High risk merchants often struggle to find a bank that will approve them. Thankfully, it's not impossible with the right setup. You can use a free, no obligation comparison tool to find the right account for your needs. The comparison tool will take you less than one minute to complete and will provide you with a tailored list of merchant account quotes from top suppliers.

High risk merchant accounts in the UK are available from a handful of providers. Nevertheless, it is important to be honest and truthful with the merchant provider. Misrepresenting facts may result in disapproval. Although a merchant with a less-than-ideal track record may be approved for an account, deceptive practices will almost always lead to disapproval.

When you're applying for a high risk merchant account instant approval, you will need to submit your business and tax documents, and the payment processor will assess your risk level. The best high risk merchant account providers are those that offer competitive rates, full services, and support to high-risk merchants. They should also provide competitive transaction costs.

High risk merchant accounts often require a rolling reserve, which is a deposit held by the bank to protect against chargebacks or fraud. Usually, this reserve is five to ten percent of the credit card volume processed. It is held for a set period, often six months, and is automatically settled in weekly statements.

Another reason why high risk merchant accounts are deemed high risk is due to the high amount of chargebacks. Some merchants may have high chargeback ratios, which are bad for the payment processor. They may need to submit a plan to mitigate chargebacks, or may even be put on probation. If this is the case, high risk merchants should consider switching to a different processor.