To apply for a merchant account , contact a payment processor who works within your industry. There are many payment processing companies out there who have different standards for the types of businesses they work with. Moreover, there is a range of fees and regulations associated with each of them.
If you want a custom merchant account for your business you should go through a high risk merchant account provider. These companies learn about the specifics of your company and connect you with the right bank who will support your business model. They’ll also negotiate on your behalf to make sure you get the lowest fees possible.
Merchant Account Application Process
The merchant account application process starts with some basic research. Initially, you’ll find there are large providers like PayPal, who can instantly approve accounts. However, they have strict Terms and conditions regarding the business types they allow. This is true for all types of aggregate merchant account providers. To elaborate, pool groups of merchants together in the same banking entity where high risk merchant account providers offer individual accounts customized to your business.
