Businesses are inherently risky. One cannot run a profitable business without some kind of risk involved.
Getting approved for a merchant account is a tedious process, especially if your business happens to fall under the high risk category.
Banks are wary of approving high risk businesses because of the risk involved. Even if the process is simpler, there are some strict guidelines and policies that you need to adhere to. Unsurprising, given that the bank is taking a substantiate risk. It is their responsibility to minimize risk which is beneficial for you as well as them.
High Risk Merchant Account –
There are also instances when you have been rejected over and over again for a merchant account. Wondering what other options you have? Call high risk specialists like IBS! Merchant Account providers who specialize in high risk merchant accounts understand the difficulties faced by such merchants. They guide you through the application process and get you approved without much hassle.
Now, as a merchant you need to take certain measures before settling for a merchant account provider.
- Do your research.
- Make sure that the provider offers services that are compatible with your business
- Be aware of those asking for an application fee. No fees are charged until the actual transaction process begins.
IBS does not charge any sort of fees until your high risk merchant account is up and running to process transactions.
-You will find thousands of providers ready to take on your business with claims of getting you ‘instantly’ approved within a day or even a few hours. Be careful when dealing with such.
Being an experienced industry player, IBS can assure you instant approval can only mean a minimum of 2-3 days. And yes, it is possible to get approved within that timeframe.
Accelerate your High risk merchant account approval process –
Getting approved within a day is simply unrealistic. Merchant accounts take time to get approved, especially a high risk merchant account at that. Sometimes, you can get approved within a week or the process can very well get dragged into next week. Still, here are a few tips you can follow to accelerate this process to get an easy and instant approval.
- Honesty is the best policy – Be honest about your business from the get go. Provide a complete disclosure to your provider. Be completely honest about the kind of services & products you offer. While a high credit score is preferable, it is okay to have an imperfect credit history. You may be tempted to leave out a few minor details but the underwriter can instantly catch such discrepancies and cancel your application. Give detailed, transparent and clear records of your business and be ready to answer any questions that the underwriter may have. This makes your business trustworthy and has a positive influence during the final decision.
- Keep your KYC documents at-hand – Be sure to gather all your financial documents and submit them together for the underwriting process at the earliest. While you can also submit them in batches, sending them at once can expedite the process and make you look organized.
- Valid Company Information – Be very clear about the type of service you provide and your place of operation. Make sure your personal as well as company details including addresses and customer service contact numbers are valid and correct. These details should match your application information as well as wherever you have advertised your business; be it online or print.
- Try to minimize your risk factors such as charge backs – Charge backs is one of the reasons why your business maybe termed as high risk. High charge backs are a threat to high risk merchant accounts. They possess a risk to the provider as well as the account holder. Try to minimize them as much as possible for a better chance at approval.
Partner with IBS for High Risk Merchant Account Approval
International Bank Services (IBS) specializes in High Risk Merchant Account solutions for risky ventures. We have an approval ratio of over 95% in merchant placements. With several years of strong banking relationship with several acquiring banks all over the globe, we provide secure and reliable payment processing solutions for all-risk businesses. Give us a call to talk to our representative about your business and we’ll employ our best resources to get your transactions online.
Hurry up and enquire today for further assistance!