Setting up card payments is going to make a huge positive difference to your company. It opens you up to a much wider selection of potential customers and it can guarantee greater satisfaction. However, before you can start thinking about doing that, you need high risk merchant account instant approval. We all want to get going as quickly as we can, however, it isn’t always that simple.
Certain companies will be able to be approved instantly, whereas others are going to have to wait for a lengthier process to be carried out. And, knowing where you are going to fit into that can be valuable information for your business, as it can help you make better choices concerning customer payments. At the same time, making the right preparations can significantly improve your chances of getting approved in the fastest possible time. At 5 Star Processing, we want to give our customers all of the knowledge that they need to make the best plans and preparations concerning their merchant account application.
Instant Approval for Low-Risk Businesses
If your company is lucky enough to fall into the category of low-risk, then you can rest assured that your merchant account processing is going to be the fastest that it can be. Low-risk businesses are more appealing to merchant acquiring banks as they incur a lower threat to finances and reputation. But the rule isn’t a given and there are numerous other factors that these providers look for.
You want to make sure that your personal credit history is good, your company’s volume and payment processing has been accurate, a viable website and in general, a good reputation among your customers and community. Providing evidence of these can be key to faster approval, even if you are considered the lowest risk.
Alternatives for High-Risk Businesses
On the other hand, if you happen to fall under the high-risk category, instant approval is pretty much out of the question. But, that doesn’t mean that there aren’t rapid alternatives for you to choose from. By following our advice with the aforementioned additional inclusions, you could be much more successful than the typical high-risk company, which would take numerous weeks.
Instead, by finding a reputable provider that works in your interests, you can hope to be approved in 48 hours or less. Just make sure you are providing clear and effective evidence of your good and consistent practice, expected successes, and any other relevant pieces of financial or business details.
Provide a Cover Letter
At 5 Star Processing, one of the strongest recommendations that we could give to you would be to prepare a cover letter. For a low-risk business, a cover letter should highlight all of your successful and exemplary points clearly, while a high-risk should do the same and address the things that a provider wants to see. Either way, this small added detail will greatly increase your chances of the most instant approval for your merchant account.