4 Steps To Protecting Your High-Risk Business
Many high-risk businesses are put at risk because they don’t have the right protections in place. High-risk merchants often find themselves facing increased fees, high chargebacks, and a lack of customer trust. In this blog post, we will be discussing four steps you can take to protect your high-risk business from these problems!
Chargebacks are a common problem for high-risk merchants. These can often be attributed to customer disputes or fraud, but they can also occur because of mistakes made by your business itself. In these situations, you could see increased fees from the credit card companies and even risk being canceled as a merchant! If you find a higher number of chargeback volume, immediately contact your processor and ask them how they can help. You may be able to send a questionnaire or request that the customer speaks with a representative before proceeding – this will allow you to find out whether there really was an issue so that you don’t lose out on revenue!
Reduce the Amount of Fraud
Fraud is something for which all merchants are at risk. Unfortunately, eCommerce businesses may have a higher chance of being targeted by fraudsters because they typically handle larger transactions and their customers tend to be less loyal. This means you’ll need to take extra steps in order to keep your business safe! You should develop a system in which your customers must provide proof of their identity – this could be as simple as asking for a name and address or something more sophisticated like requiring an authorization code before completing the transaction.
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Provide Quality Customer Service
At the end of the day, customer service can be key to protecting your high-risk business. If you’re able to provide quality support for your customers and solve any issues that arise quickly, then they are less likely to dispute charges or file fraud complaints to the bank. Providing excellent customer support is also beneficial because it can help your business look more professional and avoid any damage to its reputation.
These are just four steps you can take towards protecting your high-risk merchant account, but there are many others that could be beneficial for your business! As an experienced high-risk credit card processing company, we know how to best navigate types of issues and provide additional resources. Ask us how to best protect your high risk business today.