Expand your prospect pool by providing payment solutions and services to hard-to-place businesses.
When a Sales Partner approaches a prospect, it’s not always immediately obvious whether they’re considered “high-risk” for payment processing. Some specialty businesses are categorized as high-risk merchants because of their industries, like bail bond insurers, buying clubs, card-not-present tobacco sales, ecigarettes, and firearms and ammunition.
However, other businesses can be classified as high risk if they have a higher-than-average rate of fraud or chargebacks or if they’re a startup without much capital. Even established businesses with good payment histories may be classified as high-risk merchants if they sell high-value items or process large volumes of transactions. Merchants can also be designated high-risk if they do business with customers in other countries.
The sizable downside of the high-risk merchant classification.
A high-risk merchant classification is unfavorable for a few reasons — but the biggest is that you’ll pay higher processing and chargeback fees than other businesses. The application process for payment processing is also often more complex, sometimes taking days and requiring more documentation and financial disclosure than for “low-risk” businesses.
Furthermore, some payment processors hold some of the merchant’s cash in reserve or cap transactions each month, putting a damper on cash flow. Additionally, some payment companies, particularly “payment aggregators” that process payments under one merchant identification (MID) number, may immediately freeze an account if the merchant exceeds a chargeback limit or other threshold, bringing business to a halt.
The North American Bancard difference.
North American Bancard takes a different approach to providing merchant services to high-risk accounts. In-house Risk and Underwriting Departments result in faster approvals and higher approval ratings, and fraud and chargeback mitigation tools reduce risks for NAB and its customers. In-house support also assists merchants with representations to challenge chargebacks.
Additionally, high-risk merchants have the option to use a broad range of payment technologies, such as gateways for ecommerce payments, multi-currency conversion, in-store EMV, and mobile payments. Merchants can also implement smart terminals and point of sale (POS) systems from NAB that help them run their businesses more effectively.
As for fees, NAB benefits high-risk merchants with its Edge Program. This solution, including software, signage, and free hardware options, enables merchants to establish a compliant Cash Discount Program (along with Flat Rate Pricing) which allows merchants to add a fee to all sales and discount it when the customer pays with cash.
North American Bancard benefits for Sales Partners.
NAB has developed a comprehensive strategy that enables high-risk merchants to process payments without compromise on functionality as well as with lower risk and cost control. The benefits for merchants in this category are clear; however, NAB’s program for high-risk merchants also benefits Sales Partners.
It allows you to add a variety of merchants to your portfolio, expanding the pool of potential customers to include those in “high-risk” categories. Multiply more accounts by industry-leading compensation and bonuses, and the path to portfolio growth is clear.
Finally, North American Bancard benefits Sales Partners by providing them with total sales support and offering customers round-the-clock, live Customer Care and Technical Support to help service all of your accounts, whether high- or low-risk.
Be a problem-solver rather than another “no” to high-risk merchants. Contact North American Bancard to learn how.
