When a merchant is sure about his high risk account, the approval is quite difficult. To, get approved with an ease there are few parameters that need to be considered including checking on the chargeback and by fair financial history.
Factors for the approval of high risk merchant account:
To successfully get approved, here are few factors that will help the high risk merchant account in avoiding all issues and get accepted.
There is a high risk associated with those companies who have an unclear background thereby increasing the calculating risk to get approved. It’s a kind of a foremost step that need to be followed while opting a account as providing incorrect and false financial information may lead to fail processing agreement.
Few organizations and businesses are far more risky than others so there is an increased chance of chargeback and fraudulent activities. Hence, to release this risk, complete and up to date financial history must be provided to be accepted as a high risk merchant account.
Gradually process the agreement:
Payment processing method is not a easy task as it holds so many problematic situations including chargeback, rates, fee and transaction method so, it is therefore thought to be high risk merchant account whose approval is sometimes a slow process. This is a complete agreement which requires all the related information to be fulfilled and generally it is a time taking process.
As the agreement and payment process is a kind of gamble because a customer is required to pay fee and respective rates so there may be a chance of losing money during the selection process. So to get approved with an ease, customer needs to have patience to gradually run the process.
Be real and authentic:
This is very crucial step in getting accepted as a high risk merchant as service provider requires their customer to be real and true to them. Being trustworthy in a payment process is quite important because underwriters have an authority to recheck your statement and financial history so if there is any such issue there is a clear chance of being rejected.
To avoid these issues and to want your underwriter on your side it’s important to be honest and transparent to your provider while filling out your application in order to get approved without any problem. If you won’t be clear and real to your underwriter then there is a strong chance of getting disapproved after proper scrutiny. So be honest and real in your proceedings.
There is a strong likelihood to being rejected when your financial records show your excessive chargeback. Chargeback is thought to be a black mark on your financial history as the clients and customers are not satisfied with the transaction and the services being provided. So, before seeking for a merchant account tries to avoid chargeback and at least reduce them to a considerable extent to get approved being a high risk merchant account.