Regardless of the niche or size of the business, the relevance of merchant account services is non-negotiable. However, you should note that not all of them are handled the same. The wide range of online telemarketing services-based organizations, such as call centres and telemarketing firms, are usually considered high-risk ventures.
On the other hand, online businesses that are not offered merchant accounts by banks are called magazine subscriptions. And the majority of them regularly conduct large value transactions.
High-risk merchant accounts are those for the companies that will not hesitate to carry out new operations with new firms. The risk is even higher when the business is relatively new. However, a reliable credit card processor can handle the condition and give them the ability to get funds from several underwriting banks.
One good thing about these kinds of high-risk businesses is the quick refunds. Generally, the provider of the high-risk merchant account provider makes it super-easy for the firm to handle the funds.
Another benefit of this type of account is it does not require any application fee paid. It also provides the business with the ability to seamlessly integrate all the payment platforms like retail, credit card, or mobile apps. Also, these accounts could be used for check processing.
High-risk merchant accounts also give firms the ability to change operations to offshore accounts whenever the market demands it. At some point, every company will either benefit from a domestic or an offshore account. It’s easy and time-saving to apply for domestic accounts and the fees are low. Plus, they can kick the business off with different payment modes.
However, your telemarketing business will likely grow and draw in clients from overseas. At this stage, an offshore merchant account would ease up operations like international currency exchange and transfer. That way, your firm will operate with the same efficiency despite the expansion. And because offshore accounts are usually expensive, it’s in your best interest to select a location that offers relatively lower taxes.
It’s standard procedure for buyers to call for a refund when they experience an error like when there is no reliable payment gateway. In another situation, the customer may decide to request a refund, leaving you to resolve chargebacks.
It is not completely unusual for banks to deny merchant accounts for services like telemarketing firms or even credit card processing companies. The process of obtaining these accounts can be difficult if the business is dealing with heavy chargebacks. They may also be required to pay increased account fees. Most financial institutions conveniently offer their services to payment systems that are compatible with high-risk ventures.
When looking for the best telemarketing merchant accounting services, remember to keep your options open so that your firm can switch between domestic and offshore accounts as your company’s needs dictate.