While there are no real instant approval merchant accounts, some providers may claim to have the fastest approval times. Normally, a high-risk merchant account requires between three and five business days to get approved. However, there are several reasons why you should wait. First, a high-risk merchant account provider may lock you into a long-term contract or have steep fees.
While an instant approval merchant account may not be available for high-risk merchants, there are steps you can take to shorten the process. First, you should partner with a high-risk payment provider with proven experience in your industry and a track record working with merchants in your industry. Secondly, you should have your paperwork verified by a third party.
High-risk merchants should also be aware of the type of business they are operating in. High-risk industries are usually more likely to experience fraud and chargebacks. Typically, banks will shy away from businesses in these industries. However, some financial institutions are willing to take the risk. Therefore, it is vital for high-risk merchants to choose a merchant account provider who has the best terms and conditions for these businesses.