For many small businesses or any company just getting started, one of the first hurdles is being able to set up card payments. Nowadays, being able to accept cards is essential and something that your customers are going to expect. As a serious business, you want to make sure that you are catering to this need and providing your customers with the payment methods that they want to use.
However, if you want to start accepting card payments, you are going to have to get set up with a merchant account. And, if you are operating a high-risk business, this can be a tough thing to do. But that doesn’t for a second make it impossible. All it takes is a little bit of preparation and the knowledge of how you can achieve approval on your high-risk merchant account. With any luck, we have three key tips for you to do exactly that so that you can finally get your company up and running.
Do Your Research
The first thing that any seller should be doing when they are trying to secure a merchant account is to do some research. It should go without saying but conducting your research is incredibly important as it is going to help you make the right choice specifically for you. High-risk businesses often get into issues when dealing with their merchant accounts and that can significantly slow down business. However, with a little bit of research and planning, you can avoid all of that before it even starts.
You want to be certain that you can tackle any high-risk problems head-on and even more importantly, you want to be sure that you are finding a reputable partner that is going to work in your interests. At the same time, carrying out good research is going to mean that you don’t get overcharged or swindled for other terms, as you’ll always know the danger signs to look out for.
These days, there are countless different options online for your merchant account provider. But while there is seemingly plenty of choices, not all of these are going to be trustworthy and reputable. In addition to this, many providers will have certain regulations on the type of high-risk company that they get involved in and how it might affect them. So, you are going to want to take your time to make sure that when you do finally find the right partner for you, they are going to work in your best interests. That way, you aren’t wasting your time and efforts, instead of getting the most efficient and valid approval.
Once you have finally settled on the provider that you are going to partner with, you can begin preparing for your final approval. You are going to get asked a series of key questions and being fully ready to answer these properly can be a huge help to approval. At 5 Star Processing, we highly recommend you ready yourself for the following:
- Do You Process Credit Cards?
- How Long Have You Operated?
- What is Your Monthly Volume?
- Have You had Merchant Account Shut Down Before?
- Are You On the TMF List?