Are you in a business which is more prone to chargebacks and frauds? If yes, then we understand how frustrating it can be and what ill effects it can pose on your business. These high number of chargeback requests can adversely affect the financial health of a business and can put it into huge losses. To make sure that the high risk merchants are able to accept credit or debit card payments, high risk merchant accounts are a must.
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The credit card payment done by the credit card holder first goes into the high risk merchant account and then goes to the merchant. This transaction may take up to 2-3 business days. So, the high risk merchant processing account basically works like an intermediary between the payer and the merchant to ensure the ease of the transactions.
There are certain businesses that are considered high risk and that needs a high risk processing merchant account are,
Businesses that are at high-risk often don’t get instant approval of high risk merchant processing accounts. Such businesses are asked to give extra documentation and more investigation is done, especially into the credit card score and the chargeback history, as compared to a low risk business. So, if you are someone, who has applied for a high-risk merchant account, but has been waiting for the approval since ages then don’t worry, as we will be telling you some way through which you can get instant approval for a high risk merchant account. We will also be telling you about some of the best high risk payment processing companies or service providers that can take care of the credit card payment processing.
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We have some tips that can help you get instant approvals for high risk merchant accounts. These tips can be very time saving if followed correctly. So, let’s dig right into it.
For those, who don’t know what a credit score is, let us break it down for you. It is basically the ability of a person to pay back the loan based on the credit history. A credit score that goes up to 500 is considered good.
When applying for the high risk merchant account, it is important to maintain your credit score history. If you have a past record of delayed payments and bankruptcies, then your application for a merchant account may be delayed for approval or may even get rejected. So, it is important to change your credit score history, before applying for the merchant account.
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It is very important to be honest while providing personal and business related information. Since we know that merchant account approval requires extensive investigation, if by any chance they find anything fishy about the information that you’ve provided, you will not be able to get a merchant account ever. So, be honest and provide correct information.
Setting a limit on daily transactions is a must before applying for the high risk merchant account. High number of transactions in a day can lead to increased risk of fraud. Also, it gets extremely difficult for banks to process so many transactions in a day. If the merchant account approver finds a high volume of transactions from your account, then chances are that your application will get rejected.
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Banks eyes are always on huge amounts of transactions because they are some questionable transactions that you are answerable to. It is better to avoid making or receiving transactions that are high in amount. Such transactions can delay your merchant account application approval. Either don’t receive such a transaction or if you do receive them, then be ready with your explanations.
So, these are some tips that you can follow to get approval on a high risk merchant account. Following these tips will definitely yield great benefits. If you are looking for some of the best high risk service providers that can initiate credit card processing for high risk, then read below to find the list of high-risk merchant account providers that you can rely on.
These are some of the best high risk merchant account providers that can provide payment gateway for high risk credit card payments. Though, all the service providers mentioned above are legit and secure but for an instant approval you can go for PayCly. You can also conduct some research on a personal level to find out which one works best for you.
Published On : December 2, 2023 by: Staff Writer/Category(s) : Banking & Finance
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