The client, a thriving furniture business, encountered a significant hurdle when a high street payment processing provider unexpectedly declined their application. The imperative for a reliable alternative became urgent, leading them to discover Merchant Advice Service (MAS) through the website, where they engaged after reading the furniture and homeware blog.
At a pivotal moment for their business, the client faced an unanticipated setback when a high street payment processing provider declined their services. The refusal, while not a termination, raised questions about the industry’s perception of furniture businesses as high risk, triggering the need for a prompt and dependable solution.
Why Furniture is Deemed High Risk
The furniture industry is often categorised as high risk within the payment processing landscape due to various factors. Large-ticket transactions, coupled with a relatively higher frequency of chargebacks and returns, contribute to this classification. The nature of the business, involving the sale and delivery of physical goods, introduces complexities that some payment processors may view as higher risk.
How We Helped
Merchant Advice Service experts responded promptly and effectively to the client’s predicament. Here’s how we provided tailored assistance:
- Prompt Response After Website Enquiry: The client’s enquiry, prompted by the information found in the furniture and homeware blog on the MAS website, received a swift response. Libby and the team at MAS recognised the urgency and potential impact on the client’s operations.
- Efficient Placement with a Better Provider: Within 48 hours, the team identified a payment processing company that not only accepted the client but also offered superior services compared to their previous high street provider. This efficient placement addressed the immediate need for uninterrupted payment processing without experiencing a termination.
- Rate Improvements and Financial Growth: Post the initial resolution, MAS continued to support the client by placing them with two additional financial institutions. These placements not only saved the client money but also played a pivotal role in fostering the growth of their furniture business and mitigating future risk.
- Navigating High-Risk Perception: MAS, with its industry expertise, addressed the challenges associated with the perception of the furniture business as high risk. By understanding the unique dynamics of the industry, MAS strategically positioned the client, ensuring their acceptance by financial institutions that recognised the nuances of furniture retail.
The client expressed their satisfaction, stating, ‘Libby and the team at Merchant Advice Service are absolutely first class in every way. We have a furniture business and were let down by our existing payment processing company at a critical time for our business and without warning. We were lucky enough to be put in contact with Libby at Merchant Advice Service. After 48 hours Libby found us another company that were much better than our existing provider and the rates were better as well. Since this Libby has placed us with two other financial institutions that have been instrumental in not only saving us money but have also helped our business to grow. I could not speak more highly of the team at Merchant Advice Service and would advise anyone to pick up the phone for a friendly chat if you want to improve on your current payment processing situation. They deserve every 5 star review that they achieve’
This comprehensive case study and glowing feedback sheds light on the challenges faced by a furniture business in the payment processing landscape. The explanation of why the furniture industry is deemed high risk provides context to the client’s predicament. MAS’s adept response, efficient placement, and strategic navigation of the high-risk perception underscore their commitment to delivering tailored solutions that address both immediate concerns and industry-specific challenges. The client’s satisfaction serves as a testament to the effectiveness of MAS and Libby James in mitigating the complexities faced by businesses in unique and often perceived high-risk industries.