What’s Important When You’re Looking At The Top Cannabis High Risk Merchant Accounts?
Cannabis Business owners that are labeled high risk sometimes think they have to settle for less. Don’t fall into that line of thinking. You need a Cannabis merchant account to do business, and you don’t want to enter into a contract that doesn’t treat you right. There are plenty of companies that offer high risk merchant accounts that feature worthwhile contracts that can even be renegotiated after a time.
For sure, you want to pay close attention to all fees charged. Are you familiar with the fees? There are the per transaction fees, but there can also be fixed or flat fees. Then there are variable fees, like the chargebacks and also hidden fees. You certainly don’t want to be blindsided by hidden fees. It pays to know what’s in a contract.
It pays to know a company’s customer service department, too. You can be happy with the fees, but you need a Cannabis company that takes care of its clients. There will be situations that arise from time to time, and you will have questions. When you need to reach out to your Cannabis payment provider concerning your merchant account, you need a company that is accessible.
Merchant Services for Tribes and Payday Loan Lenders
The different types of fees were touched on earlier, but there are also different types of pricing models for Cannabis merchant accounts. Are you familiar with what they are? You will want to know about the pricing models as you select the best Cannabis merchant account provider. Tiered, blended, interchange plus and membership are the four types of pricing models. You can look into them further as you discover which Cannabis credit card processing companies are the best for high risk merchants.
You aren’t going to want to choose a Cannabis merchant account provider based on any one metric. You’re going to want to look at all sides, each aspect of a contract that is offered. What about early termination? That can be one of those hidden fees that you would want to know about. What about contract length? You certainly want to know how long you have to be in a contract with a payment processing company.
Find out as well why you’re labeled as a high risk merchant. Some reasons can’t be helped based on your Cannabis business in general, but other reasons can be worked out over time. In other words, after identifying the cause for your business being labeled as high risk, you might be able to work on removing that label over time. For example, if it were in relation to your credit history, improving your credit could change the game in time.
Search high risk Cannabis merchant accounts, and see which ones other business owners are using most often. Do business with a company that isn’t going to give you the runaround. You want to be sure that you are presenting payment options that your customers can trust and that they find to be convenient. Convenience as well as safety and security are important for sure. Keep all of that in mind as you search out the best high risk merchant account.
Need help? Email Jer@eCheckSystem.com for Cannabis banking, credit card & debit card Cannabis processing.