The merchant account application process can be a tedious one. Luckily, with instant approvals on high risk accounts, you can get credit card processing solutions faster than ever. Many payment companies are learning that a quicker approval process means satisfied customers.
As a result, merchant account providers are cutting down on the restrictions and streamlining the underwriting process. In turn, when you send in a merchant account application, your file can be reviewed by automated systems who can grant instant approval in the case of high risk accounts.
In order to evaluate applications more efficiently, the approval process skips a human step and is done through programmatic filters. For example, your merchant application has many details about your type of business, website, and payment history. The automated tool evaluates this information instantly and provides a predetermined outcome based on your data.
Your merchant account will still be reviewed at a higher level but after the approval process. The goal for your payment provider is to get you credit card processing capabilities as soon as possible. Accordingly, an underwriting team will eventually double check all of the information you provided to ensure it matches with your business details.
There are multiple types of merchant accounts that qualify for instant approval. If you meet all of the application requirements, then companies in the high risk space can get approved. These high risk merchants include:
If your company solely operates online, then you’re eligible for an automatically approved merchant account. The standards for online businesses and physical retail stores are a bit different when it comes to creating merchant accounts. For one, your address and place of business doesn’t always have to be the same location you operate. In turn, many international companies seek out automatic approvals for online businesses.
As mentioned before, a fast approval doesn’t necessarily mean a permanent merchant account. For example, if you share false information on your application and your bank finds out that your name, ownership, location, or industry is incorrect, they can cancel your contract immediately and leave you without the ability to accept payments.
Beyond international merchants, a common reason merchants look for instant approvals is because they don’t want their credit checked. If you applied for a merchant account in the past and got declined because of your credit score, then being approved automatically can help you get up and running fast. However, the standards for the merchant account haven’t changed just because the approval time decreased.
Checking your credit is still part of the application process, but it can be evaluated more rapidly. Nonetheless, high risk merchant account providers take into consideration merchants with bad credit and understand the increased risk involved. Consequently, you should be able to find a payment solution that will work with you to get your account running regardless of your credit score.