In a High-Risk Industry? What You Should Know Before Applying For A Business Account
If you are in a high-risk industry, there’s one critical question you need to ask before you start applying for a business account: Is my industry eligible for a business account? In this video, we break down why industry risk matters, which industries get rejected most often, and what you can do to avoid common mistakes on your application.
You can have the right company, the right documents, and still get rejected for a business account.
Why? Because of your industry.
This is one of the most common reasons applications fail, and most entrepreneurs only realise it after wasting hours filling out forms. Financial institutions don’t assess risk based only on where you’re incorporated or whether you’re a foreigner. They look closely at what you actually do, and some industries raise red flags instantly.
In this video, we break down how banks and fintechs think about industry risk, why some perfectly legal businesses are still classified as high-risk, and how vague descriptions can derail an otherwise solid application. A few small checks before you apply can save you a lot of frustration later.
Key Takeaways
- Why industry type is a major eligibility factor for business accounts
- Examples of industries commonly labelled high-risk by banks and fintechs
- Why businesses like real estate or affiliate marketing can trigger rejections
- Where to find a provider’s restricted or prohibited industry list
- How vague industry descriptions hurt your application
- How to describe your business clearly so reviewers understand what you actually do
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