If you’re running a business that’s anticipating processing a large number of transactions each month, starting a high-volume merchant account may be in your best interest. This solution will not only allow for more growth within your company, but it can also give you the added benefit of being able to process a large number of transactions each month without having to worry about funds being placed on hold.
Regardless of the type of high-volume business you run or the products or services you provide your customers, you don’t want to be limited in any way, and a high-volume merchant account provides you with a solution to all of your problems.
But how much does a high-volume merchant account benefit your business, and what criteria must your company pass to qualify? Keep reading to find out not only how critical a high-volume merchant account is in terms of the success of your business, but also how it can help your company grow.
When it comes to merchant accounts, most come with a processing limit or average of transactions that the merchant account provider expects you to stay under.
While these limits are put in place to protect the provider and credit card issuing bank from fraud and chargebacks, they can also drastically limit the amount of business a company can do and hinder its growth. This is where a high-volume merchant account becomes critical.
So, what is considered “high-volume?”
Most merchant account providers have an average transaction limit set anywhere between $2,000 to $10,000 each month. While this number can vary and largely depends on several factors that are unique to each business, processing transactions past this limit can put your funds at a significant risk of being placed on hold.
You might even find that your merchant account is suspended altogether, bringing your business to a complete halt.
As mentioned, the limits are not meant to punish businesses, but they are necessary for limiting and discouraging fraudulent activity. However, at times this can often become much more of a problem rather than protection.
The most significant benefit of a high-volume merchant account is the number of transactions you will be able to process without the fear of accounts being frozen or suspended. Additionally, a high-volume merchant account also makes you eligible for processing discounts that can even save you money in the long-term.
With a high-volume merchant account, you can ensure that you are always giving your business the best chance possible at being as profitable as possible.
When looking to become a high-volume merchant account, there are several steps involved. For the most part, the criteria is very much the same as applying for a standard merchant account. However, merchant account providers will ask for additional information for businesses looking to be considered high-volume.
The first step involves proving to your merchant account provider that you are a legitimate business that offers products or services to a customer base. Additionally, you will also have to provide a clean account history with very few chargebacks. This is to prove that your business has not been involved with any fraudulent business transactions.
You may also be required to provide additional information such as:
Additionally, to be eligible for a high-volume merchant account, you must also be able to provide proof that your business processes $100,000 in transactions each month. You will also be asked to prove that you have a secure system in place for customers entering credit card information.
Once you’re able to provide the required information, you can then move on to the application process. Each application is carefully reviewed to ensure the merchant account provider doesn’t assume any unnecessary risk.
As long as your business meets the guidelines determined by the merchant account provider, your application will most likely be accepted to start operating as a high-volume merchant account.
As mentioned, your application will be assessed for unnecessary risk. These risk guidelines carefully review every aspect of your business, such as credit scores and credit processing history, as well as an overall review of your business and the products or services you sell customers.
If your company has any outstanding bills, previously terminated merchant accounts, or negative bank balances, these can significantly affect the chances of a declined application. To ensure quick approval, it’s essential to make sure that you have available funds in your bank account, no outstanding bills or debts, and a good credit score, as each of these can potentially affect the approval process.
While the amount of information that is required may seem extensive, it is to prevent your merchant account from being suspended or shut down in the future. However, once you’ve built trust with your merchant account provider that you can provide consistent and reliable high-volume services, the process becomes much easier, and you will soon be able to process a nearly unlimited amount of transactions.
While completing your application, it’s critical that you carefully review every aspect of the document and take your time in completing it. Any errors with the application could slow the overall process or could result in a denied application.
There are several benefits your company gets when choosing to partner with High Risk Pay for your high-volume merchant account services. Regardless of the type of business you run, High Risk Pay offers applicants a 95% approval rate for merchant accounts within 24 hours of submission.
Although we cannot guarantee acceptance, we can, however, provide you with several tips on how to give your application the best chance possible.
Additionally, with High Risk Pay, you never have to worry about application or setup fees. When working with us, you only have to pay credit card processing fees once your account has been set up. Furthermore, if you have additional questions during this process, our team of specialists are always available to help, and you will not be charged for requesting their assistance.
At High Risk Pay, we want to provide you with the services you need so that you can start growing your business as quickly as possible. If you’re ready to take your business to the next level, contact us today to begin your application!