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Finding the right Be informed

At some point, we have all had a business relationship that
high-risk referral did not go as expected. It may or may not have influenced
your merchant customers. But if it did have a customer im-
partner pact, then I am sure the affected business owners will re-
member it for as long they are operating ‒ and so will you.

Working with an inexperienced high-risk agent or firm
will be frustrating not only to you, but also to your mer-
chants. Collaborate instead with someone who takes the
time to understand how the business works so that the
bank feels comfortable with doing the processing. For ex-
ample, if you are working with a cruise line, your partner
should know what information will be needed as part of
the application process. Such as, what kind of insurance
does the cruise line have and what does it cover? Will the
business be covered if the ship runs aground and there are
personal injuries? What about if there is a food poisoning
outbreak on board, and the cruise line must offer refunds
to all the passengers?

A specialist should likewise be familiar with the current
guidelines governing different high-risk industries. Mar-
ijuana-related businesses and payday loan establishments
are excellent cases of industries constantly being shaped
by changing state and federal laws. Tobacco and vape pur-
veyors are also continually being altered by Food and Drug
Administration regulations. The Federal Trade Commis-
Brett Husak sion even has guidelines under its best practices for truth in
Deft Payment Systems advertising that determines a requisite font size for disclo-
sure statements. So you will want a partner who keeps up
t seems more common these days to hear agents to date on these types of trends and shifts.
claim they can set up any high-risk business type.
Some even go so far as to guarantee 100 percent Quality affiliations
I approvals. High-risk businesses are already dealing
with enough complicated matters without having to handle One of the main reasons a company is labeled as "high-risk"
being dealt these false hopes. is due to it having a higher rate of chargebacks or disputes.
A skilled agent will know that chargeback mitigation is
I was recently notified by a merchant who was contacted by important and have experience working with companies
a company that claimed it could get the merchant's account that reduce such occurrences. Of course, all chargebacks
moved over with no reserve requirement and a guarantee are not completely avoidable, but you want to deal with
of no chargebacks. As the saying goes, if it sounds too good a person who knows how to diminish them considerably,
to be true, then it usually is. But there are a few things to retain sales and help dispute fraud.
look for when seeking a reliable high-risk referral partner
that will help bring you profit and peace of mind.
Most of us have been in
The high-risk sector does not just deserve more attention this industry long enough to
and knowledge; it demands it. This sector requires more
than simply learning what interchange means and how know that relationships are
processing works, getting a few POS terminals, and then paramount. The credit card
going out and trying to undercut other companies' pricing.
It is not merely about submitting an application along with processing world is small
a voided check and then waiting for an approval that's 90
percent likely, as is typical with low-risk accounts. If this enough for waves to travel far,
sounds like what your "high-risk" partner is doing, run for but large enough for everyone to
the hills.
have a seat at the table.

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