As the name suggest a high risk merchant account is a specialised payment solution for businesses that are considered risky by payment processing institutions. Few industries that are always considered high risk are Adult Entertainment, Forex, Cryptocurrency Travel, Money remittances, Online betting, Precious metals to name a few. Merchants that are operating in the above mentioned industries usually face serious challenges when they approach for a credit card payment gateway. To improve the chances of approval these merchants should approach a high risk acquirer that specialises in providing services to businesses that are categorised as risky.
Before approaching a payment processing institution the merchant must look at couple of factors.
- The business model should be clear that means the website of the merchant must clearly define the business model.
- The merchant must have copies of all the business documents and also should share the recent processing history. In case if the recent processing history is not available then the merchant must share the business bank account statement of the last 6 months.
- Sometimes attaching a business plan as well as resumes of the people behind the company may also help.