Tips & Tricks for a High-Risk Merchant Account Instant Approval

A business bank account or merchant account is the backbone of financial activities with cashless payments. A merchant can easily get a merchant account and accept payments after the bank's approval. But not every merchant, because there is also a group of merchants that have to wait for a few days to get approval for a business account. This group of merchants is known as high-risk merchants. Generally, banks take a few days to a few weeks before granting approval for a high-risk merchant account due to the underwriting process. The underwriting process is responsible for checking whether an application for a high-risk merchant account is eligible to get approved or not. And because of this, it takes a little extra time to grant approval for a high-risk account. But a high-risk merchant account also gets a high-risk merchant account instant approval.

As a high-risk merchant, if you are willing to know how you can get a high-risk merchant account instant approval, check out the tricks mentioned in this article.

Why do high-risk merchants not get an instant approval for merchant accounts?

High-risk merchants are involved in such businesses, which pose traits that are not appreciated by banks when providing a business account. For example, a merchant’s business has high chargeback rates, exceeds the limits of the transactions frequently, or has a bad credit history. When a merchant with a business having such traits applies for a merchant account, the underwriting procedure takes a long time to check and analyze. Before providing approval for a merchant account to a merchant with such a business. These signs are not counted as good ones from the perspective of risk elements for the banks in payment processing. This is the reason why such businesses are called high-risk businesses by banks. And why banks provide late approval for a merchant account for such businesses.

What’s in a merchant’s hand to get a high-risk merchant account instant approval?

There is an enormous list of things a merchant can do to enhance the chances of instant approval on a high-risk merchant account. A few of them are listed below:

Maintaining good credibility

A good credit score is the ultimate thing that a bank wants from a merchant or business. Because it provides a sense of security to the banks. A high-risk merchant has to maintain a good credit history. But if, by any chance, a merchant has been involved in late payments or bankruptcies in the past, then all such things should be removed before applying for a business account. By writing to his credit network that all the previous matters are cleared and sorted out. Improvised credit history and scores can be extremely helpful in moving the proceedings quickly for a high-risk merchant account instant approval.

Providing accurate and honest information

Providing every piece of information with pinpoint accuracy can be very helpful for a merchant for quick proceedings of a high-risk merchant account instant approval. Because of this, very little time is required to verify the provided information. A merchant has to be honest and accurate while providing the information. Because a false claim takes a long time for verification and could possibly lead to the rejection of the application for a high-risk merchant account.

Proper paperwork

Proper paperwork is the most underrated factor in the application procedure for a high-risk merchant account. But if not done properly, it can lead to big consequences. It can lead to late approval of merchant accounts. Due to the time taken by the underwriting procedure because of the lack of documents for verification.

Managing daily transaction limits

The high volume of transactions is one of the main signs of high-risk businesses. Therefore, banks check properly before providing a merchant account to businesses that are listed as high-risk. The reason for this is that the high volume of transactions can easily be used for many payment-related frauds. And it also poses an inconvenience for banks to process payments. Therefore, a business that frequently exceeds daily transaction limits finds it difficult to get merchant account approval quickly. Because banks check the transaction history of such businesses, which takes time.

Avoiding transactions of a very high amount

Merchants need to be careful when making a single transaction with very high payment amounts. Because banks generally prefer to investigate such transactions, which costs precious time. And a merchant also has to provide documented details of such transactions, which also takes time. This is why a merchant has to avoid transactions with very high amounts. So that it can help in moving the proceedings quickly to get a high-risk merchant account instant approval.

How can PayCly assist you in obtaining the high-risk merchant account instant approval?

If you need a high-risk merchant account with instant approval, then PayCly might be the best solution to your problem. PayCly is a specialist, high-risk merchant account provider that provides instant approval for such merchant accounts. A high-risk merchant has to do nothing much with PayCly to get a high-risk merchant account instant approval. PayCly is specialized in high-risk payment processing, so it does need a merchant that follows the above-mentioned tips to have instant merchant account approval. All that a merchant needs to do is stick to the below-mentioned instructions and apply for a merchant account with PayCly.

Here are the instructions to apply for a high-risk merchant account with PayCly:

How can I set up a merchant account with PayCly?

To create a PayCly merchant account, the following conditions must be met:

●?????Visit the website's home page.

●?????"Apply Now" is an option in the drop-down menu in the top-right corner of the screen.

●?????The registration form will immediately display on your smartphone's screen.

●?????The application must have all required fields filled out.

●?????To continue, select "Submit."

By following these guidelines, you can easily get a high-risk merchant account instant approval. But getting the merchant account also requires some important pieces of paper that are provided to the merchant account provider (PayCly) by the applicant merchant.

List of required documents for a merchant account with PayCly

●?????Article of Incorporation

●?????Merchant's ID proof, such as a driving license or passport

●?????EIN (employer identification number)

●?????Merchant’s address proof

●?????Previous six months' bank statements of the business (not for startups)

●?????Business address proof

●?????A voided check

These are some documents that are needed to get a merchant account with PayCly.

Concluding lines

Providing instant approval for a high-risk account is not easy. But PayCly is brilliant in doing so, and there are several reasons for it. As mentioned above, PayCly is a specialist high-risk merchant account provider, which means that it knows how to get approval for a high-risk merchant account. Also, it has a large banking network, which helps it get quick approval for the merchant account. The conclusion of all these things is that PayCly is arguably one of the best high-risk merchant account providers. Because it knows how to provide a high-risk merchant account instant approval due to its specialty in providing high-risk merchant services.