A wisely selected high-risk merchant account can do many miracles for a business. Every merchant should know that a merchant account is not just a wallet for a company to receive payments. It is much more than that. Don’t we always discuss how transactions become secured when backed up with a suitable merchant account solution? Similarly, this commercial account is also helpful in improving the conversion rate of a high-risk business. Imagine how hugely beneficial it can be for a merchant from a risky industry.
Amazon, Etsy, Alibaba, eBay, Mercado Livre, etc. All e-commerce websites are in a desperate race to increase conversion rates. The competition is tough for them and all other known and lesser-known e-commerce merchants. But the right merchant account solution can help improve business profit in many ways. Read the points below and understand how a high-risk merchant account supports conversion rate improvement.
What is conversion rate optimization?
Conversion rate optimization denotes a procedure that aims to increase the number of visitors to a website and make them give the desired response.
How to increase the conversion rate with the help of your high-risk merchant account?
You can improve the conversion rate and see the result in a few weeks in many ways. However, high-risk merchants have bulk monthly transactions so that you can see the improvement in the first month. Here is how you can get a rise in your conversion rate.
Scrutinize previous and present transaction cum conversion reports
To make your future better, you need to compare it with the present and the previous circumstances and achievements. We know that merchant account providers generate transaction reports time-to-time. The merchants get the total data on how frequently people visit their website. This regular reporting aims to provide an insight into consumer behavior on products and services. To increase the conversion rate, the first and most required thing is the comparison. The high-risk credit card processing record is vital for a business owner to work thoroughly on the conversion rate.
A merchant account with speedy transactions brings more conversion
Speed of transaction is the most important thing for a customer while making a purchase. When it comes to e-commerce businesses, it can be frustrating for a customer to wait for even a few minutes for payment. Imagine yourself as a customer who wants to buy a t-shirt for a casual outing. He cannot miss this outfit and is all set to make payment. But oops! When you initiate a payment, it shows a lengthy checkout process. If checkout is short, sometimes loading the payment page and buffering issues can worsen the user experience. The need for speedy transactions makes every merchant find a merchant account solution provider that follows PCI-DSS regulations.
Keep multiple merchant accounts
You know already that merchants keep multiple merchant accounts to process millions of transactions. E-commerce businesses process millions and billions every month. With one account, it is not possible to receive payments worldwide. They look for multiple high-risk merchant accounts on instant approval to process transactions quickly and get more conversions. During peak business hours, when customers make bulk payments, congestion may happen if you have only one merchant account. But many charges connected through a common payment gateway can cause speed in transactions. In this manner, an e-commerce merchant can process many transactions quickly and, in turn, can improve conversion.
Currency conversion for merchant’s withdrawal should also be easy
It is okay if your merchant account facilitates speedy transactions, but currency conversion is another equally important thing. The merchant needs to withdraw money now and then reinvest it in the business resources. These resources, in turn, help increase visitors’ visits to the company website. Whether it is for promotion or creating new infrastructure for business, merchants should be able to withdraw money conveniently.
Acceptance of payment method mix by merchant account is profitable
For high-risk processing merchants, always look for a merchant account that accepts all types of payments. The good thing is that numerous providers allow the merchants to receive payments in varied ways. This extensive facility is the prime reason for the increasing conversion rate. No matter how capable a business is in its resources or how progressive are its expansion plans. We all know it always needs a merchant account with the capacity to accept multiple payment methods. Without that, forget about profit; a high-risk business cannot even survive in the global market. We can say that a merchant account helps in conversion rate optimization. All types of high-risk industries stay because of merchant account solutions.
A suitable merchant account means smooth payments, which invites goodwill
Is there any doubt about this fact? Of course, your high-risk merchant account brings goodwill to you. Can you imagine your customers happy despite struggling with poor payment experiences when they visit your website? Certainly no. It is always vital to choose a commercial account that supports in smooth completion of payment. Yes, a payment gateway indeed plays a more critical role in processing, but the final destination of the money is the bank account. Also, the security network for transactions is mutually created by the payment gateway and merchant account. The latter is undeniably essential for the business and its stability and progress. Isn’t that a reality? When payments go smooth, customers are happy, which soon turns into goodwill for the company. A good image in the market brings more business and thus improves the conversion rate.
Conclusion
Merchants usually focus on other ways to increase conversion, which are equally important. But it is also true that many merchants think that a merchant account is not only a platform for transactions. Processing is the core role of a high-risk payment gateway. A merchant account is a separate facility with an essential part in daily transactions. EskayPay high-risk payment gateway cum merchant account provider has a practical experience in the e-commerce industry. You can get all the suggestions to improve your business conversion rate drastically.
