What to Know to Get Approved

Whether you’re an established business or just starting out, understanding not only the difference between low-risk and high-risk merchant accounts is key. From the approval process, monthly fees, and potential sales requirements, there’s a lot of information out there that a merchant may not be aware of. However, when applying for a high-risk merchant account, there are aspects of the process that can help and hinder a merchant. If you’re looking to open a new merchant account, follow these guidelines to set your business up for success.

What Not to Do
The first thing you may want to do is to submit applications to a variety of merchant account providers to ensure you get approved. However, this is not a good idea. Most banks monitor to see if there are multiple applications in process as an anti-fraud measure. If a merchant is able to open multiple accounts at a given time, this grants the possibility for said merchant to process a significant number of potentially fraudulent transactions.

Another key thing is to not hide any products, services, or practices from the bank or provider you’re applying with. There isn’t anything wrong with omitting these things, but have a way of coming up and hurting your business down the road. A bank can decide to shut down your account if they find anything that seems to be in any way fraudulent.

What to Do
While it’s true that there are things that you shouldn’t do when applying for a high-risk merchant account, there are steps to take that will be beneficial. First, always do your research. Make sure the company or bank you apply to is reputable, is a good match for your business, and offers rates that will help and not hinder any future business.

Another good rule of thumb is to be up front and honest about your industry, what products or services you provide, and what location you do business in. It’s important to make sure all your business and personal information matches up to the application, but also to your website or physical location. Following these steps will not only save you time and frustration, but will help your chosen bank or account provider give you the best solution for your specific needs.

Apply with TOTAL-APPS
With TOTAL-APPS, you can rest easy knowing you’re getting the best services in the industry. Not only are we PCI-compliant, but we have payment processing solutions for a wide variety of payments, built-in security features to keep risks to a minimum, and a live, 24/7, US-bases customer support team ready to help with any of your needs.

Contact TOTAL-APPS today to get all your high-risk merchant account questions answered!