Merchants
with high risk businesses carry a greater loss to banks and credit card
processing companies. They already pay higher fees and undergone through
critical approval experience. Besides these common procedure some common
mistakes can take merchants to pay even higher or some time they may lose the
ownership of account.
Disputes with customers – having too many disputes with customers
can lead merchants to incur high cost. Even there is no fault of merchant, but
this is harmful for business and just one notification can through you in
problem. Ensure before dispatching products and services that to deliver
correct and quality products. Use trusted courier and make relevant packing so
goods cannot be destroyed while shipping. Avoid disputed at to enjoy maximum
profits on credit card transaction.
Many charge backs – when a merchants take lightly customers
disputes and not give proper services, the card issuing companies issue a
refund to the customers directly. As charge backs fees are higher than any
penalties and fees. With numbers of charges backs the fees of charges backs
also increases, so avoid these mistakes whenever possible.
Don’t limit your payment processor – customers find difficult to share their
information online, they hesitated to pay online and sometime cannot find the
correct payment option that they want and find trustworthy. Therefore choose a
payment processor who offers a variety of payment options.
Avoid Hidden Fees – some companies charging additional fees
and disguised deep terms and conditions. Go well through disclaimer and policy
of hidden fees before you settle with any company.
Irrelevant business activity – irrelevant business activities can lead
business in black hole. Heavy procedure and transaction can set off alarms with
processors. Keep some gap and maintain track record with volumes of
transaction. Avoid unusual fraudulent activities to gain more profit, remember
customer’s satisfaction is prior than profit to build a sound image of
business.
High risk processing
with secure business activities is key to gain heavy profits. Often the fees
and interest rate is higher with payment gateway for risk
business but this is worthwhile by eliminating such common mistakes.
