What is A High-Risk Business?
The first thing you are probably asking yourself is how to know if you are a high-risk business. And, truth be told if you haven’t recently started a small company you may well be at high risk. A company is classified as such if it falls into one of many categories, which currently include the following:
- Ecommerce
- Adult Entertainment
- Online Gaming and Gambling
- Tobacco / Alcohol / CBD / Marijuana Products
- Financial Services
- Legal Services
- Clothing and Fashion
- Health and Wellness
- Travel and Tourism
- Hospitality
What is a High-Risk Merchant Accounts?
If your business also happens to fall within one of the above sectors or anything else similar. Then you are most certainly going to need a High-risk merchant account.
- High-risk merchant accounts are a payment processing service for businesses in high-risk industries
- A Paypal merchant account, for example, will only support businesses that are low risk
- Different factors would require you to find high-risk merchant services
- Factors from credit score, chargebacks, to industry type can categorize your business as high risk
- Instant approvals for high-risk accounts are uncommon but possible for established businesses or with 5 Star processing.
High-risk merchant account instant approval is difficult but not impossible.
Get High-Risk Merchant Account Fast and Easy Approvals
Although High-risk merchant accounts instant approval is difficult. You are still more than able to benefit from a fast approval. If you can find the right partner and make the proper preparations, you may even be able to achieve approval in under 48 hours.
All it takes is identifying the most beneficial, reputable high-risk payment processing for you and ensuring that you have fully prepared yourself to handle the process.
How to Get a high-risk merchant account instant approval?
If you want to get approved easily, then planning is key. You want to make sure that your business status is in a good shape and that you are properly showing that off to the provider that you are applying.
Things like a cover letter can go a long way to that, as well as getting yourself ready with the questions that your provider is going to have. In addition to that, 5 Star Processing recommends that you aim for the following:
- High Credit Score
- Strong Processing History
- Good Trading Volumes
- Additional Funds
- Functioning Website
- Cover Letter
- Comprehensive List of Practices and Documentation
If at last nothing works for you then, 5 Star Processing professional can help you. Our experts are always ready to get you the best high-risk merchant account with ease. Doesn’t matter what type of your industry is you can contact us and get an instant high-risk merchant account with us.
