What Steps Do I Need to Take to Setup a High Risk Merchant Account?
Setting up a high risk merchant account is similar to setting up a traditional merchant account. If you’re looking to setup high risk merchant services, here are the steps you need to take:
1) Shop around – just because your industry may be categorized as high risk, does not necessarily mean you have to just settle with any processor. Research and call around to different merchant service providers. Ask them about features and pricing and most importantly, if they accept your business type.
2) Get all your documents prepared – be ready to provide any business documents like bank statements, business entity paperwork, and other things that may be required by underwriting. Ask the merchant service provider that you choose to provide you with a checklist of necessary items.
3) Make sure you understand your pricing plan, agreement, and always ask questions whenever something is unclear.
As you can see, the steps to obtaining a merchant account for a high risk business is not so different than getting a traditional merchant account. To learn more about our services, call us at 1-800-930-4476.