In the recent world of business, it’s become so much important to be able to accept credit cards. According to a 2016 survey by one of the payment processors, which included 1.000 consumers, 40% percent chose credit cards as a safe payment method, while 35% selected debit cards. Only 11% percent preferred cash. Consumers’ preference for credit cards grew by 5% over the same survey’s results from 2015, while the results for debit cards fell by 65.
The days of ruthless downsizing and drastic cost-cutting are long gone. Nowadays, companies have realized that the best way to earn a profit is only through growth – profitable growth. There are some books which speak of 10 tools anyone can use to hurdle obstacles and achieve profitable growth.
These tools are:-
1. Revenue growth is everyone’s business, so make it part of everyone’s daily work routine.
2. Hit many singles and doubles, not just home runs.3. Seek good growth and avoid bad growth.
4. Dispel the myths that inhibit both people and organizations from growing.
5. Turn the idea of productivity on its head by increasing revenue productivity.
6. Develop and implement a growth budget.
7. Beef up upstream marketing.
8. Understand how to do effective cross-selling (or value/solutions selling).
9. Create a social engine to accelerate revenue growth.
10. Operationalize innovation by converting ideas into revenue growth.
One of the most critical points discussed is the need for re-orientation of thinking. Most businessmen and executives think about growth as “home-runs” and more often than not disregard the “singles and doubles”. Managers often look forward to the big breakthrough or the brand new product without realizing that home runs don’t happen everywhere – sometimes, they don’t even happen in a decade.
The reason why your business is considered as high risk is that it presents higher risks of fraud to the processor. Your business can also be tabbed as high risk if you have bad credit or it caters to customers that present higher risks of fraud. It’s important to note that criteria used for determining whether a business is classified as high risk may vary from processor to processor.
There are a number of businesses such as adult, e-cig, vape shops that are normally classified as high risk. Furniture stores, for example, are also sometimes regarded as high risk because of their large average ticket size. In any case, the high-risk nature of your business will make it intimidating to get approved for a merchant account. You’ll end up with higher processing rates and account fees, a long-term contract and an early termination fee. There are cases when you’ll be required to put up a rolling reserve to get approved.
Fortunately, reputable high-risk merchant account providers like startupformations.co.uk offer exceptional services to merchants of any type to make it simple to get approved for a high-risk merchant account. Startupformations has voted the #1 high-risk processors in the UK and has an A+ rating with the BBB. Moreover, Startupformations is rated A by Card Payment Options and is one of Inc. 500’s Fastest Growing Companies of 2018. Even your bad credit isn’t a major problem for us. Startupformations offers the lowest possible rates in the industry.
So, when applying for a high-risk merchant account, find a reliable and trustworthy high-risk specialist to turn to. High-risk specialists are ethical, honest, and have years of experience in the high-risk sector. Reputable high-risk specialists focus on getting you a decent deal on a merchant account.