High risk merchant accounts allow businesses who are considered high-risk, to process payments online. Busineses looking for fast approval in the high-risk space can apply through PayKings and receive competitive rates on their merchant accounts and payment gateways. A high risk eCommerce merchant account is a type of service commonly referred to as Card-Not-Present merchants. Businesses like that sell CBD oils online, e-cigs, firearms, and adult are among a few of the many that would fall in this category. Companies like IT or security services deal with customer information and could be considered a reputational risk.
What Is “Instant Approval”?
Industries require effective ways for processing of payment without any hitch. Thus, you can secure your account with the help of a suitable payment processor within a short span. Paycly offers a High-Risk Merchant Account Instant Approval solution for merchants who require enhancing all the transaction process. Merchants from all over the world prefer to get a high-risk account to proceed with their pay-outs. There is surety of the transaction taking place in a smooth manner. With diverse solutions, you can change the nature of your business. Credit cards are beneficial in the long run if you are looking for an immediate solution. You can enhance all your transactions within a second with a credit card processing amenity. There is a boom in dealing if you are looking for grand revenue.
Increase Your Chance for Approval
Searching for a quick setup merchant account? Depending on how to do it, your own businesses circumstances and which provider you go with it can be either simple and straightforward or very complicated. Read below for more information. Libby James is co-founder, director and an expert in all things merchant services. Libby is the go-to specialist for business with more complex requirements or businesses that are struggling to find a provider that will accept them. Libby is regularly cited in trade, national and international media. Setting up a merchant account can take up to a few weeks, especially if you are a start-up or high risk business. However, securing quick merchant services is possible when dealing with advisors experienced in similar industry applications and business set ups. Equally with accepting online payments, changing payment gateway providers, this can be done within 48 hours depending on the complexity of your business. Please note if you are a high risk or start-up company, turnaround times will be a little longer.
In our experience, that is about the time frame required to obtain a high risk merchant account approval from an acquiring bank. Merchant account approvals — let alone those for high risk businesses — take patience, time and a lot of KYC documents. So when a high risk merchant approaches us about a merchant account, we do not offer an instant approval or any approval for that matter, simply because we need to know more. Instead, we engage prospective merchants in a conversation and ask about their business history, processing history, chargeback rates and volume, among other important dynamics. Applying for a high risk merchant account and earning an approval the next day sometimes even the next week, for that matter is not realistic. There are steps, however, merchants can take to expedite the approval process. When prospective merchants and partners are seeking an approval for a merchant account, we want to grant them an approval. As we stated above, when a merchant partner receives the ability to process credit card transactions online, it is mutually beneficial for all parties involved. Your email address will not be published. Skip to content Merchant Accounts.