Tips for Faster High-Risk Merchant Account Instant Approval and Setup
A high-risk merchant account instant approval sounds tricky, but you should know that it is not rocket science, and with attention to some necessary details, you can get it. From account approval to the setup of a high-risk account, you need to work on some aspects and business strategy to make your account application appropriate. Irrespective of the industry of a business owner, some general ways and tips apply to every business condition and category.
Look at the following tips to take your first step towards your high-risk merchant account approval.
Thoroughly work on Credit Score
The credit score is crucial in all financial decisions. Whether a business or an individual, the credit score should be good. If your company has a poor credit rating due to late or missed bills and payments of other obligations, then improve it. Start making timely payments and pay all the bills at least six months before applying for a high-risk merchant account.
You should provide the credit report to the high-risk merchant account providers to save time. Otherwise, first, they will take your permission and then contact a credit reference agency, which will take a lot of time. It is better to gather your report beforehand. Working on your credit score to get a high-risk merchant account with instant approval is necessary. After all, it is a loss to affect daily business operations for a long time.
Another essential purpose of this credit report is that you can improve any mistake that shows in the report. Sometimes, businesses get rejected due to a silly error in the credit history report. For example, if two companies have similar names, a pending obligation of the other business may get mentioned in your description. That can seriously degrade your credit score. This is why it is better to look at your report in advance.
Search for an Authentic and Established Merchant Service Provider
Your research will shield you against a wrong and correct decision on selecting a high-risk merchant account provider. Authorization is an important aspect that you cannot avoid. The merchant service provider needs to have all necessary documents and license proofs of its authenticity. The risk can be higher if you need a high-risk merchant international account before offshore merchant accounts already have many formalities. International laws enter into the picture to play their role.
Find a provider with a vast network with merchant account-providing banks. Eskaypay, an offshore high-risk merchant account provider, can be an example. It is also a payment gateway service provider and has a vast network of acquiring banks providing merchant accounts. The company has specialization in high-risk merchant accounts and payment solutions; it is why it has an international network.
You need to pay attention to the cost because some providers may bring an instant approval but charge a hefty amount as fees, charges, etc. Many providers offer free setup; you should consider shortlisting them because they can considerably low down your cost. Choose wisely from flat rates and tiered rates. A flat rate means a decided or fixed rate every time a transaction happens. On the other hand, the tiered rate can be called a group of transaction charges applied to mid-qualified, unqualified, and qualified.
Gather the Required Documents and details to Apply
Do you know what you need to apply for a high-risk merchant account? Don’t worry; it is not complicated and is just a bunch of documents that every business owner already has. It is vital to ensure that you collect all the details and papers correctly. Once the scrutiny process starts from the end of the acquiring banks, the absence of any information may cause rejection.
A point-of-sale agreement, bank statements of the businesses for the last six months, credit report, and future business possibilities also should be explored. The point is that the provider may ask you anything related to the business, so it is better to keep everything ready. The license and registration documents will be most important, and without that, the provider will not even take your documents forward.
By providing the required documents at the right time, you reduce the headache of the merchant account provider. As a result, the chance of getting a suitably customized merchant account deal increases quickly. The acquiring banks appreciate the proactive attitude of the business owners. They look for high-risk merchants with a clean credit history and a professional attitude. For sure, both are easily manageable with little attention to the details.
Try to Get a month-to-month Contract After Approval
Once your account is approved, first of all, Congrats!! A high-risk business needs to look for short-term contracts, and month-to-month is the best thing to look for. However, it can always be tricky to find such a provider, but you can find out such options with research in-depth. Usually, merchants have less time, and they are always in a hurry, so it is difficult for them to research more short-term contract options.
If you fail to get a monthly contract, do not forget to bargain on the expensive fee structure. Through this negotiation, you can expect some flexibility; otherwise, it can be complicated for you to manage the cost. Once a long-term contract starts, you have no escape windows, and it is better if you pay attention to the nook and cranny of the price.
Due to the prevailing uncertainty in the global market and after facing a massive loss in the past three years, businesses are already insecure. Due to this insecurity, some high-risk merchant account providers nowadays provide monthly contracts. You should be able to get one with less hassle.
Conclusion
The tips above will help you apply for the high-risk merchant account with a realistic approach and pay attention to only the necessary details. One more important piece of information is that you should not fall prey to the myths, such as you will have to pay a commission to any mediator to get instant approval. It is all about your business stability. If you have managed your business and finances properly, no one can stop the merchant account approval. On the other hand, if the credit score is bad or there is any further weakness in your company, like poor business profit, no commission can get you approved. Take care, and all the best for all your efforts.
