How to Open a High Risk Merchant Account: Step-by-Step Guide

Opening a high risk merchant account may seem daunting, but with the right approach, it’s manageable. Here’s how you can do it in five simple steps:

1. Identify a high-risk provider: Look for merchant account providers who specialize in high-risk industries like PayKings, Soar Payments, or Durango.

2. Gather documentation: You'll typically need:

• Valid ID

• Business license

• 3–6 months of processing history

• Bank statements

3. Complete the application: Apply online and submit the requested documents. Be transparent about your business model and average transaction value.

4. Underwriting process: The provider will assess your risk level. They look at chargeback history, credit scores, and industry compliance.

5. Integration and testing: Once approved, integrate the account with your payment gateway and test transactions for functionality.

Pro Tip: Reduce risk by offering clear refund policies and customer support—this builds trust and lowers chargebacks.

Conclusion: Setting up a high risk merchant account takes more effort than a standard one, but it's essential for businesses in regulated or volatile industries. With proper preparation, approval is within reach.