Are you running a high-risk business and want to know whether "high-risk merchant account instant approval" exists? If your answer is Yes, this is the right destination for you.
Any online businesses that want to accept credit/debit card payments need a merchant account. Many companies today are considered high-risk by most acquiring banks or financial service providers but are booming because of the high-risk merchant account and high-risk payment gateway.
Any enterprises looking to set up a high-risk merchant account instantly have to face many challenges because the application process is not straightforward. But today, there is a solution available even for high-risk businesses.
This blog we will discuss ways to get high-risk merchant account Instant approval. So, let's start.
What is a High-risk Merchant Account?
A high-risk merchant account is a particular bank account for high-risk businesses to accept credit/debit card payments. These accounts are conjoined with Visa, MasterCard, Discover, or any other credit card processing companies and allow merchants to accept card payments from all over the world.
High-risk industries are more likely to experience chargebacks and fraud, so they have to pay higher fees for merchant services.
If your company is at a high risk of chargebacks or if your account history shows a large number of chargebacks and refunds, the bank may put a reserve on your account. It represents the money set aside to guard against chargebacks and fraud.
The businesses that the regular service provider declines must go with the service provider with experience dealing with high-risk companies. High-risk merchant accounts may have higher processing costs and penalties, but they might be crucial for companies looking to remain relevant in today's competitive commercial environment.
Why Some Service Provider Claim to Offer Instant Approval?
In reality, there is nothing like instant approval. Some can proceed faster than others. When you search on Google, you can get many results, but in reality, it is just for advertisements.
Every service provider has criteria to determine the risk level and documentation requirements to approve the account. Fortunately, today, you can get many good merchant account service providers who specialize and have experience dealing with high-risk businesses. This service provider will work with you to get your paperwork in order and find a suitable bank that can quickly approve your account.
As we have discussed above that, there is nothing like instant approval. The only thing one can approve your high-risk merchant account faster than others. There is a way that helps you to speed up high-risk merchant account approval processes. Let's have a look.
Maintain a Good Credit Score -
Before applying for a merchant account, ensure a good credit score. Clear your credit report of prior bankruptcies, late payments, or liens. To receive a copy of your credit history, get in touch with a credit reporting agency or a company that oversees combined credit reports from important reporting organizations.
Send them a note informing that the problems have been remedied and asking them to be removed from your credit report. Regardless of how big or small your business is, a good credit score will have a lasting and positive impact on the payment processor.
Be Honest -
When dealing with high-risk businesses, you must be honest with your service provider. Disclose all information, such as previous merchant accounts, bankruptcies, liens, etc.
It is advised that you tell the truth in your application; otherwise, there is a chance that your merchant account will be suspended. Lying or distorting information about your business nearly always has the negative consequences.
Be Prepared to Pay Higher Fees -
Due to the high risk, you have to pay extra fees. Go ahead and register a merchant account even if you need to abide by special requirements or spend somewhat more money. Offering your consumers as many non-cash payment options as you can is beneficial. You'll gain from being able to generate cash and promote impulsive purchases.
Look for the perfect credit card processor for your businesses -
Always go with specialized credit card processors. Suppose you are dealing with the forex industries, so you have to look for Forex Credit Card Processing. The experienced forex payment processing can completely understand your needs and offer the same to grow your business. In a simple sentence, you can say that you have to go with the specialized and experienced one.
Reputable Partners -
Today, you can get numerous service providers online, but not all are compatible with all businesses. Also, not all of them are reliable and trustworthy.
Additionally, many carriers have restrictions on the kinds of high-risk businesses they are allowed to work with and how that would affect them. Therefore, you should guarantee that the service you find will behave in your best interests once you've seen them.
Today, you can get many service providers, but not all are compatible with your businesses. So, we recommend you go with PayCly, without wasting your time. PayCly is one of the leading payment service provider compatible with most high-risk businesses.
As "PayCly", we maintain a good and professional relationship with most of the acquiring banks in this world, so with us, your high-risk merchant account can get approved within three to five working days. But make sure that you have all the proper documents, (personal and business) and updated online websites. Be ready with the following documents -
Personal Documents -
- A valid identity proof (driving license, passport)
- Three to six months of bank statements
- Valid SSN or EIN (SSN stands for Social Security Number and EIN stands for Employers Identification Number)
Business Documents -
- Copy of the business license
- Certificate of registration
- Register of shareholders dated within the past three months, which the director of the company must sign.
- Dealers' details for e-commerce businesses
You should also be ready with your online websites. Your website must have the following pages.
- Private Policy Page
- Terms & Conditions Page
- Deposit & Refund Policy Page
- Contact details are either phone no or email id.
- Credit card processing logo (Visa, Mastercard, etc.)
- Company name in the footer
Final Thoughts -
Always go with a reliable merchant account service provider specializing in high-risk businesses. Dealing with a service provider with an established track record and experience in your industry will help you approve quickly. This service provider completely understands your business's needs and offers you the same services.
All businesses applying for a merchant account must complete a thorough security examination. You can succeed by working with a reputable credit card provider and keeping these factors in mind while completing the application.
For your high-risk businesses, without any second thoughts, you can hassle-free go with PayCly. It is one of the best service providers dealing with high-risk companies.
Contact the expert team to learn more about PayCly services.