When you are looking for a high risk merchant account , there are additional requirements depending on your business' industry type that many other merchant accounts do not require. Following these steps and being knowledgeable about the approval process will help you find a quality high risk merchant service provider and thus increasing your odds of success.
In a broad way, these are the three steps for getting approval for a high risk merchant account
- Do your research- Running a business that is operating in what's considered a high risk industry requires more thoughtful planning to be successful and to keep your merchant account in operation. Examples of high risk businesses include: eCommerce Anything adult-oriented Tobacco Gambling Financial services Legal services Travel and hospitality. Finding a source for a merchant account and then keeping your account open is much easier once you know the common pitfalls to avoid
- Finding the Right processor - The next step is to focus on is to find the right processor. The processing partner you choose will make all the difference when it comes to your business' success in payment processing. It is drastically more impactful to find the right partner for high risk businesses compared to that of 'low risk" business because of how the approval process works. When a payment processor considers approval for a merchant account, the decision must go through their bank who ultimately has the right to take the decision if your account is approved or not.
- Know about any payment processing requirements - Now that you've crossed everything off your list and picked a processor, they will have some questions for you. Knowing these will certainly speed up the approval process and reduce the chance to railroad you into barebones processing solutions or higher rates. Just like the non- high risk merchant account, they will ask the standard informational questions, such as - Do you currently process credit cards? What is your monthly volume? What is your average ticket size? How long have you been in this business? But they might also ask - What is your chargeback percentage? Have you had a merchant account shut down before? If yes, where at? This is just to evaluate risk .
Gather information on How to Get Your Merchant Account Approved Instantly.
Setting up card payments is going to make a huge positive difference to your company.
It opens you up to a much wider selection of potential customers and it can guarantee greater satisfaction.
However, before you can start thinking about doing that, you need a high risk merchant account instant approval.
We all want to get going as quickly as we can, however, it isn’t always that simple.
Statistics (First Card Payments) suggest:30 Percent were cases of identity thefts.15 Percent of orders were wrong26 Percent of orders had something else in the box.On the one hand, Merchants have to deal with Fraud, Money Laundering, and Wrongly delivered or charged products.
However, there needs to be an expert Payment Service Provider such as eMerchantPro to produce significant results in the payment experience line-up.The features are a representation of the Payment Gateway’s capabilities.
Moreover, it produces solid consumer retention for a business through the service provider’s expertise.
The consumer can use the saved transaction data to repay in the future with just a little credential entry.Easy CheckoutTo smoothen the process further, the Easy Checkout feature of the Payment Gateway removes any waiting time or illogical re-directions.
It means a merchant can reach a global audience easily and quickly.Keeping in mind that preference is the key will revolutionize the business.
Thus, the reporting mechanism of the payment gateway readily informs the concerned institution promptly.
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