High-risk merchant accounts in the UK and globally require fast approvals for a high-risk merchant account because their customers are usually at a larger scale than other businesses; therefore, having to wait for a merchant identifier (MID) can cause major financial losses for high-risk merchant accounts.
Instant approval for high-risk merchant accounts is possible
To gain a fast approval for high-risk merchant accounts such as gaming, casino, travel, pharmaceutical merchant accounts, and so on, your business needs to find the right payment solutions company.
What should your payment solutions company have to ensure quick approval for high-risk merchants?
There are certain criteria necessary in order to become approved to operate online as a high-risk merchant. Still, there are experts in this field who can make the process for applying for a high-risk merchant account easy and seamless. — However, shooting in the dark is not an option. The wrong payment solutions company could cost your business severely.
One of the leaders in payment solutions is iPayTotal, a UK high-risk merchant account payments solutions company, with vast experience in this industry. iPayTotal, having dealt with many merchant accounts in the high-risk category, have provided some key elements for which they have and for which they believe are the essential services necessary to help high-risk businesses acquire a high-risk merchant account quickly.
Before we delve into the details of the specifics requisite of a payment solutions company you should consider, it’s important to remember that costing should always be competitive and transparent—both of which, iPayTotal offers its numerous clients.
Here is what you need from your payment solutions company to acquire a high-risk merchant account: —
- Quick 48-hour Approvals
It may sound incredible, but there are merchants who have had to wait not days, but weeks and months just for an answer from their payment solutions company to tell them that they cannot support high-risk merchant accounts.
Finding the right payment solutions company that can tell you in two days if your high-risk business is approved will save you time, which means it will save you money and the never-ending story many other payment solution companies keep telling their clients.
- Extensive Banking Network
It is absolutely necessary for your payment solutions company to have the right connections and the right offshore acquiring banks to support your high-risk merchant account in order to have instant approval in the UK and abroad.
Better relationships help with a faster turnaround and faster communication. This will enable your high-risk business to receive the approval faster in becoming a high-risk merchant account.
- Level 1 PCI-DSS High-Risk Payment Gateway
If your payment solutions company is not Level 1 PCI-DSS compliant, then it will not be able to support your high-risk merchant account, and it would be best for you to move your high-risk business to one that can support your needs.
Having a level 1 PCI-DSS gateway means that your high-risk merchant account can transact safely because this compliancy offers a set of requirements to ensure that all data is stored to the highest standards. — More importantly, it means credit card transactions are performed according to the strictest industry standards.
- Chargeback Prevention & Mitigation Services
By offering a chargeback prevention or mitigation service for your high-risk merchant account means that your chargeback ratio will not increase and will not put your high-risk business into the red zone. The costs alone for chargebacks can be excessive.
One way your payment solutions company can help you reduce your chargebacks is by offering a 24/7 customer support service to ensure there is a method to help your customers contact you before they contact their card company for a reversal of funds.
- Customisable Fraud Fighting Weapons
By using the most advanced technology in preventing cybercrime, your payment solutions company must be ready to offer your high-risk merchant account the right tools on your website that will prevent fraud and cybercrime.
Such tools may include 3D anti-fraud technology to ensure the customer is who he or she says he or she is. This will help prevent fraud and give you and your customers the peace of mind they need to continue with purchases online.
- Multi-currency transactions and Credit Card Processing (including Bitcoin)
In today’s world, what with the internet and the worldwide access to it, it’s important and indeed profitable to offer your services to all online users in order to maximise profits. To do this, you need a payment solutions company that can offer you the option for your customers to pay in any currency.
Including Bitcoin on your website is important also since many customers today are opting to use this method because of its anonymity and low bank fees. Not all payment solution companies offer this. It’s best to check before applying for your high-risk merchant account approval.
For more information about acquiring a high-risk merchant account instantly, contact iPayTotal today for the best prices and the most comprehensive service offering for your high-risk merchant account. Email: firstname.lastname@example.org or call +44 800 776 5988.