Finding that good Merchant Account with bad credit

Aug 15, 2013

Our country as a whole runs on the plastic industry. We swipe our cards wherever we go, from our groceries to our movies. It is an inconceivable thought to run a business without some sort of card reader, and a merchant account with someone to process those sales. As long as you have a modicum of decent credit, you should be able to achieve this. But if you have bad credit, your search will be long and arduous.

The long hunt for a merchant account

We have literally thousands of banks in the United States. They process money daily through all sorts of accounts, but very few do their own processing of credit card sales. Most outsource to other companies and then pass on the fees they pay, to the customer with the merchant account. Then this cost rolls on down to the consumer.

The hard part of a merchant account is finding one with fees that are not so costly, that when the fee gets to the consumer, they don’t look elsewhere to buy their products. It’s quite the double edge sword when searching. You need low fees, easy access and processing fees to get it to your account, that won’t wipe out what you just made. With some research, you can find some great companies. Such as eMerchantBroker for one, or The High Risk Guys for another. Each has low fees and affordable deposit prices. And there are many more like them. You just need to do the ground work to find what will work for your business.

Bad Credit Crunch

If your credit has a shadowy past, you can do several things to clear it up. Begin by finding the problems and cleaning up the credit report. Hunt down the bills that need paid and work out arrangements. It will begin to show a positive credit rating on your report.

Next, make sure that you tell the people you are applying with, about a divorce or health issue that got in your way. And follow the above paragraph to rectify the issue. Take charge of your life and your credit. Don’t let it dangle in your way. You have a business to get off the ground and you need a merchant account. Take responsibility for what happened and go get it cleared up.

Using Places like eMerchantBroker  or The High Risk Guys, are more likely to help you, than the banks. Their policies and regulations are much stricter and less accessible. But don’t be afraid to shop around. Do research to find the Merchant Account that could work for you. If you have credit so far down, you may have delays with your business idea. The risk is on them, if you fail to follow through with a sale and don’t deliver.

Don’t be afraid

Even with these obstacles, don’t be afraid to try. The worst they can say is ‘No’, and you had that answer before you started. You can still talk with them and work out the kinks. After all, we are all here to make money, and so are they. Communication solves so many things. Go for it.

Let us help you get a high risk merchant account today!

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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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