Obtain A High-risk Merchant Account With Rapid Application Process

 

 Did you know that your business is classified as a high-risk business? If it is, you need a high-risk merchant account and a high-risk payment gateway.

A payment service supplier like PayCly will handle your clients' credit and debit card transactions and deposit the funds into your bank account. Every time this occurs, you must pay a transaction charge. All the businesses have to pay. Some of the businesses have to pay high fees rather than other. Due to the division of businesses into low-risk and high-risk merchant accounts by payment processors, this is the case.

You will be labeled as low or high-risk when you apply to open a merchant account. Because a high-risk merchant account is thought to be more at risk of chargebacks and fraud, payment processors strive to guard against this by assessing higher fees and presenting more restrictive contract terms to high-risk merchant accounts. Also, merchants need help opening a suitable business merchant account.

But, with our rapid application process, the merchant can instantly get the merchant account. Let's have a look at the high-risk merchant account rapid application process.

How do a Self-Check for a High-risk Merchant Account?

None of the people like taking risks, even the bank or payment service providers. How do you know whether your service provider approves your merchant account? How do you able to know whether your business is high-risk or low-risk? It also depends on your character or dependability and everything to do with the kind of enterprise you run.

How many of these circumstances fit you?

• The company's industry (such as adult, forex, IPTV) has a high chargeback ratio, or it is one of these businesses.

• The owner doesn't have a good credit score

• Most customers buy months in advance, and the product or service is consumed much later.

• The business is new and hasn't yet established a solid reputation.

• The company is not financially stable (i.e., it doesn't generate stable revenue streams).

Service providers may classify you as a high-risk merchant if your answer is yes in more than one query. Having stated that, there are grey areas between high-risk and low-risk situations.

Why are High-risk Businesses Denied to Get the High-risk Merchant Account?

In online businesses, when customers make payments through credit cards, the acquiring bank or payment service provider does not know whether the consumer is the card owner. It is the reason for the high-chargeback rate for most online businesses.

Banks are reluctant to offer services to high-risk organizations due to this problem and the risk involved in processing payments for them. Along with this, there are many more reasons why some businesses are classified as high-risk and need help to obtain a merchant account. Following are some other reasons -

• The merchant's history of transactions needs to be revised. One of them is a high rate of unsuccessful transactions.

• Refund requests and cancellations are excessive.

When identifying high-risk businesses based on how developed the companies or industries are, the classification is, however, virtually general. To be able to offer these services to companies in high-risk industries, however, we, "PayCly," has developed a thorough understanding of the numerous procedures involved in merchant acquiring and onboarding.

How Rapid Application Process Help You to Get Your High-risk Merchant Account Quickly?

As "PayCly," we offer a disciplined onboarding process which you also call the Rapid Application Process. Compared to other companies, it enables us to onboard significantly more quickly, effectively, and thoroughly. Due to our resources and knowledge, we can onboard high-risk merchants in the least intrusive manner possible, allowing merchants to concentrate on managing and growing their businesses.

We can evaluate high-risk merchants and approve them into our payments network thanks to our quick application procedure, which consists of three structured steps.

Step1 – Evaluation

The initial phase is merchant evaluation, which entails analysing whether the prospective merchant is suitable for our services. Since we are unsure which acquiring bank a merchant should be linked with, this pre-application process is general. In this process, the merchant has to submit the following documents -

• Bank processing statements

• Merchant's Identity proof such as passport, deriving licenses, etc.

• Utility bill for address verification.

• Corporate documents

• Sales tax certificates

• Other pertinent financial statements

It could seem as though producing the necessary paperwork will take a lot of time and effort. We are aware that even though collecting this information is essential for receiving approval for payment processing, there is a propensity for merchants to put less emphasis on it and more emphasis on more crucial company operations.

But since we know this process's time-consuming, we have established an automated method to collect the data required to finish this and each succeeding step. This method works in tandem with our committed team of experts, who reduce the problems and stress that the process frequently entails.

We can approve and onboard merchants for high-risk processing more quickly than any other company in the high-risk area and with the same degree of accuracy and quality. It enables businesses to continue operating smoothly while accepting payments from customers.

Step2 – Onboarding mid-management:

Developing an underwriting score for each merchant begins once we have gathered all the necessary paperwork. This procedure might be intimidating, especially for high-risk merchant accounts, as traditional banks or aggregate payment processors have rejected those firms.

Our specialists, however, can assess your company and make improvements based on best business practices thanks to their years of experience. The obtained approval rate is, therefore, more likely for you. Based on your duration in business, history with merchant processing, active bank account, and type of business, our staff will approach the finest banks and obtain pre-approval. We will act as your company's representative when interacting with banks and responding to their inquiries.

Once the bank approves the application, we will immediately board the gateway and set up the customer payment gateway.

Step3 – Our Additional Features -

Once you decide to go with PayCly, you can get many more. Our services do not end at the point when you get the merchant account. We also offer you many more services that help you run your high-risk businesses smoothly.

• We offer 24*7 customer support through live chat and email to resolve your problems.

• Our futuristic technology helps to identify fraud.

• We exclude or include particular circumstances like an IP address, customer information, a payment method, or a country.

• Our services are available worldwide.

• We also provide our clients with chargeback and dispute resolution services. As soon as a merchant receives a chargeback, our technology examines the chargeback to determine who opened it.

Based on the chargeback reason, fraud analysis, fulfilment status, and other factors, we also offer a tailored response to the merchant. As soon as the solution is prepared, the merchant will be informed. They will be in a position to rapidly copy the response, download relevant screenshots (such as fraud analysis and tracking page), and send the chargeback response. You, therefore, stand a better probability of succeeding with the chargeback. To alert you to any unusual transactions, we will update the status of your account and create an online report.

Conclusion -

You can contact us if your businesses are high-risk and looking for the best service provider. As "PayCly," we help you obtain your high-risk merchant account hassle-free and offer many benefits that help you run your high-risk businesses smoothly.

Feel free to contact us through mail - info@paycly.com or directly drop your query here - https://paycly.com/apply-now.php any time to know more about our services.

Original Content - https://www.linkedin.com/pulse/obtain-high-risk-merchant-account-rapid-