It is quite difficult for a high risk merchant to get approved because of so many reasons including deceiving tricks with underwriter, chargeback issue, incomplete transaction history and unnecessary demands in your application.
When you get to know that your business is at high risk then you must seek measures for it accordingly. You must follow the precautionary steps to work accordingly to get your business a high risk merchant account. For that, you must need to keep in account the following crucial factors:
Avoid deceiving tricks:
When you are about to seek help for your high risk business then the foremost step is to be trustworthy and true to your underwriter. It’s like if you have something negative and distinguished in your company’s history that seems to have negative effect on your business afterwards then it is a kind suggestion that do not hide any such thing from your acquiring bank as they would find it anyway. Some bad aspects of your business in the past or any negative reputation must be mentioned in your application to avoid future issues.
For this, you should give all your financial history and records to the provider so that it would be easy for them to check your details as well for you to work properly after getting the services without any risk of being terminated.
Avoid making unnecessary demands:
While signing a deal with your provider you must know what should be included and what not. As it is a general concept that in a payment processing deal service provider have a right to take few percentage on the products you sell so, you must not bargain on such issues for taking maximum profit as it would lead to an angry situation that may cause termination of your deal. Try to make and maintain the reasonable demands so that it works for both the merchant and the provider.
Avoid the risk of rejection depending upon the situation of your company:
As all the companies, traders and industries are different in their services and processing. Two or multiple companies and businesses cannot be alike and have the similar functionality and issues. So it directly applies when seeking for a merchant account. If two industries are similar in their services and belong to same filed with same financial records then they can seek for similar merchant services. But if one company is related to kid’s toys and the other one is a travelling agency then they must seek different merchant account providers as per their requirement because of the fact that every business is according to its own domain and the manner of its growth may also vary.
Last but not the least, one of the major issues for a high risk merchant account is chargeback. If your business face chargeback issue then it is likely to drown your company’s growth like a stone. For a successful business, try to avoid these problems in your industry.