Thanks to the internet and mobile device technologies, more people are using their smartphones and tablets to shop online. If you combine this along with the latest announcements by big retailers, who are closing physical stores, it should be clear to business owners that having an online shopping site is essential today, more than ever. This has made the need for a specialized e-commerce merchant account necessary for many merchants moving into the online selling space.
It does not matter what type of items you sell or if you operate a service-based operation. People are going to search for, shop, and find the products and services they require online. In order to tap into this growing number of potential customers, you need to make sure your business is set up with the right e-commerce merchant account.
Finding The Best Payment Processing Account For You
Just like there are endless types of retail businesses, there is also a wide array of various types of merchant accounts to match every business in every industry. As such, it is easy for you to narrow down what type of merchant account you need for your e-commerce sales. For instance, if you operate a bed and breakfast, you are in the travel and tourism industry.
Knowing what industry your business is classified as helps you determine if your business is considered “high risk” by merchant providers. Certain industries and types of businesses fall into this category because there is a greater risk of chargebacks, credit and debit card fraud, and other such factors. Going back to our example, the travel and tourism industry is just one of numerous high-risk merchant accounts.
Even if your business is classified as “high risk,” it does not mean you should shy away from being set up with your own e-commerce merchant account for your business. However, you do need to make sure the merchant services provider you select is not going to just take your application, knowing it will get denied, simply because they want to meet a quota of accepting a certain number of applications.
Rather, you want a merchant provider with experience with high-risk businesses and industries, like us, here at Leap Payments. Merchant providers that have this expertise help save you time and work with you to determine the most appropriate methods to use so your business can accept online payments.
Key Questions to Ask E-Commerce Merchant Account Providers
When shopping around for a merchant provider, we recommend asking the following questions:
- Do you have a rate lock guarantee?
- Do you review my account on a regular basis and help me look for ways to save money on fees?
- Will you reclassify my rating from high risk if I have little to no chargebacks?
- Do your online transactions have added security to help reduce the risk of fraud?
- Do you offer flexible options as my business needs change?
With Leap Payments, we offer all of the above and more to ensure you are getting the lowest rates possible at all times. For more information about a retailer e-commerce merchant account and our guaranteed lifetime rate lock, call (800) 993-6300 today!
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