• XPAY

How to Apply for a High-Risk Merchant Account

Many merchants feel stuck with high fees by their current provider or are intimidated by all the requirements needed to apply for a merchant account. We are on a mission to simplify your payment processing requirements by providing the best-in-class service and expertise.

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The Application Process

Once you have submitted your initial interest in getting a merchant account with us, we'll assess to pre-qualify your business and pass on your application to our underwriting team.

Underwriters begin the process by ensuring merchants are running legal, stable businesses that follow all necessary regulations and rules. A merchant’s credit scores, credit card processing history, bank statements, and its website are some of the factors that may impact a business’ risk.

Once the application form and some of the required documents are passed on to the underwriting team, the team will then evaluate and provide a quote customized for your business.

The complete process will take 3-4 business days or as fast as 2 days from the time you submit all documentation to the time you can start processing transactions.

Document Requirements

These are some basic documents that may be required from merchants, such as a valid, government-issued ID / driver’s license. But depending on the payment solution the merchant requires, additional documentation may be required.

To expedite and improve your chances of approval, make sure all questions on the application form we will send you are completed accurately.

Following these guidelines, along with maintaining transparency during the application process, will highly increase the likelihood that your high-risk merchant account is instantly approved.

We will ensure to guide you every step of the way.

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Keep In Good Standing

It is very important for all merchant accounts to keep their high-risk merchant account in good standing. Because of the high-risk of chargebacks, it is important that the merchant maintains a good relationship with their payment processor.

Some important things merchants can do to remain in good standing include:

  • Maintaining a good history with credit card processors

  • Consistently perform a high sales volume

  • Keeping a high balance in business accounts

  • Disputing chargebacks whenever possible and back up disputes with strong evidence; maintain a consistent level of chargebacks and refunds

  • Providing great customer service for their clients

  • Remaining transparent in all communications (ie. change in business owners, products sold, etc.)

  • Being proactive with their processor with issues (technical, fulfillment, etc.)

Adhering to these standards is something any business should strive for, however, in a high-risk industry, it is more important than ever. Maintaining accounts in good standing will increase the chances that more banks and payment processors gain a more positive outlook of approving and working with high-risk merchants in the future. Merchants who keep their accounts in good standing increases the chances of raising their sales potential and processing limits.

Ready to get started? Let's go and start accepting payments now.

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