Seeking counsel from your sales representative is advised when writing the cover letter. He/she may have valuable advice considering banks have different risk appetites. Nothing is cast on stone, meaning that you stand a chance to swing the vote in your favor, since underwriters are mere human beings. A good cover letter plays a major role in convincing a high risk merchant account service provider.
Considering the risk involved is important. Any business dealing with online gambling, and the likes, is termed as high risk and working with a specialist banking institution is advised. A step down we have businesses falling in the moderate risk category where approval is likely with considerable effort, a relevant example being multi level marketers. At the bottom, we have low risk operators such as ecommerce stores.
Don’t be shy to sing of your strong points. Stick to the facts because getting carried away might affect your credibility. There is only a short window of opportunity, and you would not want to blow your chance by telling the underwriter how you easily bench press 400 pounds. Boredom might as well kick-in if the letter is long winded to an extent the underwriter fails to read to the end. Let the spotlight be on individuals involved in making the project a success to avoid going out of topic.
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Trading volume is a big concern to your bank in because substantial amounts are involved. The underwriter is likely to get impressed once they learn of your commendable trading history. If your history is not strong, or are just getting started, talk about what you plan to do in order to handle strong volumes. Validate your application by giving reasons why the business performance will not dwindle.
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As crazy as it sounds, being open to the idea of security reserves is prudent in matters relating to ecommerce credit card processing. This is something underwriters can consider, should you have a high risk score. Offering security will make the underwriter know that you mean business. This not only saves time, but will also boost the chances of coming up with agreeable approval terms.
Cover letter writing is something that might seem tricky to business owners needing the help of a merchant account service provider. Fortunately, there is something that can be done to avoid this. Conforming to the above guidelines will definitely prove helpful in convincing the underwriter. In case your application does not go through, it’s important to remember that banks have varying risk appetites. What one bank terms as high risk, could be low risk in another banking institution.