If you’re looking for merchant account and your business is classified as high risk there are a couple of things you’ll need to know in order to get approved for high risk merchant account.
Whether you’ve process credit cards before and had your account closed or you are getting started for the first time following these steps will help you get the account you need for your business.
So what are they?
Four key high risk merchant account factors
High risk merchant accounts are made available for merchants who are higher risk for a variety of reasons. Generally, these merchants are considered high risk due to their financial situation, or they get too many chargebacks on one of their products, or their product has to do with an industry that has been blacklisted.
Some of these industries are: online pharmacies, travel, telecom, collection agencies and other markets that fall under this classification.
High risk merchant accounts can be pretty hard to come by from reputable sellers.
And the reason is simple – most merchant account providers do not want your type of account.
So the first step is to work with a specialist. Believe it or not there are companies that specialize in the type of account you need. Secondly, there are few factors that they will consider when it comes to getting you an approval.
What are they?
In no particular order:
- your credit score
- previous processing experience
- expected volume of sales
- type of industry
The truth is, if you just getting started and have a low processing volume you will find it very difficult to get an account.
Now, some account to considered high risk because of credit situation. If you have good credit and you need a high risk merchant account it should be very easy for you to get an approval. However, if your credit is poor it can be a bit difficult so be prepared for a lengthy the process.
And possibly a couple of rejections.
Next up is monthly sales.
If you had an account in the past but it was closed for whatever reason it might actually be easier for to get approval again.
Finally, some high-risk providers only work with specialized industries so be sure to ask. In other words, not all merchant account providers are the same – and that goes double for high risk providers. So be sure to check with them prior to filling out application to see if they will work with companies like yours.
If you are in the market for high risk merchant accounts, then you really just need to be sure that the company you are buying your account from is reputable and you should be good to go.
I hope you found this information helpful. Please feel free to share your comments below.
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