they are spending good money on the advertisements that they are placing. They will likely have an individual that will be assigned to your account that will walk you through the entire process. In most cases, it will take no more than an hour with some of these reputable high risk merchant account providers to get you set up so you can start taking orders.
How Much Money Can You Save By Switching Over?
The amount of money that you can save is based upon three factors. First of all, you need to see how much they are charging for each transaction. Second, you need to think about the amount of transactions that you do on a regular basis. If you have a high volume of sales, then you could end up saving what could be tens of thousands of dollars every year by making this transition to a new business. Finally, switching over, if it does not take very long, means there will not be a lot of downtime. The longer that you are unable to do transactions, the more money you are going to lose. If they can promise to switch you over within an hour or two, this could be the best option. They will have you up and running quickly, taking payments from people all over the world that want to purchase products or services from you at these lower rates.
Finding a new high risk credit card processor doesn't take very long at all. Most of the apprehension that people face is not being familiar with a new company. If the business is offering lower rates on transactions, as well as a lower cost on the rental or lease of the equipment, you would be well advised to consider switching over as soon as possible. If you start your search today, by the end of the week, you will be able to take advantage of these lower processing fees from one of these reputable businesses.
