One way to ensure approval on your merchant account application is by writing a compelling cover letter. As an applicant, you should always have your best foot forward and make sure to make a very good first impression through your cover letter.
If you happen to have a high risk business, you should be more careful when creating a cover letter, make sure that you describe your industry as extensive as possible; you should be able to make the reader fully understand your business nature and needs. Next, everything should be carefully worded. Avoid using jargons and choose appropriate words so as to avoid creating a cloud of confusion between you and your potential provider. Another tip would be to attempt answering questions and concerns that would sooner or later come up. That way, you can minimize doubts on your high risk business and create a sense of preparedness if and when anything comes up.
Here are other suggestions on how to write your cover letter:
1. Highlight the good points
Always have your best foot forward. Include the strengths and benefits your business may bring. Seeing the positive points will not only impress your processor, it would also ensure you an approval. While highlighting your strengths, make sure you don’t get carried away. Don’t include unnecessary details that are not related to your business nor to the merchant account provider you’re applying for. Avoid making your letter lengthy and full of fanciful words and praises directed towards your company as it may cost you your credibility. Just make sure you highlight your good points while keeping them relevant and concise.
2. Be honest
If you have had problems and issues especially with bad credit, be upfront about it. Being honest will go a long way, it would convey a sense of honesty and would demonstrate a sense of willingness to admit and address any concern.
3. Proper delivery
Guidelines in writing a cover letter aren’t that complicated but should be well observed. In order to gain your processor’s confidence in your business, a well written cover letter is necessary. A compelling cover letter must be able to hammer home all the points it aims to get across. The reader must be able to fully comprehend everything written on the letter. To do this, you must be able to phrase everything well enough – in a way that would preserve its meaning and would be easily understood at the same time.
Take the time and put in all the effort in showing your processor that your business is worth the shot. Make an effort to stand out from all the other businesses of the same nature, be relevant and make sure to be personal. Try to tug at their heartstrings without being too exaggerated, remain to be factual but make sure to capture their attention with your letter.