Being successful in the digital age means being able to respond to the wants and needs of your customers immediately. The method by which you accept payments is no exception. Merchant’s accepted payment methods and options can easily persuade or dissuade customers from shopping with you.
Traditional payment methods like cash and cheque have significantly decreased in use, and businesses that only accept one type of credit card are no longer considered competitive. To generate increased traffic and increase revenues your business needs to evolve with the times.
This means being able to process payments at point-of-sale and online as well as accepting diverse payment methods.
Streamlining your business operations with virtual merchant accounts not only encourages and supports greater spending, but it increases your customer base and merges your backend and front end to create an easy-to-navigate financial business center.
If your business thrives on both in-person and online payments, your business should be actively considering:
- Using a virtual merchant account
- Using a virtual merchant account that supports alternative banking technology such as Apple Pay, your PayPal merchant account, and that seamlessly ties your front-end payments to your back-end receivables
- Using a payment gateway that merges in-person payments with on-line payments in one platform
- Using a payment gateway that provides accounts receivable transactions through your merchant account or Paypal Merchant account
You’re probably wondering if virtual merchant accounts are so fantastic, then why isn’t everyone using them?
This is a good question, and if you’re like me you’ve probably wandered into a booing business that only accepts your bank card; or even worse still operates with a cash-only policy. Why aren’t businesses’ like these using virtual merchant accounts?
Many businesses’ that are considered high risk don’t qualify for a merchant account for high-risk businesses; which means they’re stuck losing customers and spending hours in the accounting office a day. If you’re looking for high-risk merchant account instant approval UK, it’s important to know if you’re considered a high-risk venture.
High-risk businesses can be labeled as such due to the following.
A high-risk business in question has:
- A high amount of chargebacks every month
- Bad business credit or no credit history
- Large sales figures
- Average sales that exceed normal spending amounts in each transaction. (The higher each transaction is to the thousands, the higher your risk becomes)
- Worldwide customers that may live in, or operate out of, countries with risky banking laws and low IT/IP policing
Let me guess, you probably just read that and thought that it makes no sense! A lot of those points seem positive! Large sales, worldwide customer database and big spends with each transaction. But unfortunately, that is how high-risk businesses determined.
So what do high businesses do when they don’t qualify for standard virtual merchant accounts? Many companies pay higher rates, incur transaction limits, and are subject to stricter terms and conditions.
Our suggestion to high-risk business owners is to try out virtual merchant services from reputable companies such as 5 Star Processing. Companies like this specialize in high-risk merchant accounts, but charge way less than their competitors.
If you’re having difficulties obtaining a standard merchant account but can’t afford high-risk merchant account fees, 5 Star Processing is a great way to leverage your business while keeping costs down and customers satisfied.