To grow any small business has many challenges. When you are just starting your small business, it can be pretty tricky to get things right. Many small businesses are unable to get off the ground because they make basic errors. Therefore, you need to ensure that you make the right decision from the get-go. One of the most crucial points to consider is the payment solution that you will utilize. Your payment solution will play a crucial role in the success of your business. If you are a high-risk business, you will need a high-risk payment gateway. Let us look at the top five payment solutions to grow any small business.
Top 5 Payment Solutions to Grow Any Small Business
Payment solutions are essential for any small business. There are mainly two types of business industries, namely low-risk and high-risk. If you are a low-risk business, you will have a lot of options when it comes to payment solutions. However, for high-risk vendors who operate in high-risk industries, it can be more challenging. The payment solution you eventually select will depend mainly on the needs of your business. You should also consider the industry standards that are prevalent in your industry. Let us look at the top five payment solutions to grow any small business that you can utilize.
1. WePay
WePay is a great tool that you can use for your small business. Many small companies rely on this service because of how easy it is to use. When you sign up for WePay, you will access a user-friendly, intuitive payment processing platform. You can also download the app on your mobile, and there are some charges that you have to pay per transaction.
2. Stripe
Stripe is another popular payment processing platform that will help you address your business needs. When you sign up for Stripe, you do not have to pay a monthly fee. You also do not have to pay any upfront setup costs. The excellent quality of Stripe is that it supports more than 100 currencies. You can also use Stripe for processing Bitcoin transactions. The transaction fees for all transactions are reasonable, and you can benefit from their services.
3. Venmo
You can easily send, request, and receive money from using Venmo. Venmo allows you to link your credit or debit cards directly. You can also connect your bank account with your Venmo account. Users can quickly transfer money from the fund to their bank accounts within one business day. Venmo is trusted globally, and you can download it easily through the App Store. In some cases, Venmo does not even charge transaction fees. However, in other cases, Venmo charges a 3% standard transaction fee.
4. Braintree Payments
Braintree Payments is another company owned by PayPal. Using their services, you can quickly get an infrastructure to help you process debit and credit card transactions. Using their services, you can also allow your customers to pay using Apple Pay, Android pay, PayPal, Bitcoin, and even Venmo. You can use their services to sell subscription-based, service-based, or even direct sales commodities.
5. Shark Processing
Shark Processing is a payment processor that caters to high-risk merchants. Many players in high-risk industries rely on Shark Processing for their payment processing needs. Shark Processing is excellent because it realizes the need for an effective payment processing company that caters to high-risk merchants. Using their services, you can access a safe and secure payment processing mechanism that will help your small business. If you are a small business that falls under the ambit of high-risk, you should consider their services. You will also get access to an excellent customer support team to guide you through all the troubles you face.
What is High-Risk Payment Processing?
There are some businesses and industries that fall under the ambit of being high-risk. Generally, high-risk sectors are those that experience higher rates of refunds. The higher rate of refunds and canceled transactions is typically due to the nature of the industry. For example, the cannabis industry may qualify as a high-risk industry in some places because of the legal grey area. If your small business falls under the ambit of high risk, getting a payment provider for your small business needs can be a challenging task. Traditional players in the processing payments market do not like to interact with high-risk industries. Therefore, small businesses can often find themselves wondering what to do.
If your business is legal, you can still get a payment processing solution. As a high-risk vendor, the payment processing solution you will get will differ slightly from a traditional payment processor solution. Generally, you may experience higher transaction fees, and there may be other conditions. High-risk payment processors may also put your small business through background checks. The approvals process for partnering with the high-risk payment processor is also quite different. You will have to furnish additional documents, and you will need to show that you have a good track record.
Does Your Small Business Need High-Risk Payment Processing?
It would help if you researched online to identify whether your small business falls under the ambit of high-risk. If your small business is high-risk, you will need to avail yourself of the services of a high-risk payment processor. If you are a high-risk merchant, traditional payment processors will likely reject your application. Therefore, you need to turn to high-risk payment processors. It would be ideal if you also looked at other businesses in your industry to understand how they process their payments. You can talk to other firms to gain an understanding of which high-risk payment processing partners are ideal. It would be best if you also read reviews online to identify reliable high-risk payment processing partners.
Conclusion
When picking a reliable payment processor for your small business, you need to be careful. Your payment processor will also help determine the success of your small business. Take your time to research before making an informed decision. If you are a high-risk vendor, you should go for a high-risk payment processor for your business needs.
