Wednesday, October 25th, 2017
Every so often the merchant panics when the bank they’ve been relying on decides to stop processing payments for their business and gives a 30-day termination notice (which some banks do not even give).
But when your merchant account is cancelled without clarification, the best you can do is pick up the pieces. And EMB is always quick to assist with high risk merchant account instant approval, so you can begin processing payments again.
However, not every merchant can get approved within a few days. Some approvals may last weeks. But a good number will make it in days. Here are the determining factors:
- High FICO score:This is proof that you clear your payments in good time. Infact, it tells the acquirer a lot about you.
- A list of all required documents: Merchants who submit a full compilation of underwriting documents can have their accounts approved as soon as on the same day. Gathering and organizing your credentials before submission will help you a great deal. While compiling the above list may be a tedious task, you can only better your chances of fast approval if you have all the required credentials.
- Funds in your Business bank account:With a substantial amount of funds in your bank account, the acquiring bank will view you as a merchant who’s got the potential to succeed in business.
- Your industry. And the Acquiring Bank:Getting an instant merchant account depends greatly on the acquiring bank. You stand more chances if the acquiring bank has processed payments for merchants in your industry.
- Valid identification:Sending an expired passport or driver’s license will only raise suspicion and cause delays in the approval process. Ensure to find out if you need to update your license or passport earlier.
- Fully Operational Business Website:Many startups fail to meet this requirement. Most times you’ll only get approved if you have an active business website.
The Bottom Line
Sudden termination of an account can be a major cause of worry. So if you have to continue with business as usual, you’ll need instant approval. The above checklist is useful for this mission.
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