HIGH-RISK MERCHANT ACCOUNT

Running an online business when you need to approve credit, debit, and other online payment alternatives you deal with high-risk factors. For such companies, a High-Risk Merchant Account is needed to do such transactions. Also, a business can be characterized as high risk considering credit score, chargebacks, and the type of industry-owned. Talking about instant approval on a merchant account, many high-risk merchant account providers claim instant approval of high-risk merchant account for high-risk businesses, but in actuality, no such thing as instant approval is efficient. In this blog, let’s have a more imminent look at how the High-Risk merchant account is approved?

High-Risk Merchant Account Approval Process

 

To approve a high-risk merchant account for a high-risk business, the processing time is usually more than a low-risk business. On an average, it takes minimum two days to approve the low-risk merchant account. However, the high-risk merchant account requires a lot of documentation and the business should fulfill the requisite guidelines. Accordingly, the process could take a minimum of 4 to 5 business days or a long time to approve the High-Risk Merchant Account. 

 

Essentially it requires two-step verification, firstly approval by high-risk merchant account provider and secondly acquiring bank approval. The second step is where the delay and difficulties occur. The acquiring bank undergoes an extensive investigation on the business and the business owner due to which the processing time is required.

 

Practically, there is no such thing called “instant” approval. Although, the high-risk merchant account provider can profoundly be active to affirm your account the processor can have several reasons to refuse your application for a merchant account. However, one can include some steps which can help to accelerate the process and make it smooth and swift. 

 

How to speed up the High-Risk Merchant Account Approval?

For speeding the process, one must always invest their time in reliable and reputed high-risk merchant account providers who have expertise in their domain. As you will be working continuously with them, trust is an important factor to be considered. Otherwise, fraud and miscalculations are at high risk. Also, be honest with your high-risk merchant provider about your business. Keep the documentation simple and clear. However, confusing paperwork can cause the process to delay. Paperwork must be in order. 

 

 

To sum up, considering all the above-discussed factors will give you a positive aspect when applying for a High-Risk Merchant Account.