Credit Card Processing With Bad Credit

Aug 15, 2016

If you are going to start a business, it won’t be easy to find the necessary funds if you have a poor personal credit history. It won’t be easy, but it is doable. There are a number of ways you can use to take your business off the ground even if you have bad credit.

Below you can find 7 ways to help you process credit cards even if you have a bad credit history.

  • Debt Consolidation – This can help you reduce your unsecured debt, including credit card debt, into one, lower and more affordable payment. As a result, you will free up your current cash flow and improve your credit scores.
  • Equipment Lenders – There are equipment lenders that work with new startups to provide loans for equipment. These type of lenders are extremely flexible and can easily meet the specific needs of your business.
  • Factoring – During your first year, you can use certain assets to secure financing, your business’s receivables or purchase order financing.
  • Government and Private Grants – The US Government helps people get back to work and also helps people in need, including business owners.
  • Merchant Cash Advances – Reputable payment processors like com offer this type of business funding options and a bad credit merchant account, regardless of your credit history. EMB is considered the #1 high risk merchant account provider in the US, boasts and A+ rating with the BBB, and offers the lowest possible rates in the industry.
  • Micro-Credit Organizations – The purpose of these organizations is to help starters and growing businesses get enough financial resources to invest in their business. This is quite helpful since new and growing businesses usually cannot get approved for a business loan by traditional banks and most lenders.
  • Social Lending Sites – As a business owner, you can use social lending options where members can borrow and lend to each other. These types of loans offer lower rates than traditional banks. These are regarded as personal loans, but the funds obtained can be used for a variety of purposes, including your business.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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