Payment 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.