For many business owners, choosing a payment processor for credit card transactions often falls to the bottom of their priority list. Yet, this is a crucial decision that requires careful consideration, especially for high-risk merchants.
Creating a Lasting Business Relationship with Your MSP
1. Underestimating the Importance of a Long-term Partnership: Selecting a Merchant Service Provider (MSP) is not just a transactional decision; it’s about forming a lasting business partnership. Your MSP is not only processing your payments but is a crucial partner in your business’s growth and success. Look for providers with a strong track record, reliability, and commitment to your business needs.
Choosing the Right Rate Structure
2. Selecting an Inappropriate Rate Structure: Understanding the difference between Interchange Plus Pricing and Tiered Rate Structures is vital. Interchange Plus offers transparency and consistency, charging you the actual card type rate plus a fixed markup. In contrast, Tiered Rate Structures often lead to higher and less predictable costs, especially for high-risk transactions.
Understanding Your Effective Rate
3. Misinterpreting the Quoted Rate: The rate you’re quoted often doesn’t include additional fees, which can significantly affect your effective rate. Be sure to consider all fees – including transaction, service, and any other hidden costs – to truly understand what you’re paying. Transparency in pricing is key to finding an MSP that suits your budget and needs.
The Value of Certified Payment Professionals
4. Overlooking Professional Certification: In a field with no mandatory educational requirements, choosing an MSP whose sales team is ETA-Certified (Certified Payment Professional) ensures you’re working with knowledgeable professionals. They’re committed to ongoing education and adhere to a strict code of ethics, vital in this rapidly evolving industry.
Don’t Underestimate the Power of Customer Service
5. Undervaluing Customer Service: Exceptional customer support is crucial. Your business needs will evolve, and having accessible, responsive support from your MSP is invaluable. Whether it’s handling a technical issue, expanding your services, or ensuring PCI compliance, reliable customer service is a key component of a strong MSP partnership.
Choosing a Merchant Service Provider: A Strategic Decision
At Bankcard International Group, we understand that choosing a high-risk merchant account provider is a significant decision. Our team of ETA-Certified professionals is dedicated to providing ethical, professional, and dependable services. We prioritize secure processing solutions, equipped with the latest security protocols and innovative fraud prevention tools, tailored to your specific business needs.
Our commitment extends to ensuring your PCI compliance, maintaining strong global partnerships to offer affordable and reliable payment processing solutions. Above all, we value exceptional customer support, ready to assist you at every step of your business journey.
