Everything you need to know about Highrisk Merchant Account
What is Highrisk Merchant Account?
A high-risk merchant account is an account that is opened for the business considered high-risk to the bank. High-risk businesses are prone to chargeback and frauds and that is the reason these businesses need to open high-risk merchant account
What is High-risk business? High-risk businesses are those which pose high risk of credit fraud to the banks. A business is categorized as high-risk mainly on the basis of these factors- risk of failure, business working within high-risk industry.
List Of high-risk business ● ● ● ● ● ● ● ●
Online Gambling, Online Gaming, and Casinos. Sports Booking. Travel and Advanced Booking. Subscription-based services. Telemarketing services. Bitcoin Mining or Forex Trading. Cannabis Products / Head Shops. Pharmaceuticals.
Top 6 High-risk merchant Accounts
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Merchant one Promerchant My green merchant services Clover Fattmerchant Payment depot
How to open high-risk merchant account?
➔ Establish a legal business ➔ It is because you will need a copy of certificate of incorporation ➔ Establishing a federal tax identification number(TIN) ➔ Find a bank which is willing to have you setup the merchant bank account. ➔ Not every bank will allow you to set up high-risk merchant account with them
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After finding a bank you need to present some documents such as your photo ID or proof of address to open the account ➔
You will be asked to deposit opening amount which varies according to banks.
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the bank a letter of verification,
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The letter should be typed on bank letterhead and then it should be signed by a bank representative.
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Other information that would be there : Account number, bank Acc name and routing number.
For expert guidance or for any assistance in opening a high-risk merchant account you can refer to the services of high-risk merchant account.
Contact ● E-mail - info@mygreenmerchantservices.com ● Phone - +1-844-405-1860