They will collect the money when they started processing the app, they don't know yet if it's approved or rejected pending all their eligibility and background checks.So they don't have to pay the $550 first? If that's the case, there's nothing to lose. There could be a situation where they could miss out on something and actually approve your application isn't it?
If there are no consequences for trying, why not give it a shot? You have nothing to lose.
Just like TRV app $100 is collected, but this one has a very fast turnaround specially on online applications, there are some people got rejected within a week.