Getting high risk merchant account instant approval can be challenging due to the nature of businesses that are often classified as high-risk, such as online gambling, adult entertainment, or subscription-based services. However, some payment processors specialize in these accounts and can offer quicker approvals. Here are some tips to increase your chances of instant approval:
Research High-Risk Payment Processors: Look for payment processors that specialize in high-risk industries. Examples include European Merchant Services (UK) Limited, PayKings, Durango Merchant Services, and Host Merchant Services.
Prepare Necessary Documentation: Have all your business documents ready, such as your business license, financial statements, bank statements, a voided check, and a detailed business plan.
Maintain Good Credit History: Ensure that both your personal and business credit histories are in good standing.
Demonstrate Business Stability: Show that your business has a stable revenue stream and low chargeback rates to make it appear less risky to the processor.
Be Honest About Your Business: Fully disclose the nature of your business. Providing accurate information is crucial to prevent your account from being closed later.
Consider a Third-Party Gateway: Using a third-party payment gateway that works with high-risk merchant accounts can sometimes expedite the approval process.
Seek Professional Advice: Consult with a professional experienced in obtaining high-risk merchant accounts for specific insights and tips relevant to your industry.
By following these steps and preparing thoroughly, you can improve your chances of getting instant approval for a high-risk merchant account.
