What to Ask Your High Risk Credit Card Processor

Small business owners must formulate a good relationship with their payment processor. Visa and MasterCard control most of the credit and debit card networks, but don’t work directly with business owners. Instead owners must turn to credit card payment processors to be able to accept Visa and MasterCard. Before signing a contact with any payment processor, here are a few questions you should ask them.

  1. Is there a cancellation or early termination fee?

Some processors charge for this. However, early termination fees shouldn’t exceed $400. Also beware of payment processors who charge “liquidated damages” a termination fee which charges for the estimated amount of the full contract, if a merchants ends the contract before it expires.

  1. Is interchange-plus pricing an option?

If they don’t offer this option find another payment processor. Interchange-plus pricing, shows you what MasterCard or Visa charges (the interchange fee), plus what you are paying your processor. If your payment processor uses a tiered-payment system, however, fees are not as easily detectable. There are three different fee levels for each transaction. This way, processors could overcharge you in this pricing structure with little detection.

  1. What fees will I be charged?

There are a variety of fees that processors may add like monthly fees, statement fees, compliance fees, regulatory fees, and statement fees. Be sure to ask about this upfront.

  1. What customer support is available?

You will always need help. Choose a processor that offers phone support available 24 hours a day, 7 days a week.

  1. Do You Have Online Shopping Cart?

Some processors have proprietary software that may not be compatible with your online shopping cart. This software that connects your online shopping cart to your processor is called a payment gateway.

EMB specializes in high risk credit card processing. For quick, simple, and straightforward, funds and services from professional payment processors there is none better. EMB is the nation’s leading online small business lender with a streamlined application that is also user friendly. Contact them today to start your bad credit merchant account today.