The days when credit and debit card payments were a luxury are long gone. Today it is a necessity for all businesses that have an online platform. To be able to process the funds, every such business will need a merchant account.
These are not like regular business bank accounts. Merchant accounts are more difficult to obtain. This automatically created a demand for instant bank verification services. High-risk merchants continuously face a challenge when they search for instant bank approval processors.
Instant Bank Verification for High-Risk Merchant Accounts
High-risk businesses are those that have higher chargeback rates. When the chargeback rates are higher, the chances of the businesses incurring losses are higher than the chance of them making a profit. This is a red flag for banks and other payment processors.
This type of industry includes Online commerce, CBD businesses, and so on. Payment processors for high-risk merchant accounts generally look into the credit history of the businesses and the banking history.
When you are looking for Instant Credit Card Processing services, make sure that the provider specializes in high-risk accounts. Some providers who do quick verification only do so without performing any check on your credit history. Eventually, they will close your account permanently.
How to Increase the Chances of Instant Bank Verification
Instant approval of your high-risk merchant account without any credit check will just eventually not work out. Instead of falling for such claims, go for Transcend Payment Processing service provider that helps you increase the chances of being approved in a quick manner.
When you have a good platform that processes payment quickly, you will be able to thrive in your business. You can easily receive payments from any part of the world and your cash flow will never be interrupted. For these reasons, all your efforts to get approved are worthwhile.
Below are the factors that you must take into consideration and prepare for them. By doing so, you will increase the chances of getting instant approval for your high-risk merchant account easily.
Documents that Need to be Prepared
As a high-risk business, there are several documents that you will need to prepare and present. These are necessary information that your processor will need for your account. Get a scanned copy of your businesses’ bank statement for the past 6 months.
The more information you provide, the easier the process will be. Though your processor will give you a list of documents, some basic ones that will be needed are valid identification papers, banking statements, business model, details of the eCommerce website, and your credit score.
A Functional Website
A functional website will definitely be taken into consideration. This is because most customers file a chargeback complaint when they face an error or problem on the business website. So make sure you have a legit and fully functional website.
Get a Reliable Payment Processor that Guarantees the Approval of Your Merchant Account
To make sure all your transactions work efficiently and effectively, all you need is a reliable merchant account payment processor. Get started with Transcend Pay now! This platform offers a quick credit history check and approvals.