If you have a high risk merchant account, this account is often the best choice for businesses with high returns and high turnover or high risk of fraud and chargeback.

It is generally accepted that businesses are at high risk. Because of the nature of this business, you have to take high risks. The Business you establish may be legal from start to finish, there may not be anything that will cause any chargeback problems or any fraud problems in your business, but there is still a high risk of giving your business.

Most businesses are not even aware that they are a high risk merchant account and can be quickly rejected by other providers as they are viewed as high risk. We have explained below how to get fast approval for a high-risk merchant account.

Getting Fast Approval for a High-Risk Merchant Account

There are certain factors to increase your chances of getting approvals for your high-risk online merchant accounts a little bit more.

First, prepare all the documents related to your merchant account and present all the necessary information your provider may need to confirm your account.

Keep a copy of your documents, including the last three to six months of bank statements from your business. Remember, the more information you can give your provider, the faster your account will be verified.

Some of the documents you may need to submit are:

• Business Model
• Valid ID
• Supplier Agreement (if you are a retailer)
• Business Banking Statements
• Personal Bank Statements
• Screenshot of Your Own E-Commerce Website

Thing to Know about Fast Approval for a High-Risk Merchant Account

High Credit Score: The higher your credit score in the bank increases the likelihood of your account being approved. Make sure your payments to the bank are made on time to constantly increase your credit score.

Provider Bank: It will be better for you if the bank you will use for your business has a history of trading in the same industry as your business. This is slightly less likely for businesses with high risk, but you cannot learn about this possibility without asking if the bank will work with you.

Sufficient Current Bank Savings: Providers say, if the funds in your bank account are sufficient for the business you enter, your account is more likely to be approved.

Functional E-Commerce Website: Considering that the nature of your business is realized through your e-commerce site, the processors should see that the platform you have arranged is functional. Visiting customers are likely to file chargeback complaints due to errors in the e-commerce sites they visit.

Do I Need a High Risk Merchant Account?

How do you know if your business is classified as a high risk trader? Why do you need to make sure that the business you set up has the correct merchantaccount?

You need to realize that you have the right merchantaccount as it has a huge impact on your business. Owners of this category of business need to know who are the providers for the high risk merchant account.

Companies like Authorize.net are some providers traded high risk traders. In contrast, Stripe merchant services and Square payment processing are from providers that do not fully support high risk merchant accounts.

What is High Risk Merchant Fast Approval?

It takes longer to set up a high risk merchant account than other businesses. In addition, opening a normal merchantaccount can take up to two days, while opening a high-risk merchant account can take up to five weeks. So what is the reason for this?

High-risk merchant providers are investigating in more detail about the possibility of regularly paying the fee for your account. Payment providers also review both your personal credit history and the bank history of your business. Of course, having these alone is not enough for you to get approval.

Because you are a high-risk merchant, your business has to go through more scrutiny. Examining these documents alone takes two days. So what are the providers talking about when they say instant merchant approval guarantee?

When you see credit processors saying instant merchant account confirmation, this comes with a fine print notification. Instant means getting confirmation significantly faster than normal time, or happening in a day or two like other accounts. Account providers use a two-step approval system.

1. The high risk merchant account provider initially authenticates your account.

2. The payment processor gives the final confirmation of your account.

In these cases, you should be careful about getting the first approval and avoiding making a long-term contract while there is no guarantee that you will get the second approval. If you unilaterally terminate your contract, you may be subject to an Early Termination Fee.

Many account processors that first validate business accounts do not actually do a credit check faster than other providers, they can only put you at risk with the traders.

Make sure your merchant account provider can make it easier for you to access payment processors that have already processed and specialized in high-risk accounts like you. The last thing you want is for your processor to permanently close your account.

What Can Delay Your Account Approval?

Approval of vendor accounts usually takes between one and two weeks. However, it may happen to businesses whose accounts are not approved.

This can happen to you if you have the following items:

Bad Credit: Having a bad credit score reduces the chances of businesses getting approval by the bank. This also applies if your previous business is closed. The only thing you can do is try to clarify this to the bank from which you got the credit score. Provide additional documents showing that you have closed your accounts and show a permit to ensure that your negative credit in your previous business is not affected.

High Risk Business: If you have a high chargeback rate with your previous providers, you will be considered a high risk business. This is one of the things that banks and providers do not want. Higher chargeback rates tend to drive the business into loss rather than monetize the company and provider. Banks avoid working with you because they are aware of these risks. However, some banks are exceptional However, some banks may exceptionally provide you with a merchant account for which you have made a security deposit.

The largest industries considered high risk are:

• Online Trade
• Online Pharmacy
• Online Gaming
• Adult

Having a high chargeback rate can prevent you from becoming an international seller. The service or trading of products that are considered below the gray area in major countries can hinder you when trying to open a merchant account.