Have you had some difficulties staying afloat as a business during these difficult economic times? Do you lack impressive financial statistics to back you? You might need to open a high risk merchant account.
Before a lending institution will completely trust you, you may have to go through a period of proving yourself. When you open a high risk merchant account, you will have to provide the following documents:
- 3-6 months worth of bank statements
- Business License and Articles of Incorporation
- A voided business check
- Your current profit-loss statement
- Current processing statements if you have them
All of this will usually take about 3-5 business days to complete. Once you are accepted, you will probably be on a probationary basis for awhile, and will have to provide documentation to them once in a while.
