High-risk Merchant Account Instant Approval with PayCly.

 In today's electronic world, accepting credit/debit card payments is must for any online business. For businesses looking to enhance their customer experience, accepting debit and credit cards are necessary due to their advantageous features. You can also say that any online business must have a valid merchant account to accept credit/debit card payments. In some cases, obtaining a merchant account is difficult, especially with high-risk businesses like forex or start-up businesses.

Many payment service providers offer high-risk merchant account instant approval. But did you even think whether it is real or just for the advertisement?

Getting Instant approval for any merchant is quite uncommon, especially for high-risk businesses like forex. Today, numerous merchant service providers promise instant approvals for high-risk accounts. Still, the truth is that nothing approves the high-risk or forex merchant account instantly approval or within 24 hours.

Here, this blog will discuss the High-Risk Merchant Account Instant Approval.

What is "Instant Approval"? Is it exist?

Today most of the high-risk businesses are booming, and somewhere its credit goes to the high-risk merchant account. So, if you are running a high-risk business, you should require a high-risk merchant account. Sometimes you need instant approval and start searching on Google, and also you can find many service provider who offers you the same. But what exactly is Instant Approval?

Instant approval is just an advertisement in which merchant account providers prefer to advertise their services. However, You must read the small print. It can take a day or two for your account to be approved, despite what they classify as "Instant." However, compared to the traditional low-risk procedure, this is far quicker -

The "two-step approach" that merchant account providers frequently use is as follows:

• You will "initially" be granted a merchant account by the high-risk merchant account provider of your choice.

• Your merchant account will receive the ultimate and final approval from the payment processor (often a bank or private company).

In a simple sentence, you can understand that no service provider instantly approves your high-risk merchant account or forex merchant account. Traditional (low-risk) merchant account approval also needs two to five working days.

For example – If you apply for a forex trading merchant account with PayCly, one of the best service providers in this world for high-risk businesses, it will take a minimum of three to seven working days but with all the proper documents.

Ways to Increase the Chance of Getting Approved Fast

You know the approval process takes time; unfortunately, you cannot do anything. But, there is something you can do to speed up things and also increase the chance of getting approved for the high-risk merchant account. As a high-risk gateway, you can take the following actions to increase the chance of getting approval.

Choose a specialist service provider -

Looking for a specialist service provider for your high-risk businesses would be best. For example – if you are running a forex business, you have to look for a service provider with experience in dealing with the forex industry. It means you must go with a service provider with a proven record and experience in your industry.

A high-risk specialist such as PayCly will help you to obtain a high-risk merchant account with a suitable acquiring bank that suits your business model and fulfil all your requirements

Be honest with your service provider -

Always be honest with your service provider and share small details about your businesses, bank, credit score, etc. Some of the questions that high-risk merchant service providers need to know from their customers are -

• Do they have any bankruptcy records?

• Have you any merchant accounts previously that the service provider already shut down?

• Credit card scores?

• Full details of your business model

High-risk merchants are frequently tempted to misrepresent unfavourable data. Don’t do it, please! It will result in your application for an account being rejected or terminated immediately as the processor learns of your dishonesty. If you are completely truthful, you can still open an account.

Updated Websites –

If you are a merchant with e-commerce websites or any websites, then you need to disclose all the policies publicly on your websites. Along with this, you should also disclose the contact(email id or contact no) details. If you don't have an updated website, updating it before applying for a merchant account is essential.

Be ready with the paperwork -

As a high-risk merchant, you must provide far more information than the low-risk merchant. If you present all the documents with your initial application, it will save time. It is better to scan all the documents and save them as PDFs. Whenever your service provider asks you to submit the documents, you just have to mail them.

How to Apply for the High-risk Merchant Account Instant Approval with PayCly?

Now, you know that there is nothing like "instant approval," so you can go with another alternative: PayCly. It is one of the leading payment service providers with lots of experience in dealing with high-risk businesses like forex, adult, IPTV, etc.

As "PayCly," we maintain a good and healthy relationship with most of the acquiring bank and financial service providers, so the chance of getting approval for your high-risk forex merchant account or any other high-risk merchant account can increase.

But, to approve your high-risk merchant account, we need some of the documents. So, before applying for the merchant account, arrange these documents -

• Three to six months of business banking statements

• Valid identification proof (passport, driving license)

• A complete business model

• Three to six months of personal bank statements

• Personal Utility bill for address proof

• Copy of the supplier's agreements for e-commerce businesses

• Personal reference letter from your bank

• Articles of Incorporation

• Articles of Association

Always remember that having a good credit score can greatly increase the chance of approving a high-risk merchant account. So, try to maintain a good credit score.

Final Thoughts -

The most challenging work for any high-risk merchant is to obtain a high-risk merchant account. Sometimes some merchant needs instant approval, but nothing exists like instant approval. A specialist service provider with experience in your business model requires three to seven working days minimum to get approved.

So, the best ideal for all high-risk merchants is to go with a specialist service provider like PayCly. PayCly has lots of experience dealing with most high-risk businesses worldwide. So, you can trust it and choose your payment service provider without second thoughts.

With PayCly, you can get the best possible solution for your high-risk business at the best rate in the market. Contact us right now to learn more about our services.

Original Content - https://www.linkedin.com/pulse/high-risk-merchant-account-instant-approval--1f