At High-Risk Pay, you can get approved for a high-volume merchant account in as little as 24 hours. It’s important that you provide us with all of the pertinent information that helps us make decisions much more efficiently. If you’re growing a business and need a high-volume merchant account, it’s important to prepare ahead of time to get your application approved.
Here are tips to ensure you get your merchant account approved and keep it open.
How to Get Approved For a Merchant Account
Do Your Research
Even if you don’t plan on opening a merchant account soon, it’s important to start this process early. You should check out several merchant account providers before filling out your first application. This will allow you to fully understand the rates and options available to you and your business.
When doing your research, these questions should be on your mind:
- Do these merchant account providers have experience with my industry?
- Will I be considered high risk?
- Do I need a point-of-sale (POS) system or other technology with my merchant account?
- Should I consider mobile payments?
- Am I considered a high or low transaction volume merchant?
Get Financial Records In Order
It’s a good idea to keep your financial records organized for your business anyway, but by organizing them before applying for your cbd merchant account, you’ll save yourself tons of time. Above all, make sure that your taxes are sorted.
If you have any outstanding debt, you should ensure that paperwork is included in your records. Also, if you’ve already tried processing credit cards but have had excessive chargebacks and have landed on the Terminated Merchant File (TMF), your paperwork from this should be there too.
There are tons of different documents you will need to furnish your potential provider with, including:
- Your Resume
- Your Utility Bill
- Business/Marketing Plan
- Documentation for Your Business
- Bank Statements
- Processing History
You will also have to show the merchant account provider your company’s processing history over the last 90 days. The documents and information you’ll need to provide are:
- The amount and volume of transactions, refunds, and chargebacks
- A reference letter from your bank
- The name of the processing bank
- Screenshots of your website
Because gathering your financial information can be time-consuming, it’s recommended to start early so that you’re not rushing when you need to start accepting credit cards.
Talk With a Sales Rep or Agent
Talking over the phone to an experienced sales rep may be just what you need to get the ball rolling. You can get answers in real-time without waiting for email or chat responses. While you may not want a middleman, it will be incredibly helpful to talk to an agent who operates within the industry.
They can help you understand the possible solutions available to your specific business. A qualified agent has worked with hundreds of payment processors and knows the strengths and weaknesses of each of them.
There is never a one-size-fits-all solution when it comes to business. Agents understand this and will learn everything there is to know about your specific line of work so that they can find you the right merchant account provider for you.
Always Read the Fine Print
When working with a merchant account provider, you’ll receive a contract. It’s always good to carefully read every inch of the contract since it is a legally binding agreement.
You can never be too careful when it comes to legally binding agreements.
It’s important that you understand if there are hidden fees, extra costs, or anything else that may change the agreed-upon conditions. Many payment processors have fluctuating rates based on volume and items that you negotiated during the application process. Know more about the best high risk payment processors.
Take Care of Any Credit Issues
Before you submit an application for a merchant account, it’s recommended that you clear up any past bankruptcies, liens, or late payments. Anything that impacts your credit report should be cleaned up as best as possible. You’ll want to prove to your merchant account provider that you are reliable.
You can request a copy of your credit report from the major reporting agencies: Equifax, Experian, and TransUnion. Take a look at these reports for any mistakes and make sure they’re cleared up as soon as possible.
If you do find a mistake, contact the agencies to learn about how it can be resolved. You’ll need to provide proof that your records were made in error.
Be Open to Conditions
If you’re a start-up or establishing credit, you may need to pay your dues to get a merchant account. A merchant service provider may offer you an account with higher fees or require transaction volume limits on a rolling reserve. This will protect them from any future losses.
Never Settle
You should get quotes from as many providers as possible and always ask tons of questions so that you know you’re going with the right one. Always find out the transaction and processing fees, and ask what other fees you will have to pay.
Just because your business may be considered high-risk does not mean you should settle for the first merchant account provider that approves your application. Make sure to shop around on rate; there are tons of providers out there who work with high-risk, high-volume businesses and can help you understand what’s expected of you.
Approval for a High-Volume Merchant Account
Preparing your information and documents is the best way to get approved for a merchant account quickly. Always make sure to weigh the pros and cons of each provider and their offerings so you can determine who is best for your business. Once you’ve done this, your path to a merchant account becomes easier to navigate.
At High-Risk Pay, we make getting a high-volume merchant account easy. You can be approved within just 24 hours! Start processing payments by filling out our application today.
