High Risk Merchant Basics

For businesses including high risk industries that are just opening their doors or which have recently decided to accept credit and debit cards and other forms of electronic payment, there are a number of things you will want to know before starting the merchant application process.

    1. Determine your business classification type.  The credit card associations (ex. Visa and MasterCard) need to know whether are going to accept most of your card charges via:


    1. Contact a service provider like MerchantWorthy.com and provide basic Business Profile information.  For an example see the form on our Apply Now! page.


    1. If it is MerchantWorthy.com, we will help you to complete the form which should take only a few minutes. The application can look a bit overwhelming but well make it simple to complete.


    1. Make sure that you have your banking relationship in place.  It is critical that your business have a valid bank account and it will be necessary to provide a voided check to substantiate your Bank Routing # (commonly called the ABA #) and your Merchant Bank Account #.  For companies just launching, a memo on bank letterhead stating the above information is sufficient for the initial application.


    1. Once the application and review process is complete, MerchantWorthy.com will confirm your rates and all Schedule of Fees in a Guaranteed Rate Quote. We will email or fax the guaranteed rate quote to you within 24 hours of receipt of your application.


    1. You then carefully review all the information for accuracy, call us with any questions and then sign and return the executed application to us.


  1. Within 12-24 hours, you should have your approved merchant status and be ready to start the conversion process.  In a small number of instances, the merchant may be notified to provide additional information prior to approval.  In less than 1% of cases, the merchant application will be rejected.

Once your business is approved, your equipment (whether a terminal and/or payment gateway) will be tested and you’ll be ready to accept and process credit cards.

Button Button Button Button