Every high-risk business needs to have a merchant account with the best and most versatile features. But for that, they have to struggle to qualify on the terms and conditions. The more they fulfill the requirements to get a smoother account approval, the better they get in the deal.
For example – two established businesses apply for a merchant account but one is renowned and the other one is not so popular. Both the merchants are running a business for the same number of years but the one with a good reputation may get a lower per-transaction fee. This blog is all about how a high-risk business can get the best merchant account solutions. Have a look and read if you are a merchant with a risky business type.
Credit Rating of Merchant and his Business Should Get Proper Attention
Yes, that is vital. A merchant should always work on his own and his company’s credit rating. Both are important to impress the acquiring bank to provide a merchant account with the best features like speedy transactions, low cost, etc.
No need to mention that merchant account solutions can also be provided through Payment Gateway companies. The latter has good connections with the acquirers offshore and onshore. But with low credit scores even they cannot help much to a merchant to get a very good deal. Already high-risk businesses struggle a lot to prove their goodwill in the market. The strict laws and countless restrictions on high-risk businesses make merchant account-providing banks insecure. With a good credit score, a business owner can get the best deals on high-risk merchant account solutions.
High-Risk Merchant Account Solutions are smoother if you are clean in the eyes of legal firms
Oh! We all know the meaning of this point. Already the legalities for high-risk businesses are stringent and they have to handle national and international laws. The word ‘simple’ is rarely visible in the dictionary of a high-risk business owner. It is better if you stay in a smooth relationship with the legal firms. Yes, it sounds like rocket science but some little tips may help.
Make sure you have all the related documents and your business follows everything that is mentioned in the law. Yes, there can be complications but try to complete all legalities on your part. It is the best thing that a risky business owner can do to play safe and get the best merchant account solution. The acquiring banks are always like the merchants who successfully maintain a good image with the legal firms and people. This does not include following wrong practices of bribes and hiding information. That can be beneficial for the short-term but dangerous in the long run.
Prove Future Business Growth if you are a Start-Up
Any business can apply for high-risk merchant account solutions whether it is a start-up or an established one. But for the start-up, it is a bigger struggle to qualify on the decided parameters of merchant account approval and to get other features. The new business owner has to prove that in the future he is able to run the company successfully and there is no threat of business downfall.
The proof can be anything, a project from renowned clients, a big emergency fund, rapid growth in the last few months, or anything. The more promising you sound to the merchant account provider, the more desirable the offer you get on high-risk merchant account solutions. Nowadays payment gateways also suggest ways for their merchants how to qualify for the best solutions. EskayPay works with high-risk merchants have helped many start-ups get their required merchant account option. Also, we have a rich network of acquirers and we can get you the best merchant account with the best solutions and features.
A Considerable Capital in Your Business Bank Account Gives Bigger Transaction Limit
Businesses with a big capital amount in their spare always get merchant accounts easily and also enjoy bigger transaction limits. After all, for a high-risk merchant, it can be difficult sometimes to predict monthly transactions. In case, the transaction limit increases, the business owner does not need to inform the merchant account provider. Also, there will be no need to pay extra per transaction.
Whether your business is a start-up or an established one, having a big amount in your business account as capital is a big plus point. Such businesses always get a great deal on merchant account solutions. It is better to start preparing a big capital fund before you apply for merchant account solutions.
The above factors should not be very difficult to create for a smart business owner. Especially in high-risk businesses where the merchants have the habit to deal with the big challenges. These simple conditions are nothing and can be achieved with little self-discipline by the merchant and the business owner. Besides, if you are still not satisfied and have not found any better option in your merchant account, then EskayPay can help you. Our team of experts is from different fields with specialized knowledge of every high-risk industry.