Behind the Scenes of High-Risk Approvals
High-risk merchant accounts go hand in hand with the hidden rules of payment processors. Getting accepted means proving business stability—prepare to present 6 months’ worth of processing statements exhibiting consistent increase in volume and chargeback rate lower than 1%. Underwriters love “seasoned” businesses, so instead of starting from scratch, it might pay off to buy a business with a processing history. Your website must exactly match your application; any misspelled product description or terms of service will result in an immediate decline. The higher-risk colleagues at places like Durango Merchant Services and Soar Payments will be more willing to accept the account that was turned down by the mainstream processor but would require a lengthy paper trail which includes marketing material, supplier agreements, and customer care procedures.
The Approval Playbook for Restricted Industries
The sellers of CBD and nutraceuticals should emphasize cGMP certification and third-party testing. Subscription businesses need to have clearly stated billing descriptors and cancellation policies. When expanding internationally, a local corporation should be formed in processor-friendly locations like the UK or Hong Kong. Offer a risk mitigation strategy that describes your fraud checking tools (3DS, AVS, velocity checks) and chargeback avoidance procedures. Here and there, some offshore processors have “stepping stone” accounts which begin with lower limits that go higher following 3-6 months of clean processing. Always apply through a qualified Independent Sales Organization (ISO) and never directly; their relationship with the underwriters might be deciding between approval or denial.
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