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High Volume Merchant Account
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- 99% Approval Rate!
- No Application Fee
- No Setup Fee
- No Contract
- Bad Credit OK
- Fast 24 Hour Approval
- Chargeback Prevention
- Next Day Funding
We at Merchant Marvels specializes in credit card processing services for high risk merchants.
Contact us to increase your sales and pay less in processing fees.
What is a high-volume merchant account?
A high-volume merchant account is one that is designed specifically for merchants with higher-than-average volumes of transactions. Its features resemble those of a typical merchant account in many ways. You can use online payment gateways and merchant processing services if you have a high-volume merchant account. Credit card transactions are handled, and funds are deposited into your bank. Depending on your demands, you might be able to add extra services. The main distinction with a high-volume merchant account is that you can process a greater number of credit card transactions than usual. A high-volume account will either have very high limitations or no limits as all, while regular accounts will have transaction limit restrictions. This might be particularly helpful for businesses that take a lot of calls.
A high volume merchant is one whose organization handles more than $100,000 per month, according to banks. In particular, if the businesses are not categorized as high risk, established businesses with processing experience can easily receive volume payment processing at affordable rates. While fewer acquiring banks handle high risk merchants, businesses in these industries are still rapidly accepted with outstanding rates. A history of payment processing may be required by some banks before large volume merchant accounts are approved. However, in order to capitalize on consumer demand for their goods and services, rapidly expanding businesses without a history of taking payments frequently need high volume payment processing. The most effective method for requesting a high volume merchant account if you don’t have a processing history is by providing alternative types of proof of your claim.
The underwriting team will respond favorably to the application and can better comprehend the possibility with the aid of a well-written business plan that includes pro-forma estimates. It’s a good idea to include resumes with the application file if your management team has experience. The availability of sufficient working cash to operate the firm is also verified by business or individual financial information, which is always useful for account approval.
Application process for a high volume merchant account.
The procedure for applying for a high volume merchant account is simple.
Application
First, you send in a completed form along with more details about your business. The following documents must be submitted:
A government-issued photo ID for the account signer;
the most recent 3-6 months of payment processing history (if available);
documents establishing the company, such as articles of incorporation or an LLC;
the most recent 3 months of business banking statements; and
a voided check for the bank account where you want processing funds deposited.
For US high volume merchant accounts, the approval process takes 1-3 days. Since high risk accounts require more time to underwrite, high risk merchants are approved in 3-5 days. Due to time zone concerns, international high volume merchant accounts require 5 to 10 business days to be approved.
Depending on your sector and target markets, offshore high volume merchant accounts may be a smart choice for high risk businesses. Many foreign acquiring banks are more tolerant of particular industries and have more lenient underwriting standards than local acquiring banks. Additionally, there are frequently no limits on processing volumes at overseas banks.
You will pay extra for your credit card processing since high-volume merchant accounts are viewed as being more risky by account providers. The amount you pay entirely depends on the niche of your business and the conditions of their high-volume merchant accounts. But in actuality,
you might anticipate the following:
Higher account fees
Higher processing fees
Lengthier contract requirements, often taking years to begin
Additional documentation requirements, including providing past processing history, processing statements, credit history and more
Early termination fees
Fewer pricing options
Fewer tier choices than low-risk businesses
Rolling reserve requirements that may limit your cash flow
Increased chargeback fees
These extra costs could put a significant strain on your company. For this reason, you should look for payment processors who can offer reasonable rates and have experience working with high-volume businesses. In order to steadily lower the amount of fees you pay each month, the firm you select should also work with you to lower your business risk. Your processor can offer guidance on how to minimize chargeback fraud and minimize merchant error to prevent chargebacks. Additionally, they could provide specialized options like zero-cost processing.
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How the continuity subscription account works
The need for high-risk merchant services is widespread. This could be the case for a variety of reasons, such as high traffic, greater fraud risk, or reputational issues. In some cases, you can take steps to prevent being included in this category, and you should consult a merchant expert to do so in order to lower processing costs and lower your risk.
If your company operates in one of the following sectors, you might want to think about high-risk accounts:
Gambling
Adult entertainment
Online dating
Travel
Furniture
eCommerce
Subscription services
Debt Collection
E-cigarettes
Nutraceuticals
CBD products
Credit repair or financial repair businesses
How to increase the limit for a high volume merchant account
The majority of processors will consider a rise in volume once a prior history of three to six months has been documented. Consider adding another high volume merchant account if you urgently require extra processing volume. From the safe payment gateway, managing all accounts is simple. Depending on volume, the products being sold, and other factors, load balances among accounts. As you approach the current restrictions, ask for an increase in volume if you need extra volume. Tell the acquiring bank why you require additional capacity. For instance, new marketing initiatives, new products, new target audiences, and rising market demand are good reasons to need more volume. To minimize chargebacks, manage your high volume merchant account. There are highly qualified personnel on hand who can explain the many solutions available to stop chargebacks and fraudulent transactions.
What to do if I need high risk high volume merchant account?
Applying for a high-risk, high volume merchant account can be more difficult than establishing one for a low-risk firm since banking institutions prefer to serve accounts that pose little risk to them. Due to the more thorough screening procedures, you’ll probably need to present more supporting evidence than companies that aren’t regarded as high risk. Additionally, skipping any required documents could prolong the approval procedure. Below are some suggestions regarding the contractual features you should consider in order to choose the account provider best suited to fulfill your business’s demands.
