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Payments Unmasked by TickleCharge

Payments Unmasked by TickleCharge

Shakun Sethi
September 05, 2023

Hey High-Risk Business Owner,

Welcome back to the TickleCharge newsletter!

Intrigued by the greetings? Let’s face it, We all are considered high-risk by banks and traditional payment processors.

In this week’s edition, I will share strategies and tools to overcome the challenges a high-risk business owner encounters when it comes to payments.

Understand Your Risk Profile: The first step is to have a clear understanding of why your business is considered high-risk. Is it due to the industry you operate in, a history of chargebacks, or other factors? Knowing your risk profile will help you distinguish your business.

Stay Compliant: Ensure that your business complies with all applicable regulations and industry standards. Non-compliance can lead to account closures and legal issues. Need assistance with compliance, click here.

Regularly Review and Adapt: The high-risk landscape is constantly changing. Regularly review your payment processing strategies and make adjustments as needed to stay competitive and secure. If you need help, let us know.

Diversify Payment Options: Offer a variety of payment methods to customers, including credit cards, debit cards, e-wallets, and ACH payments. Diversification can reduce the impact of any issues with a single payment method. Concentrating on Crypto alone can make you lose your ACH and Debit card customers.*

Seek High-Risk Payment Processors: Look for payment processors and merchant account providers that specialize in high-risk industries. These providers are more likely to understand your needs and be willing to work with your business.

Maintain Excellent Customer Service: Providing top-notch customer service can help reduce chargebacks and disputes. Respond to customer inquiries promptly and address any concerns or issues quickly to prevent disputes from escalating. Keep specific revert time as a policy.

Monitor Chargebacks: Keep a close eye on chargeback ratios. High chargeback rates can result in fines or account closures. Implement policies to reduce chargebacks, such as clear return and refund policies.

Seek Legal Advice: Consult with legal experts who specialize in high-risk industries and payment processing to ensure your business operates within the boundaries of the law.