High Risk Merchant Account
by Trish Williams
High Risk Merchant Account
If you’ve started a business that’s high risk, it’s a good idea to get a high risk merchant account. This sort of credit card account will provide you the needed backing in case hard times hit. A high risk merchant account isn’t hard to obtain and only takes minutes to apply for.
Who needs a high risk merchant account?
If you operate a high risk business like a travel agency, airline, cruise ship, casino, telemarketing agency, an Internet commerce business, furniture or auction center or specialty membership club you are a perfect candidate for a high risk merchant account.
Increased risks come with operating these types of businesses, and yet, there are credit card companies and other sources that are ready to provide you with a high risk merchant account. These companies specialize in processing thousands of accounts for high risk customers and over 95% of high risk businesses are able to obtain a high risk merchant account without too much trouble.
Even though it only takes minute to apply for a high risk merchant account, the approval time may take a little more time. Your goal is to find a company that will provide you with the lowest discount rates. They will require proper documentation for their underwriters and from there your business will be on its way.
The challenges of setting up a high risk merchant account
Although it’s not impossible, you may run into some challenges when trying to obtain a high risk merchant account. The companies where you apply for one will undoubtedly need to know how long you’ve been in business, check your credit history, document earnings, and evaluate any present or past merchant accounts you’ve had.
What sorts of things do I need to have to apply for a high risk merchant account?
You’ll be asked for verification of the country in which you operate your business. If in the U.S., you’ll need to have a Federal Tax ID number if you’re a corporation. Also, you’ll be asked for your checking account and social security number. Most places where you apply for a high risk merchant account require that you’re at least 18 years of age.
Benefits of a high risk merchant account
With a high risk merchant account you’ll be able to accept credit card payments from your customers. Depending on who’s providing your high risk merchant account, your customers will benefit from the easy tracking systems, fraud protection and automatic and online billing available. With a high risk merchant account, you’ve just entered the world of unlimited financial possibilities.
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