High Ticket Merchant Accounts | High-Risk Payment Processing Solutions
High average ticket sizes? High monthly volume? No problem. Implement a payment solution designed to save you money.
One of the considerations for a merchant service provider when screening a merchant account applicant is average ticket size. It's naturally higher for some retailers than others, and consequently carries a higher level of financial risk. Some industries with high average tickets are:
- Furniture
- Fine jewelry
- Marketing and SEO services
- Travel booking
- Car
- Property management
Transparency is a top priority for high ticket businesses to be viable. When you're looking for a merchant account, it's crucial to be upfront about your average ticket sizes and monthly volume so that the provider can set up your processing account with the correct scope. If you downplay your ticket sizes and volume in an effort to get lower rates, and then exceed the limits placed on your account, your provider is put in the position of having to hold funds and even shut down the account when suspicious ticket patterns or amounts come in.
Another priority is being transparent with customers. When customers make a high ticket purchase, they are more likely to dispute it for even minor reasons—the higher the price, the more quality and value they expect. So it's essential for high ticket merchants to manage customer expectations by providing accurate, clear product or service information, emphasizing quality control, and having a system in place to handle returns.
If you charge customers on a recurring billing plan, the terms and conditions of that plan must be clearly disclosed and agreed to by the customer. The alternative to any of these scenarios is getting credit card sales charged back by disgruntled buyers.
Behind the High-Risk Label
Merchant service providers are concerned about chargebacks and fraud because they're next in line to reimburse the financial losses if the merchant is unable to. A chargeback for thousands of dollars is a huge hit to a merchant account provider, who typically charges appropriately high transaction fees to create a means to handle it if the merchant can't pay. Website Payment Pro takes a more proactive approach by mitigating chargeback risks from the start in order to reduce your rates. In fact, we offer you a low rate guarantee to ensure you're getting the most affordable processing costs of any verified provider.
Learn more about chargebacks and how to decrease your vulnerability to them here.
By the same token, fraud risk for high ticket merchants and their merchant account providers is amplified because there's more money at stake. One fraudulent transaction for a high ticket merchant could be equivalent to 100 fraudulent transactions for a low ticket merchant. We guide merchants through the proper measures to protect their businesses from fraud and drill down to the specific intricacies of their operation to identify unique vulnerabilities, and seal them, before it happens. Our PCI compliance team is also here to walk you through the annual self-assessment questionnaire and vulnerability scanning (for ecommerce and IP-connected terminal merchants) so your business is shielded from preventable fraud.
If you don't yet accept credit card payments, starting to is a worthy consideration because of the benefits they offer. Consumers spend more than they would with cash, are more likely to pay on time, prefer using them, and if they don't pay their credit card debt, it falls on the banks, not your business. Accepting them expands your customer base, especially online, and quickly pays off the expense of setting up a merchant account. When you set up a credit card processing solution at your business, you're also able to easily accept electronic checks, which have their own set of advantages.
Accepting eCheck Payments
Are you a high-ticket merchant still accepting paper checks? If you incorporate a credit card processing solution, you also gain access to echeck processing—which is less expensive because it involves the Automated Clearing House instead of credit card networks, and the real-time authorization process is taken out of the equation.
When a card-issuing bank authorizes a debit or credit card transaction, the bank assumes responsibility for providing funds for the transaction and often places daily spending limits on debit and credit cards for that reason. eCheck payments, on the other hand, are the sole responsibility of the check writer. They are only limited by the amount of money in the individual's bank, making them preferred for large consumer payments, such as mortgages, loans, and rent, as well as business-to-business transactions.
Credit card payments are processed live and instantly deducted from the cardholder's account. eChecks are processed after a purchase is made and take a period of time to clear, usually one to four business days depending on the size and source of the transaction. Property managers collecting rent and online agencies are common examples of echecks in action. Businesses often employ a service called Instant Account Verification (IAV) for online bank account payments in place of real-time authorization. IAV validates the bank details to ensure an account is legitimate before accepting a payment.
Offering an echeck option in addition to card payments allows a business to expand its customer base, especially online. All the customer needs is a bank account to make a payment, rather than a debit or credit card. Electronic payment processing solutions come with a myriad of features and capabilities that can help streamline your operations, reduce your administrative workload, and help your business grow.
We Offer You:
- Insightful online reporting
- Next-day funding
- Chargeback prevention tools backed by a chargeback team for on-call assistance
- B2B enhanced data processing for corporate, business, and purchasing card transactions—lowering your rate for commercial dealings
- Ability to accept credit, debit, echeck, alternative ACH payment, gift cards, and mobile payments
- Online payment gateway with Advanced Fraud Detection Suite
- Virtual terminal for accepting payments over the phone (MOTO)
- Feature-rich countertop POS system to meet your every retail need
- Integration assistance to connect your payment system with hundreds of third-party software
- Automated recurring billing
We accept startups and existing businesses, with credit ranging from none or poor to excellent. We offer free consultations to show you exactly what you can save with a side-by-side comparison of your current processing statement with our proposal. If you don't yet have a merchant account, we can provide honest advice about setting one up. With a specialized high ticket merchant account from Website Payment Pro, you don't have to settle for excessively high fees cutting into your profits, slow funding, and the hidden charges so commonly exploited by other merchant service providers. Grow your business today.
