Tips to getting an Instant Approval High Risk Merchant Account

Dec 10, 2013

Procuring an instant approval high-risk merchant account is essential for many small and mid-sized businesses. We aim to provide instant approval within 1 to 2 business days at the latest. There are a few tips that should be followed before applying for a high-risk merchant account.

  1. The social security number should be accurate. If the SSN number is not correct then the application will be placed on pending status.
  2. The home and business address should accurately match. The physical address should be listed on the risk merchant account application.
  3. The checking account number should match and be accurate. The MSP will utilize the checking account so it is essential that it is accurate. The deposit ticket number should never be used as a substitute for the checking account number.
  4. The average monthly limit should be a reasonable and precise amount. Most startup companies should have monthly values between $3,500 and $15,000 dollars. The average monthly limit should be accurate because it will be the monthly limit that will be approved for the applicant.
  5. The average sale should also be inputted accurately. The average sale should typically be under $200 dollars. The higher the average sale amount, the greater risk exists for the bank. Any high amount inputted will lead to pending application status.
  6. The monthly income and average ticket price should not match. A spread should exist between the monthly income and the average ticket price. A reasonable spread would be $10,000 dollars in monthly sales with $150 dollars per individual sale.
  7. Complete information should be listed. A complete name, phone number, and contact information should be listed accurately. No nicknames should be utilized.
  8. The product offered should also be very descriptive and the product and service should be clearly stated.

We work closely with many banks and processors to make sure that you are approved as soon as possible. Whether you have an auto warranty or medical marijuana business, we aim to provide the fastest approval in the 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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