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Merchant Account Pre-Application Questionnaire - High Risk

Page One

Hi there,

A few things before you fill out this pre-application.

I have worked really hard to find you the best merchant account provider/ISO who can get you a merchant account and provide me with the truth about whether I can get you an account.

Since you may not know, finding an honest ISO in the merchant account industry is NOT an easy feat.

I help both low risk and high risk companies, but I specialize in high risk.

If you are High Risk

For high risk companies, understand that depending on what type of business you are running, some of you can get a high risk account within the US, while others will have to be placed overseas where the rates/fees are higher

Saying that, you will have a solid merchant account that won't be dropped unless you do something to jeopardize your account.

In case you aren't aware, banks all over the world and in the US have dropped a lot of high risk companies, so don't take it personally, this is just how it is now.

The more your industry commits fraud, the harder it will be to get a merchant account even if you are a professional business owner.

Changes in the Merchant Account Industry

Things in the merchant account industry have changed tremendously because of the economy and the nightmare the banks put everyone through back in 2008. Long gone are the days when it was easy to get a merchant account.

Now there's even more paperwork involved, and it should become apparent to you pretty quickly who the honest merchant account providers or consultants are. If someone sounds like a smooth talker, chances are they are part of the seedy end of the merchant account industry.

Keep this in mind when choosing who you want to have helping you in your corner.

Seeking Only Serious Businesses

I do want to see if I can get you a merchant account and I do NOT want to waste my time or my partner's time.

The types of businesses I won't work for are:

  • I won't deal with you if you commit fraud of any kind or lie about any information you give us. We will find out pretty quickly if you are known to be a scammer as word gets around in this industry. Most fraud comes out of India.
  • I won't deal with you if you sign up with tons of different agents because you are looking for that one elusive cheap merchant account.

    I understand that you want to save money, but getting a good solid merchant account is better than going with an agent who won't give you good customer service, doesn't know how to educate you, or the banks they set you up with may cancel your account at the drop of a hat.

    You also need to understand that I put a lot of hard work into your account, and I don't get paid unless you get an account through me. I will not work with someone who doesn't respect my time as I respect yours. 

    I work best with respectful companies who have integrity like I do, and people who can put their trust in me.
  • I am only seeking serious business people who are going to follow through with all the paperwork.

    If you delay getting me your paperwork, this shows the processing bank you aren't serious and could increase your discount rate instead of lower it.

    I understand paperwork is time consuming, but this has to be done so you can get a merchant account. Professional companies have all their paperwork prepared ahead of time such as (processing statemenets, bank statements, ID, utility bills, etc.)

    I will do my best not to make you fill out application after application. I don't want to stress you out.

    In fact, if you fill out too many applications with other agents, the processing banks will find out about it and many companies get rejected because the banks don't trust companies that shop around like that.
  • I seek companies who start the process with me and stick with me. I don't resonate with companies that just disappear. That’s not professional or respectful of my time and hard work. 
Rates & Are We a Good Fit

If you don't care about customer service and you only care about the absolute lowest rate, as a merchant account consultant, I am probably not a good fit for you. 

It's not that I don't want to get you the lowest rate, but I don't make false promises.

If the rate someone else is giving you sounds too good to be true, it usually is, and the person giving you this rate is probably lying to you.

I’ve seen it happen a lot, companies will waste their time trying to get that cheap merchant account, and then in the end the agent will either tell you that you are rejected, tell you that the rate is much higher than what they originally promised, or just flat out disappear and not return your phone calls or e-mails.

I don't do that, which is why with high risk companies I will NEVER give you any rate until I first know you can get a merchant account, and then I get the rate from the bank.

If you want to know a range, it's anywhere between 2-20%, depending on a myriad of factors such as the type of business you run, are you a startup, how you process your orders, and how much you are processing per month. 

All fees will be disclosed to you in the contract before you sign, and you have no obligation to take the merchant account if you don't feel it's the right fit for you.

How long does it take to get an answer?

This depends on several things such as:

  • How long it takes for you to get us the paperwork we require.
  • How long it takes for you to respond to my questions.
  • How long it takes for you to fix things on your site.
  • How backed up the bank is.
  • If your business is pretty straight forward, it goes faster. If there's suspicious things the bank is asking questions about, it will take longer.
Every bank and risk department works at a different speed.

For high risk companies, expect to wait somewhere between 2-4 weeks.

With some high risk companies it can take even longer. Anyone who says they can get you an account right away is probably not being truthful.

Your Responsibility

You must also understand that banks require a lot of paperwork and I will require you to fill out 2 pre-applications for me, and at least one to two applications for the bank. If you refuse to do this, I won't be able to help you.

If you have already done this with other agents, understand I'm not responsible for what happened with your previous agents.

I try to make my process as streamlined as possible.

Also, if the bank requires things be fixed or changed with your website, you need to make an effort to do so. This will move the process along so that you will get the merchant account.

In Closing

To save yourself time and stress, I suggest you place your business in my hands, as I'm a caring person who will not only give you excellent customer service, but will also teach you the ins and outs you need to know regarding your business and the merchant account industry.

So, if you understand all I've said and still wish to work with me and my partners to get you a solid merchant account, please fill out the application below.

Thank you

Michelle Korn

Rapid Financial Solutions

P.S. If you have any problems with this survey, please contact me at - Thank you