Choose a Merchant Account Provider With Banks Relationships in Multiple Tiers
Growing your business can seem like a daunting task. Set up a merchant account, assess if your business is high-risk or low-risk, record monthly processing amounts, and more. The approval process for a merchant account may seem like your biggest hurdle, but it actually comes in selecting the right merchant account service provider. Some providers have relationships with only a handful of banks, all of which handle the same type of industry. Others may have a wider variety of banking relationships that span not only industries but also tiers. Having more banking relationship variety is not only easier for the approval process but can help grow your business.
Right Bank For Your Business
Not every bank deals with every industry. Chances are you won’t get matched with the right bank for your merchant account. With the right merchant account provider, they can match you with the right bank for your business. This relationship helps when issuing a merchant account; they will be familiar with the ins and outs, and best practices, and know how to help when a business-critical issue arises. Without alignment with the right financial institution, your business may suffer from a lack of understanding and experience with your industry.
With high-risk merchant accounts, the acquiring bank is more likely to approve the account when the application is submitted from a trusted merchant account service provider. Thanks to the previously established relationship between the bank and account provider, the entire application process is more efficient and will get you up and running in a shorter time period. The bank assumes less risk from the account, as the provider may offer built-in risk management. Which includes fraud and chargeback monitoring.
Matching the right bank to a business has more benefits than just faster account approval and risk management. It can also reduce required reserve rates for those businesses deemed to be high-risk. Reserve rates are assessed based on the risk involved in different industries and businesses. Merchant account providers that offer risk management services can help a business lower its reserve rates. By reducing the risk to the acquiring bank, reserve rates can be lowered, which will in turn free up more capital to further business growth.
TOTAL-APPS Partners Merchants with the Right Bank
With TOTAL-APPS as your partner for traditional retail, e-commerce, social commerce, and higher-risk opportunities, your business can scale faster by leveraging our extensive banking relationships with both Tier 1 and Tier 2 banks. TOTAL-APPS offers a complete array of payment services, including credit card processing, ACH (eCheck), EMV, PCI compliance, and more. Employing our advanced technology allows your finance department to automate your payment processing and save time. As a result, your business can expand faster.
Contact TOTAL-APPS today and learn how we can help grow your business faster.