Do you have past bankruptcies, tax liens, and bad credit? Do you think your business is on the hook? Where to find a payment processing company that’s willing to work with you and can get you a bad credit merchant account easily? Just read this article and you’ll discover.
Looking for a High Risk Merchant Account Provider?
Are you running a high risk business with low credit? Is getting approved for a merchant account a hot-button topic for you? With good knowledge about your type of business and merchant accounts, you’ll be able to take the right steps so to get the best for your business.
By the way, did you know that bad credit merchants sometimes look outside the borders of their own country to open a merchant account for their poor credit business? The thing is that there ‘re providers in many different countries that’re ready to take on bad credit businesses. However, they’ll charge you higher fees for your merchant account.
If you’re a legitimate business struggling to move in a better direction and accept credit card payments, you should apply to a reputable high risk processor like eMerchantBroker.com. All you need is to fill out EMB’s quick online application.
eMerchantBroker.com is dedicated to serving high risk merchants. EMB goes above and beyond to provide bad credit businesses with merchant accounts featuring exceptional rates and terms in the industry.
No matter you’re a business owner with bankruptcies, or you need no credit check merchant accounts, EMB can be the best helping hand. For this, EMB needs to understand the unique needs of your business. That’s why eMerchantBroker.com talks to every single business owner to get to know his/her needs in detail and provide the right merchant services, including business funding.
Bad Credit Merchant Account: Requirements
eMerchantBroker.com specializes in high risk merchant accounts. With EMB, you can enjoy personalized payment solutions that can help you pan out. You can get your approval in just 24 – 48 hours. Once approved, eMerchantBroker.com can set up tools for chargeback management, a payment gateway, and fraud filters.
To get an affordable and secure bad credit merchant account from eMerchantBroker.com, you’ll be required to provide the following items, together with your application:
- A valid, government-issued ID (e.g., a driver’s license)
- A bank letter or a pre-printed voided check
- 3 months of the most recent bank statements
- 3 months of the most recent processing statements if applicable
- An SSN (Social Security Number) or EIN (Employer Identification Number)
- A secure, fully-operational website
- Chargeback ratios under 2%
Underwriters will evaluate risks associated with your business based on these factors:
- Credit scores
- Credit card processing history
- Bank statements
- No application fees
- No VISA/MasterCard
- Multiple secure payment gateway options, including its own
- The lowest possible rates and fees
Chargebacks: Why They’re Important
Let’s start with a chargeback ratio. It’s roughly the total amount of chargebacks per month divided by the total number of transactions per month. Remember that the dollar amount of the chargeback is irrelevant. Underwriters want to see there’re no excessive risks involved with your business.
As for chargebacks, customers contact their credit card companies, e.g. MasterCard or Visa, and dispute a charge they’ve found on their statements. Credit card processor and its sponsor bank request transaction-related documents from the merchant to make sure the charge was lawful.
In fact, if processors and sponsor banks have customers complaining about the charge, this is a red flag usually indicating that not everything is OK with the merchant’s business model. Your chargeback ratio includes each and every complaint.
Since chargebacks play an immensely important role in all this, eMerchantBroker.com offers merchants a chargeback mitigation program, the Chargeback Shield*, to reduce merchant ratios. EMB has partnered with Verifi and its new Cardholder Dispute Resolution Network (CDRN), as well as with Ethoca (its alert system) to guarantee a unique, elite chargeback protection and prevention system for high risk merchants.
As you see, to open a reliable, low-cost and secure merchant account for your bad credit business, you should turn to a processor like EMB that offers step-by-step straightforward deals. With the right merchant account, you can start processing credit/debit card payments from your customers with ease.