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Compare prices from different vendors:
High-risk merchant accounts are best suited for businesses, but there are fewer banking institutions ready to cooperate with them. Some account providers will raise their processing costs in an effort to profit from the few options available to high-risk businesses. You must carefully consider each available platform to ensure you get the best prices out there and make sure the account provider isn’t taking advantage of your high risk status If you already handle payments, we advise getting any high-risk merchant account provider you’re thinking of working with to perform a side-by-side examination of your existing rates and potential rates. That way, you can easily determine whether the jump will actually result in a rate reduction.
Ask about the reserves required:
Merchant service providers may demand that high-risk merchants set up a reserve in order to reduce risk. The processor will use money from the reserve account to cover losses from chargebacks, fines, or other fees if a high-risk business’s merchant account is cancelled or terminated. It’s critical to find out if your provider needs a reserve. If they do, you should inquire as to whether it is a rolling reserve or a capped reserve because these two different reserve management strategies have various business implications that are worth taking into account.
Find out the chargeback threshold and refund percentage:
High-risk merchant account providers do have a chargeback and refund ratio threshold that they don’t want their clients to cross, even though they do offer more flexibility than financial institutions hesitant to work with high-risk enterprises. While organizations providing services to high-risk firms may permit a chargeback ratio as high as three percent, tier-one banks normally impose a chargeback ratio barrier of one percent. Depending on the processor, the permitted refund percentage can reach 10%. When these thresholds are crossed, organizations that provide services to high-risk firms don’t instantly terminate accounts; instead, they design a mitigation plan or impose a probationary period. When searching, it is advised that you enquire about these thresholds and the implications of crossing them.
Inquire about accepting foreign payment methods:
Accepting international cards is seen as high risk since fraud and chargebacks are more likely to happen with international card payments than with local card purchases. High-risk merchant accounts typically let you accept international credit or debit cards, whereas standard merchant accounts might not. This is one of its main advantages. Make sure your high-risk merchant account provider enables you to accept overseas cards if you’re interested in growing your prospective consumer base in this way.
Consider the duration:
It’s critical to consider both the term duration and its restrictions when reading the merchant agreement for your high-risk merchant account. For high-risk merchant accounts, the term period specified in merchant agreements is frequently three to five years. Additionally, the terms could specify early termination fees, automatic renewal clauses, and other details regarding the term length.
How High Volume Merchant Accounts are Approved
The moment the application file is received, the underwriting team instantly begins reviewing it. The application form is looked at as the first document. The group verifies information like names, addresses, phone numbers, email addresses, and other facts. Following that, the team visits the website. If you don’t have a website, make sure the application file has enough details for the underwriters to comprehend what is being offered and the terms and conditions surrounding the sale.
The website’s underwriters look over each page to make sure that it loads swiftly and displays properly. Review of product or service information and costs Completely read the privacy, refund, shipping, and other pertinent policies. To ensure quality, customer care phone calls or emails can be checked. With a focus on monthly volumes, chargebacks, and returns, payment processing history is reviewed. To ensure there is sufficient operating money available to run the business and mitigate processing risk, bank statements are examined.
The moment the application file is received, the underwriting team instantly begins reviewing it. The application form is looked at as the first document. The group verifies information like names, addresses, phone numbers, email addresses, and other facts. Following that, the team visits the website. If you don’t have a website, make sure the application file has enough details for the underwriters to comprehend what is being offered and the terms and conditions surrounding the sale.
The website’s underwriters look over each page to make sure that it loads swiftly and displays properly. Review of product or service information and costs Completely read the privacy, refund, shipping, and other pertinent policies. To ensure quality, customer care phone calls or emails can be checked. With a focus on monthly volumes, chargebacks, and returns, payment processing history is reviewed. To ensure there is sufficient operating money available to run the business and mitigate processing risk, bank statements are examined.
What Other Services Might a High-Volume Merchant Account Need?
The services you will require are incredibly diverse and highly specialized to your particular demands. A reputable vendor will be able to assist you in identifying your particular demands and then collaborate with you to meet them.
For instance, many firms are restricted to retail which means they might not require eCommerce solutions. They will instead need services that are only available at their physical location. They therefore require retail-specific solutions. This implies that a company will require equipment to make sure it can handle transactions. Any firm that wishes to accept credit cards needs these points of sale (POS) machines. It is crucial that your POS systems work seamlessly with your current accounting and inventory management systems. The goal of a good merchant account needs to be to make your life easier, not harder.
You might also require extra payment alternatives, depending on the features of your high-volume merchant account. For instance, more Americans are utilizing cryptocurrencies. As a result, you might need to locate a merchant processor that supports bitcoin processing. Processing cryptocurrency might not be sufficient; you must also make sure that your cryptocurrency supplier is in a position to add new coins as they become more and more popular.
A possible investment for your company is ACH payment processing. The direct transfer of funds from one bank to another is made possible through ACH payment processing. This sort of processing still requires a merchant account processor, but it fully eliminates the need for a credit card company, making it considerably more appealing for some kinds of transactions. This kind of payment processing is less expensive. They can also be batched, which can increase their popularity with high-volume retailers. ACH payments are now not just inexpensive but also intended to be secure and closely regulated.
The same applies to checking out check and eCheck capabilities, which you should do. This implies that checks can be converted into electronic funds, enabling the transfer of payments to happen fairly quickly. They are less expensive, too, much like ACH payments. This type of processing can also work well if you have a sector of business where customers consistently pay with checks.
If you require specific processing for offshore accounts, it is something else to take into account. Offshore accounts are financial accounts that take place outside of the country; processing these accounts entails additional costs and security risks. You might also need to be concerned about things like exchange rates, depending on the currency of the account. This clarifies why managing these accounts requires experienced, professional services.