Florida has always been kind to its entrepreneurs. Thanks to policies that protect both consumers and entrepreneurs, the state has seen a huge increase in businesses throughout the years.But like all other states, Florida also recognizes high-risk merchant accounts. Whether you need a credit repair or nutraceuticals merchant account, it may be harder to acquire a payment processing account from traditional banks and financial institutions.
Steps to Apply for a Merchant Account Considered High Risk
Luckily, you can already apply for a high-risk merchant account from a reputable credit card processor in Florida by following these steps:
Before filling out an application form, it’s best to prepare all the required paperwork first because these documents will help you prove your credibility and hopefully earn the trust of your payment processor. Florida follows the same rules as other states when it comes to documentation of business identification and verification as well as financial history and standing. These documents should include:
You may also be required to provide additional documentation during the underwriting process.
You can download an application form online and fill it out with your personal and business information. It’s important to be as accurate and honest as possible with the details you share in your application as these details help underwriters determine whether to accept or reject your application for a high-risk merchant account.
You should also divulge any shortcomings or issues that you’ve had in the past, such as a bankrupt old business or some debt that you’re still paying off. Underwriters would usually appreciate your honesty rather than discovering these issues themselves. You have to remember that past issues don’t automatically disqualify you from getting a high-risk merchant account.
A team of underwriters will look into your application and paperwork in what is called an underwriting process. Here, they will scrutinize every bit of information you provide to determine if you are worthy of a high-risk merchant account.
You may be asked some questions or required to submit further documentation during this process, so you always have to be ready.
As a high-risk merchant, you should expect to pay more than the usual merchant because of the risks that are related to your business or industry. For instance, you will need to pay higher account fees, processing fees, and early termination fees.
You may also be required to commit to, at least, a three-year contract and you will have fewer plan options. You would also be charged higher chargeback fees and limited daily transactions, which is why it’s very important to follow the best practices in processing payments.
The process for getting a high-risk merchant account in Florida may be long, but you can’t also deny the importance of having a good payment processor to help your business thrive and grow. Contact us today to learn more about the requirements you need to get a high-risk merchant account in Florida.