There are 10 things you need to know about high risk ach processing. Ach processing is a way of accepting payment from your clients in the form of account and routing numbers, whether via phone, online or phone. There are many factors that determine whether a business is high or low risk. If you fall into the high risk category, it does not mean you cannot process via ach, rather, your trained on how to take these forms of payments and need to find a provider, like Painless, that specializes in helping your business. 


Keep Your Rates and Fees Reasonable

Rate and fee structures for high risk ACH processing are variable. You should not settle for a rate or a fee structure just because it’s the first company you’ve looked at. Ensure you get a competitive rate and fees. 


You Must Provide More Documentation

Working in a higher risk industry means you’ll have to provide more documents. A higher risk profile means looking at things like financials and credit, but there are always compensating factors if one is not as strong as the other. 


Just Because You Don’t See Your High Risk Business Type Listed Doesn’t Mean it Won’t Be Accepted

The best way to know if you’ll be accepted is to apply. Take your chances, explain your situation and see if the high risk ACH processing company will take you on. Criteria and classification of high risk depends on not only the business type but the business owners. 


Your Application May Take Longer Than a Low Risk Account Applicant

Many kinds of accounts for a lot of companies may take as little as a day or two. But you don’t work in those industries, so you may have to wait up to 5 days to learn if you’ve been accepted. Anything longer and the company is trying to figure out how to get you approved versus having a bank ready to go. 


ISO and MSP Registration are Vital

With MSP and ISO registration, your payment processor has gone through some background checks to make sure they can not only collect payments but deposit the funds to your account through a certification process thats an industry standard. 


Customer Service is Worth More Than You May Realize

It’s never a matter of if something unfortunate and challenging will happen. This is a matter of when it will happen. Your high risk ACH processing company needs to have the best customer service possible to help solve your business problems, or the lowest rates and fees will offer little value to you or your customers.


The Process of Taking Payments Online Should Be Easy

You have enough to worry about just running your business.  You should of been given a clear process to receive your payments and have them be easy to access within a few days.


PCI Compliance is Mandatory

PCI compliance basically says that your processor follows security laws. Account security makes it less likely that your customers will have their information stolen from them.


The Company Should Have Chargebacks in Mind and Ways to Reduce Them

Chargebacks are going to happen. How does your processor handle this kid of situation when it does happen? Higher than average chargebacks can lead to your account being frozen and your funds being held in limbo indefinitely. 


Terminal and POS Systems Should be Included

You pay a nominal fee on the front end and a percentage regularly. For this, you should the value of having your POS and terminal systems included to process your payments. 


In conclusion, high risk ach processing is possible with the right company, but you need to do your homework to ensure the best possible terms and support for your business. 


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