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What Are Merchant Accounts And Merchant Services?

What Makes a Merchant in Need of a High Risk Merchant Account?

How do you know if your business has been categorized as a high risk merchant and why is it important to make sure you have the right high risk merchant account for your business?

Not understanding the difference or the importance could have a detrimental impact on your business. Businesses that are categorized as high risk have to know who the right merchant account providers are, and those processors who are willing to process transactions for your high risk business, like Zest Payments, who are offering high risk payment processing solutions, like merchant accounts and payment gateways, to those businesses that need it most.
Merchant account providers like Zest Payments, are high risk payment processing companies that are willing to accept the liability for the increased risk associated with those categorized as high risk businesses.

Surprisingly, most merchants who do fall into this class are unaware of it. For a complete list of merchants who need a successful high risk merchant account application approval and to see if your business might require a high risk merchant account, please click here.


Also, for an overseas merchant account for high risk business, consider if you might need high risk offshore merchant processing accounts.

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How to Get Approved for a Merchant Account for High Risk Business

Some merchants believe that they can get a high risk merchant account instant approval, but this option just simply doesn’t exist. High risk merchants can improve their chances of getting approved by highlighting the best features of their business. A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring, and for the sake of longevity and financial success should keep themselves away from the idea of a high risk merchant account instant approval.

Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval.

Finally, high risk merchant accounts should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk. Click here for information on international businesses who need offshore high risk merchant account providers and gain insight on how to get approved for a high risk international merchant account.

What is a Chargeback?

Some merchants believe that they can get a high risk merchant account instant approval, but this option just simply doesn’t exist. High risk merchants can improve their chances of getting approved by highlighting the best features of their business. A cover letter should include relevant information, such as the industry insight of people involved in the project. Merchants should also discuss anything that makes the business stand out, such as proactive fraud monitoring, and for the sake of longevity and financial success should keep themselves away from the idea of a high risk merchant account instant approval.

Address high trading volumes in a cover letter. Trading volumes impact the risk to the processing company. Showing a strong processing history with a great deal of money moving through the business can increase the chance of approval.

Finally, high risk merchant accounts should have a plan to address long fulfillment duration. Fulfillment duration refers to the amount of time it takes between when payment is collected and when the service or product is delivered. The longer the fulfillment duration, the higher the risk of chargebacks, and thus the riskier the business. Reducing the fulfillment duration or showing strong reserves makes the merchant a lower risk. Click here for information on international businesses who need offshore high risk merchant account providers and gain insight on how to get approved for a high risk international merchant account.

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