Lower Your Credit Card Merchant Service Rates

The most crucial factor, which can make a huge difference to the success or failure of a business, is its sales. A business can only succeed if it is making an adequate amount of sales. Today e-commerce has taken over the world and whether you run a business from home or a large company, it gives customers freedom and convenience. There may be very few things that you might not be able to purchase from the comfort of your home. All this is possible due to the merchant account set up by the various businesses online. It would be impossible for a business to allow its users to use debit cards and credit cards for transactions without a merchant account.

Whether your company deals with online sales or does business in person, having a merchant account has a number of benefits. It will reduce your dependence on cash and check transactions. Using debit or credit cards are convenient as they are easy to carry. Since they are easy to use, customers will be tempted to shop often and to shop more resulting in better sales for the business.

What to consider when opening a merchant account:

While there are many options of merchant account providers for low-risk businesses, the same cannot be said for high-risk ventures. High-risk businesses may find the process to open a merchant account to be a long and tedious one. It is also possible that they are declined without any reason given. The reasons why high-risk businesses are unable to get a merchant account easily are due to the risks of chargebacks and customer disputes. The financial risk that the provider may have to undertake is not something they are will to do. Hence they find it feasible to decline the business altogether.

Here are some points that will help high-risk businesses when opening a merchant account: It is essential to maintain a good credit rating. It is easy to obtain a credit report, which shows if you have had any bankruptcies or other financial issues in the past. Having a good credit will help you create a favorable impression on the processor. It will also help to establish your credibility, which can be useful especially for high-risk businesses. Always be honest about any financial hurdles that you have had to face in the past. Acknowledging them will help to overcome them. There will be higher fees to pay if you are a high-risk business. Choosing not to pay a slightly higher fee will mean that you will not be able to have a merchant account. This can have a significant impact on your business and sales. There are different credit card processors that specialize in dealing with high-risk business. It is important to choose the one that suits your business needs. Here is a list of fees that you will be charged and some information about them:

Transaction fee:

This amount is charged for every transaction that is processed, irrespective of whether it is accepted or declined.

Annual fee:

This is the fee that the processor charges for a merchant account annually.

Monthly fee:

This is a fixed fee that is charged irrespective of the number of transactions that take place.

Chargeback fee:

This fee is charged when a dispute is raised about a transaction by the cardholder or the issuing bank. The merchant account provider charges this fee for handling the dispute.

Termination or Cancellation fee:

In case the business decides to cancel the merchant account before the stipulated date mentioned in the agreement, a termination fee is charged. This amount could be negotiable and the way this fee would be calculated should be mentioned in the agreement.

If you already have a merchant account, you must maintain it well. If the processor terminates your merchant account it could impact the chances of getting a new merchant account negatively.

Why should you choose Clarity?

Our specialization in both retail and high-risk business merchant account makes us one of the most popular names in the industry. We have years of valuable experience behind us and have successfully assisted all kinds of businesses, be it a startup or an established brand. Our no application fee, no setup fees policy and affordable rates makes us stand out from the rest of our competitors. We offer customized solutions at the cheapest rates and fees. Our dealings are transparent and simple. We do not have any hidden costs involved. You can be assured of the best rates in the market, as we do not charge you any annual fees. We are extremely confident of our services and that is the reason we offer you a no early termination fee policy. Our application process is simple. All you would need to do is fill out the form, submit the documents and we would determine the most appropriate solutions for your business. Our customer service team is friendly, efficient and skilled in addressing all your business queries and resolving any issues. We understand that the billing process can get confusing with all the numerous costs involved. We have simplified the process by making it a month-to-month recurring billing process, which is easy to understand. We work closely with you to understand the various needs of your business. We analyze your requirements and offer you a personalized plan. Our contact details are on our website. Get in touch with us today to help us serve your business needs.