How to Get Instant Approval for a High Risk Merchant Account

 How to Get Instant Approval for a High Risk Merchant Account

A high risk merchant account can be crucial for businesses in certain industries like CBD, cryptocurrency, nutraceuticals, and more. However, getting approved for these accounts has traditionally been challenging due to the high risk label. Instant approval for a high risk merchant account is now possible by partnering with the right payments provider. In this comprehensive guide, we’ll explain what high risk merchant accounts are, their benefits, and most importantly, how to get instant approval for one.

What are High Risk Merchant Accounts? High risk merchant accounts allow businesses categorized as "high risk" by banks and credit card processors to accept credit card payments. High risk businesses may have higher likelihood of fraud, chargebacks, or fall into industries like CBD, cryptocurrency, adult content, etc. which banks deem high risk. While approval for these accounts was historically difficult, new fintech payment processors now specialize in instantly approving and supporting high risk businesses.

Benefits of High Risk Merchant Accounts A high risk merchant account provides the following advantages:

• Access to credit card processing - This enables high risk businesses to unlock a crucial revenue stream.
• Legitimize your business - Accepting cards establishes trust and credibility.
• Higher processing volume - High risk accounts have higher limits to scale with your growth.
• Fraud mitigation tools - Advanced fraud filters help minimize chargebacks.
• Dedicated account management - Specialized account reps provide tailored support.
• Seamless integration - API connections allow integrating payments into your software, website, invoices, etc.

Criteria for Instant Approval To qualify for instant approval for a high risk merchant account, you generally need:

• An established high risk business entity. New businesses may face more scrutiny.
• Good credit score and history with no major red flags.
• Realistic processing volume projections supported by your business history.
• Website with professional design, complete business info, and a shopping cart (if selling online).
• Compliance with card network rules and regulations for your business type.
• All required business licenses and registrations for your state/industry.
• Legitimate processing history – Seasoned businesses should provide recent processing statements.

How to Get Instant Approval Follow these steps for the greatest chance of instant approval:

1. Choose the right high risk payments provider - Opt for processors that specialize in high risk and advertise instant approvals. Avoid restricted entities like traditional banks.
2. Prepare all required documentation - Have business and owner info ready like articles of incorporation, business license, bank statements, tax IDs, etc.
3. Build a compliant website - Create a professional site that correctly represents your products/services and business according to card network rules.
4. Complete the merchant application thoroughly - Disclose all business details accurately. Be realistic with processing volume projections.
5. Pass identity and security checks - Owners will need to pass Social Security, OFAC sanction lists, and other verifications.
6. Provide supplemental info if requested - This may include further details on business model, additional compliance documentation, etc. Respond promptly for the best chance of instant approval.
7. Accept terms and fees - Carefully review the account agreement and fee schedules before signing up. Fees are generally higher for high risk accounts.

Conclusion Instant approval for a high risk merchant account is now within reach by selecting the right payments provider, meticulously preparing your application, and satisfying compliance criteria. This account will then empower your high risk business to accept credit/debit card transactions both online and offline. Be sure to compare several providers as fees and approval criteria can vary. With an optimized application and some research, you can gain instant access to seamless credit card processing to take your business revenues to the next level despite its high risk categorization.