High Risk Merchant Account
High Risk Merchant
High risk merchants have been troubled for years in the search for competitively priced high risk merchant accounts. There are many industries that are categorized as high risk for a number of reasons and this number of merchants is only increasing each day. As low risk bank and payment processors continue naming industries high risk that were once low risk, these businesses are now in a search for a good high risk processor. It is usually a difficult process to find good high risk solutions however if the merchant is aware of what they want and they are able to provide all of the required documents, the process will be much simpler. Most high risk merchants will find the biggest problem with the awareness that processors have with their industry. Also, most said to be high risk processors and banks are not. This makes it much more difficult for high risk merchants to find solutions.
When applying for a high risk merchant account, merchants should have all of their paperwork and documents in order. There is a universal checklist of documents that most high risk processors require in order for high risk merchants to be accepted. The banks/processors will require; passport, id for the owners, previous processing history for the last 6 months along with bank statements, a completed application, licenses as required, utility bills for the business as well as for the owner’s residence. There may be more documents that are required however this type of package will be able to assist the processor in providing an approval or decline or at least a pre-approval. Card brands will allow high risk industries to obtain merchant accounts however the processors and bank will need to accept the risk on these accounts. It is important that these merchants choose to work with a payment processor that is actually a high risk processor. The processor must fully understand the business and how they operate. If processors do not understand this information fully the high risk merchants run the risk of their account being frozen and being unable to operate.
Offshore Merchants has been providing high risk merchant accounts since 2007. They specialize in high risk merchant accounts. Their clients range over dozens of industries. Merchants that understand the importance of processing payments in real time with timely payouts of funds will choose to work with Offshore Merchants over other processors. A number of companies will claim to be high risk processors however with the first sign of problems; the merchants will have their accounts closed. This becomes a large hassle for merchants that are trying to run a business and expand their business. It is important that their customers are able to process their orders and review their products or services in a timely manner. High risk merchants will easily be able to integrate their website in to the Offshore Merchant system and will see increases in sales and profits because of their relationship. Choose to work with Offshore Merchants and your business will increase.
Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.