Lessen Your Risks and Increase Revenue with High Risk Check Processing
As a business owner in today’s economy, you want to do as much as possible to increase your business’s revenue. One way to do this is to expand the methods in which you accept payments from your customers. However, if your business is considered a high risk business, you may find it difficult to set up a merchant account to process credit cards or to perform ACH check processing.
What is a High Risk Business?
Even if your business is set up as a legally recognized business model and operates within all the required laws, it may be considered as high risk by many banks and credit card processors. Because of the nature of their operations, the following businesses are seen as high risk for chargebacks or for receiving bad checks:
• Adult-oriented businesses
• E-cigarette merchants
• Travel services
• Used auto dealers
• Timeshare services
• Collection agencies
Through no fault of your own, you may have had your merchant account terminated from other processors because of past customer credit card chargebacks or bad checks that have pushed your return rate above normal tolerances.
What Can You Do?
Many customers who use the services of some high risk businesses may not have or want to use credit cards, and cash is often impractical and can open you up to security risks. You may be hesitant to accept checks, especially those for higher ticket items from your customers because you have no guarantee whether you will be able to collect on their check.
A high risk check processing account can help take the worry out of accepting checks from your customers. Instead of waiting four to seven days for both your bank and your customer’s bank to process a check and have it bounce for nonsufficient funds or even worse, have it returned for being fraudulent, you can now lessen your risks.
High Risk Check Processing Services
Secure Painless Systems offers several ways to reduce the risks associated with accepting check payments from your customers:
• Check Verification: This service allows you to screen a customer’s check before you accept it as payment. Risks including whether the customer has previously written bad checks will prompt the system to automatically flag a transaction to be declined or accepted.
• Check Conversion: This process transfers the funds from checks that have been verified into your checking account.
• Check Guarantee: This service acts as insurance to cover any losses incurred if a check processed is found to be uncollectible, fraudulent or is returned for nonsufficient funds. Upon completing all the information required to process the check, the funds are then automatically transferred to your bank account.
Secure Painless Systems can help you create a package of high risk check processing services that best fit your individual business needs. You can help improve your cash flow by offering more payment options to your customers while reducing your risks and fees.
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