Getting High-risk merchant account seems a process to undergo with hassle documentation. A merchant who needs a High-risk merchant account for the smooth working of business may fall in many empty promises by companies and merchant account provider like, low transaction fees, instant approval, free integration and use of payment gateway services.
5 Points need to watch when signing up High-risk Merchant Account
- Minimum Price – price is being the first concern when selecting the merchant account. Almost every merchant wants the best deals and reasonable price. Web sites with popping up advertising low rates, free transaction merchant account diverting minds of many merchants looking for merchant account services. But remember all this are warning sign, you may be misguided by paying low at first, but corrupt providers charge high-volume backend fees. Find a reliable merchant whose track record is good and giant’s approval on many factors such as the product/service, payment acceptance method, chargeback rate, and volume.2. Hidden Fees – Before signing up you deserves to know about all the processing fees to be charged and why you are been charging. Some common fees for a merchant account are transaction fees, chargeback and refund fee, discount rate and monthly statement fee from acquiring a bank. Be cautious of any other extra related fee which seems unwanted and gives you greedy earnings.
3. Extra Rewards – Many merchants provides cash back offers and unwanted deals or signing bonus, but these are only fake promises and later hit you with other fees and charges. Proceeding with reliable merchant account provider having a sound image will drop you in safe hand.
4. Free Services – it is good to offer free aftercare services and some extra perks, but merchants should be cautious that it is a catch.
5. Instant Approvals – it is not possible, instant approval for a high-risk merchant account. Such types of business need complex documentation to get approval for a merchant account from merchant acquiring a bank. Banks want to see a list of KYC documents before they grant an approval.