All businesses are different in their perspective: some are highly risky, and the rest are low risk. Low-risk enterprises can quickly get merchant facilities with financial institutions. That is not with the option of high-risk ones. 

High-risk merchant account approval is a daunting task. It depends on turnaround time with acceptance criteria and processor to processor. The whole process is time absorbing.

Besides, some features from the owner’s side also matter, consisting of their history, credit score, reputation, chargebacks, and what type of businesses they have. Those with flawed personalities, high chargebacks, and lower client retention do not conveniently get guaranteed merchant account approval. 

So there are factors you should know for merchant account acceptance and what things you look into doing so. Read to learn more. 

How To Increase Chances Of Guaranteed Merchant Account Approval? 

You want to think about improving the possibility of getting merchant account approval. Be ready with your legal documents describing the ins and outs of your business. Always be alert to check your credit score as well. Get to know more in detail below.

Collect More Score In Your Credit 

The merchants have fantastic credit scores and receive an approval within 3 to 7 days. Else wait for a couple of weeks. Therefore, regularly monitor your score and attempt to improve it by giving precise services to the clients. 

Ready Your Legal Portfolio 

Before applying to the boarding underwriting procedure for high-risk merchant account approval, keep all documents in your hand and check their legalization for the business. It will be best if you are to examine if all necessities are authentic. 

Stay Open While Disclosing Essentials 

While showing your documents and the history of your business, you should be transparent and upfront. Do not lie about the financial drawbacks of the underwriting process. Since a skilled team of professionals will be responsible for thoroughly business-related everything, the rejection must be possible if they find you to speak. Keep honest and open in front of them to shorten their lengthy checking process. 

Regularly Update Your Website 

Ensure your website is in continuous upgrade, such as adding new features and options to make it simple. Also, do not forget to include customer contact service options in it. 

Choose A Provider who Has Expertise In High-Risk Commerce Dealing. 

Choose a merchant processor with the experience to deal with every circumstance corresponding to high-risk business. Specialization should be a must in it, and knowledge must have to grasp every business requirement quickly. Skipping these steps, you will hold up in the underwriting work.

Queries To Ask For Selecting A Merchant Account Provider? 

As you know, not all payment processing providers match your requirements and expectations. However, there are important questions that you could ask to finalize the most eligible one. 

  • How long does the merchant service agreement?
  • Does any need to pay early termination fees?
  • How many charges pay for upgradation in a platform?
  • Is the day customer service available?
  • What is the processing cost per year?
  • What technology do you offer to mitigate the fees of chargebacks?
  • Do you have experience in earlier dealing with high-risk merchant accounts?
  •  How much do you take to bring guaranteed merchant account approval?

If you receive the answer, do not stress in your mind to choose it as a service partner. Remember, it should have expertise in handling banking relationships, securing platforms, and leveraging innovative payment tools. 

Standard Requirements For High-Risk Merchant Account Approval 

And these documents should you have for getting guaranteed merchant account approval on time. 

  • Photo identity and utility bill.
  • CV of business owner.
  • Reference letter from a bank.
  • Copies of the bank statement for the last three months.
  • Copies of supplier agreements ( for retail merchants)
  • Articles of Incorporation
  • Articles of Association
  • Processing statements from the previous three months ( for high-risk merchants switching providers).
  • Business plan and type.

Key Takeaways 

Getting guaranteed merchant account approval is a hassle-free task if you are aware of its procedures and strategies to do so. You should always stand on the positive side and talk openly with a payment service provider. Also, attempt to make a good credit score and appropriate relationships with the past banks.

In addition, get insights into mandatory documents, do not tamper with them. Else, the merchant processor can decline your petition to offer a high-risk merchant account. Do your homework to ask what questions to judge its quality, customer service, and reviews. The following ways help you land the right match for you and get instant approval.