If you come across a merchant account provider who claims to provide you with high-risk merchant account instant approval, it should set warning bells ringing in your ear. It is prudent to note that there is no such thing. If by instant, the service provider means anywhere between 3-5 days to 3-5 weeks, the offer is worth considering as this is the normal time to get approval for a high-risk merchant account from an acquiring bank. 

No company or service provider can promise to get an instant approval done for a high-risk merchant account. Instead, if the service provider assures you of instant pre-approval, you can consider his services and go ahead. Before getting approval, a lot of information is required. It includes asking the merchants about their processing history, business history, volume and rates of chargeback and more. All this information gathering help in deciding two things. First, whether an instant pre-approval be given. Second, which banking solution would prove to be the best for the merchant. 

Right after applying for a high-risk merchant account, expecting the approval to come the very next day is not realistic. Many service providers can help expedite the process by following three simple steps. 

An Honest and Straightforward Approach

When you want quick and hassle-free high-risk credit card processing by the bank, it is necessary that you be honest and straightforward with them. Making a complete and full disclosure with your merchant account provider will improve your chances of quick processing. Trying to hide the past business or MATCHlist/TMF placement can only make the chances of getting approval difficult. Even if your credit or processing history is sketchy and imperfect, high-risk merchant account providers will work along with you and find the best way to let things proceed further.

Collect and Collate Documents

Keep your KYC documents ready to be submitted to the merchant account provider. These documents are required for underwriting purposes. Send all documents together in on go so that it can quickly get processed. 

High-Risk Payment Gateway

Once the processing of high-risk merchant account is over, businesses can use a high-risk payment gateway to ensure safe and secure business payment transactions. While permitting to use this gateway, banks as payment processing providers are willing to accept the increased risk that comes with high-risk businesses. Even if these banks are prone to chargebacks, the banks allow these accounts as businesses to pay a hefty fee for merchant services.