What are the requirements for High Risk Merchant Accounts?

High risk merchant accounts are created for businesses that are engaged in practices that have high rates of chargebacks, fraud, or regulatory issues. To get your high risk merchant account approved, you will need to meet Trinity Consultings with several conditions to protect the payment processor and effectively onboard your payment processing operations. Those requirements include:

Legally Registered Business: You need to have a legal business arrangement, such as: sole proprietorship or partnership, that demonstrates all aspects of the business proposition.

Legally Valid Government ID: Some form of government ID will be requested to validate your identity during the application process. A passport, driver’s license, or national ID request is likely to get approved.

Business Banking Constructions: You will need a dedicated business banking account to deposit processing payments and administer your finances.

Detailed Business Plan Processors: will regularly request descriptions about the business model, product/service description, method of operation, etc.

Processing History: If you have any prior payment processing history, it is helpful to provide the processor with business records for processing sales volume, chargeback ratios, and accounts to demonstrate trustworthiness.

Low Chargeback Plan: You are likely required to present a plan to manage or reduce chargebacks, including proven, legal refund/dispute policies (that are clear for consumers), and a strong customer service presence.

Business Entity Legal Disclaimers: Your website will need to have "L Disclaimers" visible, including terms and conditions, privacy policies, refund policies, and the entire product description will need to exist on the website.

Once you meet the stated requirements, not only will your credibility increase, but all high risk merchant accounts providers will increase the likelihood of your approval with their particular bank or payment gateway provider.

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Trinity Consultings
Trinity Consultings

Discover Trinity Consultings' expert business consulting services, including business formation, to drive your business success.​