What are the challenges behind a high-risk business? When your business falls into the category of a high-risk industry, first know it is not because of you. It is the industry and usually due to factors far beyond your control. One of the largest obstacles may come in the way of payment processing since processors are a bit reluctant to offer their service. As a high-risk business, you will most likely have numerous issues to deal with such as excessive chargeback disputes, duplicate charges, lawsuits, and fraudulent transactions. However, these are not a dead end for you since there are still reputable and stable processors ready to provide you the service that you need. Our reputation at Agapay with a variety of clientele makes us the right pick for you.
It takes a lot of effort to establish and maintain good business standing. Knowing the ins and outs of what makes you a high-risk industry will be a great help. And selecting a reliable payment processor is part of that journey. Our first move together is working towards solving these challenges from the beginning. We help you through the process!
- Transparency is key. Make sure and have as much information about your previous processing company or a history of payment processors you’ve worked with. This is a way to build trust and to let us know ways to provide better service compared to your former processor.
- Establish a good image. It is vital for a business to be accurate and true to what has been advertised. Offering an exemplary product and service means more sales, fewer chargebacks, builds trust and reputation both to your consumers and the bank. This may seem simple, but some businesses oversell their products and services. This is a stone that can have a ripple effect on many of your business dealings. Be careful.
- Follow the law. It is important to abide with mandates of the government specifically when it comes to consumer protection, local city codes, refunds, and truthful advertising.
- Invest in clarity. It is best to provide a detailed and comprehensive agreement with your consumers most specifically about the payment schedules for fees and refund or cancellation policies. When bank looks at your user agreements and find they are deceptive or unclear, this is a red flag will not only find you losing chargebacks or processing but also alienate customers along the way.
Being a high-risk business should not hold you back from accepting credit/debit payments. It used to take a lot of effort to choose the right processor for your business, but because it contributes to the success of your business we had to do it. Agapay is the choice for you as we help you from the beginning. Get in touch with us and we will be glad to discuss with you the cost-effective services we provide as a payment processor for your business. Call us today!