Every business requires one form of a document or the other for effective activation.These documents usually serve as reference points or proof of qualification to the intending bodies on why you are the best fit for the condition at hand.Creating a high-risk travel merchant account or any other form of high-risk merchant account approved by high-risk merchant service providers UK is not exempted from this requirement as there are a good number of requirements which must be fulfilled for before your business can be considered for a payment gateway for high-risk merchants.In our last article, we defined high-risk merchant accounts as a subset of services which grant high-risk merchant account owners the access to allow their businesses to accept card payments from customers. In the same article, we went further to discuss the characteristics of high-risk merchant account and how to create one. In this article, we shall take a look at some tips on how best to prepare your documents file for a high-risk merchant account to get instant approval.
NOTE: The steps listed below are strictly the writers’ point of view gathered from several years of market experience and interaction with other clients.
These steps include:
1. Know the basis requirements
There are different high-risk merchant account providers UK in the market with unique sets of conditions on how to create an account with them. The first point of call is not to prepare your document files but know the basic requirements of the high-risk international payment gateway you chose. Don’t just go about filing the application form until you are sure of every term and condition placed as a requirement by the high-risk merchant account provider. This will give you insight into knowing the rates and options provided by the high-risk merchant account. To assist in your investigation you can carry out your research either online by reading the customer reviews, frequently asked questions or contacting the customer care service of the high-risk merchant account or contact friends and family members who have utilized the service before. The other facts you need to establish at this stage should include; the relevant experience of the company in your industry, types of payment options available,does the high-risk merchant account provider meet my basic requirements etc. A good level of research will not just give you an insight into the types of documents needed for the account but other vital information concerning the brand.
2. Organize your paper works
After step one, you will have adequate information on the type of paper works required by your high-risk merchant service providers, UK.
Although these documents may differ, the most likely document to present during your account activation includes the following:
- Financial records: Regardless of the high-risk merchant account provider, there is a high level of the likelihood they will request for your financial records to know if you qualify for a high-risk merchant account or not. While organizing your financial records, make sure all taxes are sorted out, take note of all debts and try to know if they will create a barrier to your success or not, will the chargebacks get in the way of the new high-risk merchant account?
- Business overview, business or marketing plan: this is an overview of what your business stands for. It is usually an explanatory letter which outlines the volume of your monthly income, investors, industry code and other vital information concerning your brand.
- Resume: this gives the high-risk merchant account provider a general idea of who you are.
- Bank statements or proof of earnings: most high-risk merchant account owners prefer business or personal bank statements for a 90 day period.
- Articles/memorandum of Association
- A copy of your utility bill
- Documentation for business or sole proprietorship.
The other less important documents required to create a high-risk merchant account include the following;
- Screenshots of your website
- The name of the processing bank
- A reference letter from your bank
- The total amount and volume of chargebacks, refunds or transactions
Be informed that placing your hands on all the required documents may take quite a while thus the reason why you need to start as soon as possible.
3. Talk With an Agent
After getting all the necessary documents required by the high-risk merchant account owner, it is important you speak with an agent to assist you with further information on the next important steps to take to ensure you present the documents in the right manner. This agent can serve as your middleman and give you feedback on the best step to take to make your account approval easier and faster. Most of the knowledgeable agents will be happy to work with you at any point in time. Make sure you engage them in meaningful conversations and discuss possible merchant account solutions for your business. Adequate care must be taken while choosing the best high-risk merchant account providers because not all agents are as knowledgeable or professional as you may think. Always take note of their level and years of expertise, recommendations from previous clients and amount charged.
4. Read the Fine Print
After successfully arranging your documents,make sure you study the terms and conditions guiding the creation of high-risk merchant account with your provider. This will go a long way in keeping you abreast of the latest developments you may not know. Take out time to study every item on the list, don’t just read, and make sure you study them in details. In most of the cases, payment processors tend to have fluctuating rates, hidden fees or extra costs which may change from time to time. Ask questions for clarity.
There is quite a handful of high-risk merchant account provider UK and choosing the right one may be a thing of a challenge to you. Remember it is not just about selecting one that catches your fancy but about selecting one that can service your needs. Contact us if you have any questions, we will love to hear from you.
iPayTotal provides end-to-end high risk merchant account payment solutions for businesses and consumers around the globe.