How to open a High Risk Merchant Account for challenging industries

If you're going to open a high risk merchant account, there are several basic templates and guidelines you need to follow, especially to document the documentation requirements correctly if you are working in high risk industries like content, entertainment, travel, etc. Here are the templates and guidelines to follow to get you started:

1. Find providers that specialize in high-risk industries. Make sure you choose a provider that has a team and experience in high-risk industries.

2. Gather the documentation. Here are a few initial items you may need to review and prepare:

   • Business Licence

   • Bank statements and processing history

   • All documentation needed to prove your identity

3. Have a registered legal business entity. You should form a legal business entity and follow all legal guidelines.

4. Have a functional website. The website should include clear refund and privacy policies along with terms of service.

5. Present processing history. Past successful processing means lower risk.

6. Be open about the industry you are operating in. Transparency breeds trust. Do not hide any risk factors.

7. Prepare for rolling reserves. Save a percentage of your monthly earnings for 90 days or longer, depending on the underwriting process

8. Submit your application and wait for the underwriters. Approval from each provider can take anywhere from days to weeks, depending on their commitment to processing your application.

If you have presented a solid application to an established provider, you improve the chance of faster application service.