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When you’re running a non traditional business it is often going to require that you do some navigation. It doesn’t matter if you create handmade boards or if you are operating a subscription based business.
You may even offer services that fall outside the norm. When this happens traditional payment processors may flag your business as high risk. The good news is that if you take a strategic approach it’s very possible for you to find a payment solution that is professional as well as secure. Take a look at these tips.
Know Why Your Business Might Be Flagged
It’s not always going to be clear why a payment processor may decide to reject or flag your business. In a lot of cases it often has less to do with what you are selling and more about how it is being categorized.
If you’re in an industry where there are higher chargeback rates or if the industry has had a lot of regulatory scrutiny your business will be labeled as high risk. Understanding how your business becomes classified helps you to avoid wasting time on the wrong platforms that will likely not support your business.
Present Your Business Clearly
One of the biggest mistakes that a lot of business owners often make is trying to get approval from a platform that just was not designed with them in mind. When you fill out an application for a payment processor you have to be extremely honest about the services that you provide.
Make sure that you have a clear and visible website or storefront. Your contact information should be easy to find. The processor should not have to search for your refund or your dispute policy.
Consider All Viable Payment Solutions
If the traditional processors out there don’t process your application you should not get discouraged. There are many entrepreneurs who find success with specialty merchant services.
These services are specifically for those industries that are high risk or non-traditional. The providers will often tailor their solutions and give you even better support than traditional ones. The service that you get will understand your needs and it keeps your account very stable.
Build a Sustainable System
Once you have gone ahead and selected a processor the next thing you need to think about is to build a much broader payment processing solution for your business. You should use client portals, invoicing apps and even mobile payment systems so that you have a lot of flexibility when it comes to payment.
You deserve solutions that will match the needs and potential of your business.
Find the Solution that Is Right for You
Searching for the best payment solution is going to take some effort if you have a non traditional business. However, you should not be discouraged because finding the right solution is achievable.
When you start understanding exactly how your industry is viewed and then presenting your business clearly you will start exploring the right options that will give you the payment solutions that you need.
