If you own a business, and you process a lot of transactions, it's time to go beyond the ordinary merchant account. High volume businesses need more than a standard business account. That's where a high-volume merchant account comes into the picture. If your ordinary merchant account no longer suits your needs, it's time to open a high-volume merchant account. But, you need to be prepared for the application process. Here are four steps you need to take before you apply. These steps will help to ensure that your application for a high-volume merchant account is approved.
Build Up Your Personal Credit
If you plan to open a high-volume merchant account, be prepared to have your personal credit history gone over with a fine-toothed comb. When it comes to a high-volume merchant account, banks are interested in more than your commercial credit history. They're also interested in how you handle your personal credit obligations. If your personal credit history has a few blemishes, get those cleaned up before you apply for a high-volume merchant account. The cleaner your credit history is, the more likely it is that you'll be approved for your account.
Focus on Your Business Description
When you apply for a high-volume merchant account, banks are going to pay attention to all the details you provide. This includes the description you provide for your business. Before your application is approved, banks will look at the type of business you provide and match it with the transaction volume you plan to process. If the description you provide doesn't provide a clear enough picture, your application might be denied. Before you submit your application, focus on a detailed description.
Maintain Strong Customer Satisfaction
If it's time to apply for a high-volume merchant account, take a close look at your customer satisfaction. One way to get a good reading is to conduct an online search for your business. That's where you'll find customer reviews for your commercial business. If your search uncovers unfavorable customer reviews, work to remedy those issues. During the application process, banks will investigate your business dealings. If you have less-than-favorable customer satisfaction ratings, you may have a hard time gaining approval for a high-volume merchant account.
Choose the Right Financial Institution
Finally, if your business falls into a high-risk category, it's important that you choose the right bank to apply for a high-volume merchant account. Many banks are careful about the types of businesses they approve high-volume accounts for. Some high-risk businesses include firearms, gambling, and adult entertainment. If your business falls into any of those categories, shop around before you apply for your account.
If you're interested in applying for a high-volume merchant account, consider consulting with a financial advisor.