Where To Find People To Apply To A New Merchant Account Provider

It would be difficult for a new merchant account provider to convince people about

a company that is not yet recognized especially when it comes to financial matters. However, you may find hope in penetrating the following businesses: new business, small business, and high risk business.

If you are a new merchant account provider, it is not that easy to ask a business man to entrust his company transactions to a rookie account provider like you. Of course, he has to ensure that his business is in good hands by dealing only with experienced, reputable, and highly referred service provider. However, if you are really determined in getting clients in the long run, here are some places where you can have possible prospects namely:

New business

A newly opened business, who doesn't have a credit history, may be a possible candidate for a merchant account application. Since they are aware of the strict policies involved when applying for an account, they can be a good target to attract. As a new account provider, both you and the newly opened business have a common denominator of not having a proven track of record. Therefore, there is a big possibility for you to settle business together. You prove your capacity by providing an approved and dependable account.

Small business

Most of the time, a small business will have a difficulty in getting an approved account especially if a good credit history will not be established. Since this type of business wants to increase potentially increase revenue, they would want to make use of online payment transactions. This is a good indication that they are in dire need of a merchant account. By getting an account, this will increase their sales by several percentages as compared to the ordinary method of selling. You need to present a good offer, which includes low discount rate, no set-up fees, low monthly rate, and the likes so that they will be convinced to sign up with you.

High risk business

In most cases, those businesses offering high risk products or services will have a hard time securing an account from a provider. This is due to the fact that higher incidence of online fraud or scam is possible. However, if you are willing to take full responsibility over the risk involved, high risk businesses are good candidates. Remember that high risk are unavoidable, you should be financially equipped to shoulder possible losses out of chargeback and refunds. Industries under this category are the following but not limited to:

* Online dating

* Insurance

* Travel industries

* Pharmaceuticals

If a new merchant account provider will just be persistent and patient enough in building relationships with new clients, it will surely have a brighter future ahead. Just make sure that the service provided is guaranteed and reliable, so that your satisfied clients will do the wonders of spreading the news to other prospective clients.

by: Jacob Schiffer

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