High Risk Merchant Account Instant Approval
What exactly is a High Risk Merchant Account Instant Approval (HREX)? It’s a given that high risk merchant accounts usually take longer to setup, instead of the standard businesses offering an approval within minutes. The former only takes a few days to open an online account, while serious high-risk transactions may reach up to five days in duration. That waiting time will be more than enough for many merchants and online businesses to decide that an instant approval offer is simply too good to pass up. But, what exactly does HREX instant approval entail?
There are a lot of differences between high risk merchant accounts and normal merchant accounts. So, what qualifies as a high risk merchant account? Basically, it’s a business that doesn’t follow all the usual industry rules when it comes to money transfer and handling. They carry on business without following any regulations or guidelines. They might get approved instantly, but this approval doesn’t come with any guarantee of a speedy and smooth transaction.
To qualify for an instant merchant account approval, high risk merchant accounts must have a history of high rate payments, which include all major payment processors. Payment processors include such reputable companies as PayPal, Xoom, Moneybookers and others. The process of applying for a high-risk account involves sending an application to each one individually, so getting individual approval is sometimes impossible. In cases where multiple payment processors are involved, some companies provide a more comprehensive package to ensure quicker approvals.
Another key requirement for instant approval is that the high risk merchant account should be constantly monitored to see if it is being abused. One of the worst things that can happen to a merchant is getting a chargeback. This can be devastating, especially since chargebacks occur thousands of times every month and take valuable time and effort to resolve. Because of this, many merchant applications ask for an instant approval so chargebacks can be avoided.
However, not every high risk merchant accounts qualify for instant approval. To get approval, the companies need to carefully review your application. Every application goes through a rigorous review process to look for any red flags that could potentially be used by a potential competitor. There are usually a handful of high risk merchant accounts that qualify for instant approval, but you may not be able to get approval immediately. This is when your company needs to be especially careful.
If you’re looking for high risk merchant accounts, make sure the application includes the proper documentation. Your application will need to have documents and proof that your business is stable and has been trading for at least six months. Many merchant accounts companies also want proof that you have the right system in place to monitor and manage your accounts. This verification is essential to getting high risk merchant account instant approval. Any company that doesn’t perform an exhaustive review of your business should be quickly dismissed and not considered.
Another factor that will influence your ability to get approval is the processing speed of your application. The more expensive the transaction fee, the faster your application will go through and be approved. However, most processors do not have a choice as to the type of payment processors they work with. They are limited to accepting only the processors that offer the highest level of security and fraud protection.
In addition, many processor companies offer a higher rate of approval than others, which means you may have to pay a higher rate for a merchant account. However, you get what you pay for. If you submit an application with the minimum amount of security and fraud protection then you will not get approved and your application will be immediately rejected. Also, when you are looking for a high risk merchant account provider you will want to do your homework and research the company. Make sure that they have been in business for a number of years and are a legitimate company that can provide you with top-notch security. A reputable merchant account provider will be able to provide you with a high percentage of approval at an affordable rate.