One of the most important things for any modern business is being able to accept card payments. Today, it is something that just about every customer expects and should be something that you can provide. You can open yourself up to the maximum opportunity for customers and no doubt, you can guarantee a bit more customer satisfaction.
But before you can start planning how you are going to win more through card payments, you need to be setting your company up with a merchant account. For any business operating a low-risk company, that can be easy. However, if you, like so many others, are running a high-risk business, the process can be a little bit more difficult. But that doesn’t mean that it needs to be hard and it certainly doesn’t mean that you can’t get the approval that you need fast. And, perhaps with our expert guidance and recommendations, you’ll be able to do both with your high-risk business.
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 high risk. A company is classified as such if it falls into one of many categories, which currently include the following:
- Adult Entertainment
- Online Gaming and Gambling
- Tobacco / Alcohol / CBD / Marijuana Products
- Financial Services
- Legal Services
- Clothing and Fashion
- Health and Wellness
- Travel and Tourism
High-Risk Merchant Accounts
If your business happens to fall within one of these sectors or anything else similar, you are most certainly going to be treated as a high-risk. And, when it comes to securing your merchant account, this too is going to be high risk. That can add more complexity to the process and typically would make the process slower and more difficult. However, with the right knowledge, that might not be the case.
Although instant approvals are out of the question, 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 processor for you and ensuring that you have fully prepared yourself to handle the process.
How to Get Approved Easily
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 to. 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, we recommend 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