Bad Credit Merchant Account – Is Your Bad Credit a Score Requirement?
A business that requires a bad credit merchant account is often classified as high risk by certain financial institutions. This classification can happen for various reasons. Maybe the owner doesn’t have any credit history, or maybe your business doesn’t yet have a solid cash flow. Whatever the case may be, being a high-risk merchant can make it very difficult for you to get approved for a merchant account. This is why it’s so important that you work with a processor who can provide you with a dependable,easy-to-use online merchant payment solution. We can help you to get approved with bad credit merchant account providers. We also know of ways that you can get instant approval merchant account bad credit.
The good news is that there are bad credit merchant account providers out there. These companies specialize in meeting the needs of merchants with bad credit who need to accept online payments. There are even providers that are experienced at handling accounts for those with bad credit. These types of providers can offer you payment processing with minimal fees.
Finding a bad credit merchant account provider is not as difficult as many people think. First of all, the Internet makes it easy to look for them. Look for reviews by other consumers, both good and bad, on the various websites for bad credit merchant account providers. You can also ask other business owners if they can recommend any service providers. In fact, there a good chance you found us by searching “instant approval merchant account bad credit”.
Bad Credit Merchant Account Providers
Most bad credit merchant accounts have a few requirements when it comes to their credit verification process. To start, most of these accounts require that you have at least one point of contact. That is a company representative with the company before they will process your application. You will also want to provide them with a comprehensive business history. Including the dates that your company has operated. And how long you have been in business. Your annual earnings and expenses is also required. All this information will be cross-checked with your social security number to make sure that your details are correct.
In addition to having the above items, you should also know what can you expect from a bad credit merchant account providers. First of all, they will want to know what your reserve balance is. A reserve balance is what you keep available to pay for purchases after you have made your initial deposit into your account. This amount will usually stay until you have successfully made a sale. Usually, the company will not allow you to go below this amount.
Bad credit merchant accounts will often come with higher fees. High fees are due to the fact that the processing company will be taking a loss on every sale that you make. Because of this, the merchant account provider will be charging you in accordance with the risk. However, the good news is that there are some bad credit merchant account providers that offer low fees. If you are serious about starting a home-based business, you will want to spend some time researching these companies to find one that suits your needs best.
High-Risk Merchant Account Providers
There are high-risk bad credit merchant accounts providers that can help you get approved. You will be able to accept any major credit card such as MasterCard, Visa, Discover, and AMEX. These processors know how to get your business approved with a bad credit score. Therefore, it makes sense for you to pay them a higher fee. This allows you to get the merchant services you need to be on your way to getting your business off the ground.
In addition, bad credit merchant account providers that provide services to small businesses may also consider you to be a high-risk client. The reasoning behind this is that most of these businesses are run by one individual with little to no employees. When you have bad credit, it is more likely that you will default on payments, which presents your financial institution with a high-risk account that could go out of business and cause them to lose money. Therefore, if you have a high-risk status, you will have to pay higher fees to these processors. Some are able to offer an instant approval merchant account with bad credit. Fortunately, there are also bad credit processors available to you that have reasonable fees.
Why Choose Us?
FintechMerchantAccounts believes that high risk does not equal a high rate for your business. If bad credit is your only problem we can approve you with standard rates. You can call us today at (617) 918-7235. You can also reach out to us on our contact form right HERE.
We thought that you may also find the articles below helpful.