Sometimes getting a high-risk merchant account in New Zealand can actually feel like climbing a mountain while also blindfolded. Whether you are in the vaping industry, you sell nutraceuticals or you operate in any other high-risk industry, the process is rarely straightforward.
But with the right guidance, approvals do happen. Recently, QuadraPay assisted a New Zealand-based e-commerce business in a high-risk category. We helped them to get full payment processing account approval.
And this is how we did it.
Here, we are putting the entire journey in front of you so that other merchants in the high-risk industries can learn from it. The challenges that were faced by this merchant were enormous.
The merchant applied with multiple providers and resellers and was not getting approved. Finally, he reached out to QuadraPay and our team got them approved.
High-risk merchants in New Zealand face extra scrutiny from payment processors and they must go through mandatory compliance checks. They are sometimes also asked to pay higher fees and have to accept ongoing monitoring. Strict documentation and underwriting requirements cannot be ignored.
Most of the businesses get stuck in the endless back and forth or, worse, face outright rejections from low-risk payment processors or PSPs that do not understand the high-risk industries.
Now, let us quickly explore the process that actually led to the approval of this merchant.
The merchant approval did not come easily. It required a mandatory scheme fee, which is an ongoing cost of around 500 dollars. That was required by our payment processing partner. The underwriting team requested the merchant to accept the ongoing fees, and the merchant was kind enough to accept it because that is something without which such an account cannot be approved.
The account went through extensive underwriting. Every detail of the business, from the product category to operational compliance, was carefully reviewed by the underwriting team at our partner processor’s location.
The merchant did maintain proactive communication. They stayed responsive and provided documentation and clarifications quickly. This step alone made a big difference and was also a motivating factor for the underwriters.
The outcome was excellent. Despite the challenges, the merchant was approved. Now, they can process payments legally and in a secure manner in New Zealand, while their customers enjoy a smooth and safer checkout experience.
What this means for other high-risk merchants in New Zealand or Australia is that if you’re struggling to get approved, you need to expect additional fees and scrutiny; it is part of high-risk processing.
You must be proactive in communication and remember that silence will slow down the approval process. You should work with a provider that truly understands the compliances and has a relationship with processors that support merchants from certain high-risk industries.
At QuadraPay, we help high-risk businesses cut through the red tape and help them get their application approved. Our objective is to maximise the chances of account approval.