Obtaining a merchant account for credit card transactions if your business is classified as a high risk is a difficult process. Your success in obtaining a competitive high risk merchant account is dependent on how you go about applying for the account, and also if the chosen service provider can handle the high risk transactions of your business or industry. Here’s a look at some of the simple steps you can follow and what to look for in a quality high risk merchant account processor.
The Application Procedure for Your High Risk Merchant Account
You could easily acquire your high risk merchant account in a short time by submitting your application and all the necessary documents. The process entails:
- Your application form. This is the initial step.
- Your documents- These include your former merchant account statement if you have any, your present bank account statement, your company license, your photo ID from your passport or driver’s license, as well as any business information such as your company’s telephone number, address and website details.
Characteristics of a Quality High Risk Merchant Account Provider
It’s always in the best interest of your company to utilize the services of an experienced provider. This will determine how successful your merchant account application is. Find out if your provider:
- Has an easily accessible technical support and customer service division. Ensure that they will be able to assist you with fundamentals such as installation and integration.
- Offers compatible gateways for E-commerce shopping carts. This is important, as some gateways are problematic when accepting payment for specific services and products. Always select a high risk merchant account provider that offers gateway integration support.
- Offers a POS system with a complementary terminal. If you’re a high risk physical business, it’s always great to accept credit card payments in person to reduce risk classification, and a quality provider should offer you a terminal and POS system.
- Provides multiple services. These include a more extensive range of payment options, other than credit card payments. A quality provider should be able to cater to e-checks, ach processing, merchant cash advances and more. This will then enable you to have a larger number of payment options thus more income potential.
- Has a shorter contract. Always opt for a high risk merchant account service provider that does not have a lengthy contract. This will make it easier for you if you should encounter problems with the provider, as you should be able to get out of this legally binding agreement with them faster.
- Is knowledgeable about, and has a good reputation within your industry. Always try to find a provider that has extensive experience in providing merchant account services for your industry.
Painless is a quality high risk merchant service provider. Contact us today for more information on merchant accounts or apply today to get started.