How to Ensure Your offshore Merchant Account Application is Approved

Nov 19, 2013

There really is no magic wand to wave and get approved. It takes work and some things have to be done in order to get the merchant account that you are after. If you have a business that falls into the high-risk area, you have a few hoops to jump through.

How to start

You really don’t need to have any special education, just the inane desire to own and operate your own business. If you are after an offshore account, there are a few steps to take to ensure that your application gets the attention it needs to get approved.

• Fill out your application as truthfully as possible.

• Write out your business plan.

• Write out a cover letter explaining your business. Be technical.

• Show your company’s policies on how to deal with chargebacks.

• Show how stable your company is.

• Explain the growth factor of a merchant account and how it will help your company grow as well as the merchant account servicer.

• Go through your business step by step and explain how everything works.

If you did it right

You should have a great cover letter and an explanation of what and who your company is. With the reasonable customer service enclosed it should seal the deal. With all that done, and you know you hit the nail on the head, you send it all to the merchant account servicer.

It still may not get it all, but with all that on that letter, the underwriters will have a lot of questions answered and will have fewer to ask.

They want success

There isn’t a merchant account servicer in business that does not want you to succeed. Their biggest issue is the risk of chargebacks. Since you put the answer to that issue in your cover letter and you have it built into your customer policy that the people will be taken care of before it ever becomes an issue, then you should have nothing to worry about.

Financial statements

As much as you don’t want anyone to see your financial statements, if they are stable and near enough to perfection for you, then you have nothing to fear from the merchant account servicer. They will be asking for your financials and when they do, please provide them. Much like your cover letter, those statements will provide a story to the underwriters which will help them make a decision. It shows whether you are strong and growing, or strong and failing. That will give them what they need as well.

If you are after an offshore merchant account and your financials are stable and your cover letter just confirms what can be seen in the statements, you have a winner. The merchant account servicer will shake your electronic hand and help you grow your business with the debit and credit card processing that you need. So show some interest and respect, and between the both of you, you can become a king among men in your industry.


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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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