Stable high-risk payment accounts are hard to establish. For businesses in high-risk industries, approval for a merchant account with a monthly processing volume that suits your needs can be even harder to pin down. All companies have the intention of growing and increasing revenue. As such, there will come a time when you will have to request a higher processing cap on your high-risk merchant account.
These requests are not always approved. Establish a positive merchant history and ethical business practices to increase your monthly high-risk processing limit. Having minimal fraudulent transactions and low chargeback percentages are a great start to qualify for a higher limit! Read on for further tips to increase your approval chances.
High-Risk Payment Account with Low-Risk Business Practices
As mentioned earlier, to increase your processing volume develop a positive connection with your current merchant provider. A simple way to show this is by engaging in ethical business practices. Provide the goods or services purchased by your clientele quickly and without frustration.
Some additional suggestions include:
- Keep detailed inventory statistics on hand to fulfill orders efficiently in place that helps
- Ensure chargebacks are less than 1% monthly
- Establish fraud policies
- Train employees thoroughly for a positive customer experience
- Provide any documentation requested by your merchant provider without hesitation
Growing Your High-Risk Business
Don’t be frustrated if initially approved for a lower processing limit than requested. Celebrate your approval – no matter the processing limit! High-risk merchant accounts are hard to come by! Take into consideration trust, and professional reputation takes time to build, especially if you are a new high-risk business. Generally speaking, a positive and robust merchant track record of 6 months is enough to request a processing volume review.
It’s also important to notify your merchant provider if your monthly limit exceeds at any time. Develop a positive rapport from the get-go. Many times your merchant back will approve temporary volume increases so you won’t lose sales. The bottom line is, provided you follow acceptable business practices and establish a reputable standing within your high-risk industry – the chances of receiving a higher processing limit increase several-fold.
If you’re not happy with your current high-risk payment account, let the Payment Savvy team create a custom payment solution that works for your business. With over 75 years of combined high-risk payment processing experience, our products are innovative, established, and built to grow your business fast!