How the Right Banking Relationships Help Merchant Account Approval
Relationships with Tier I and Tier II Banks Improves Your Chances
When you’re trying to grow your business and it’s time to open a merchant account, strong banking relationships are key. There are many reasons to choose a merchant account service provider over going directly to your bank. Not only do they have relationships with multiple banks in different tiers, but the experience you need to get approved. Because they have ties with different banks, merchant account providers can pair up their clients with the right bank. Here are the top ways that choosing a merchant account service provider with strong banking relationships can help your merchant account get approved.
Low Processing Fees
Because merchant account service providers work with different acquiring banks for multiple clients, the overall processing and transaction costs are lower. The savings transfer to you, making your processing fees lower. Added to that, merchants can use multiple payment options and pay a standard, set fee. There are things to consider for those who choose to open a merchant account directly with a bank. They may have to pay separate fees for each payment method they implement for their business.
High-Risk Accounts
Most acquiring banks maintain a list of prohibited, high-risk, and moderate-risk merchant accounts that may hinder you from getting approved for a merchant account. Working with a merchant service provider can help merchants deemed high-risk obtain merchant accounts. Adult industries, online gambling, and travel companies are just some examples of what would be considered moderate to high-risk. Because account providers have strong ties with different banks, they can match up banks and merchants to give them the best possible chance for approval.
Application Process
When you work with a merchant account provider to open a new merchant account, they will handle the application process. This streamlines the process and makes sure the proper documentation is submitted in the correct way. While the merchant account service provider is focusing on the application process, the merchant can focus their energy on their business. With the backing of a merchant account provider, the merchant has a much higher chance of getting approved.
Open a Merchant Account with TOTAL-APPS
TOTAL-APPS is a leader in advanced payment processing solutions and merchant services for businesses worldwide. Our company develops new payment technologies that combat fraud, minimize payment risks, increase the bottom line, and integrate effortlessly with social media marketing. Our clients include direct-selling professionals, e-commerce retailers, MLMs, non-profits, and a wide variety of merchants.
Contact TOTAL-APPS today to see how we can help grow your business.
