Getting A High Volume Merchant Account

May 06, 2020

Acquiring a high volume merchant account is easier than you think.

A high volume merchant account is beneficial if you are a business that is processing an exceedingly large number of transactions per month. It could also mean that you are processing transactions that involve large ticket items. High volume merchant accounts also pave the way for the expansion of your business since you will be allowed to process an extraordinary amount of transactions per month with “dollar volume”. You also have the choice of processing large ticket items that are based on specified approval criteria. 

If you do not have the right merchant account to support this volume of transactions, you run the risk of having your funds placed on hold, especially if your transaction volume continually exceeds the limit as specified by your merchant account provider. Or the ability to process altogether can come to a sudden halt if your provider is not made aware of your surpassing the limit ahead of time.

Defining High Volume

When signing up for a high volume merchant account, most providers consider the term high volume anything over $100,000. Of course this can vary from one merchant account provider to another. 

If you find that you are consistently surpassing your transaction limit, your funds will be placed on hold and your merchant account can even be suspended. These limits are not in place to sabotage your success, they are set up to discourage the use of fraudulent merchant accounts. Scammers are known to set up a merchant account and then run enormous amounts of charges using stolen credit cards through this account. When they discover that their merchant accounts are getting slammed with chargebacks, they shut their account and move on to their next target. This is precisely the reason why these processing limits are in place. Merchant account providers need to protect themselves from the potential damage of an account that has no transaction processing limits.

How To Get A High Volume Merchant Account

Obtaining a high volume merchant account is not as daunting as you think. You simply have to ensure you have the following items in place. 

First, and most importantly, you must prove to the merchant account provider that you offer “legitimate services”. You can demonstrate this by having a good merchant account history showing little to no chargebacks. 

Also, having a merchant account for a few years will work favorably towards you since having a clean history will prove that you are not engaged in a fraudulent business.

Equally important is to have some systems in place that will protect you against fraud. Some examples can include: address verification system (AVS), the CVC code in the back of a credit card, or verification to prove large orders as legitimate. 

Applying for a high volume merchant account is quite similar to a traditional or standard merchant account. In order to secure the best possible rates, make sure you have the following documents ready:

  • Recent credit card processing statements
  • Recent tax returns
  • Recent financial statements
  • Recent bank statements
  • Information about your business setup (DBA, Partnership, Corporation)
  • IRS Confirmation of Non Profit Status
  • Business checking account

Having a High Volume Merchant Account Has Its Benefits

The greatest benefit of securing a high volume merchant account is the ability to process the maximum amount of processing volume, in a secure manner, within the best possible rates and services available. This frees you up as a business owner to grow your business without fear.

Let us help you get a high risk merchant account today!

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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