Finding the Best Merchant Account for a Start Up Business

Jan 15, 2013

Getting a Merchant Account for Start Up Business

Getting a merchant account for a start up business can provide a challenge you don’t really want to deal with when you’re getting your new venture off the ground. It’s hard enough focusing on getting sales and building a customer base without having to deal with the complications and red tape that many banks will throw your way – only to ultimately deny you the right to set up an account with them. Start ups are often viewed as high risk by banks, because they only have a short credit history to work with and are therefore seen as being very unpredictable. The failure rate for new businesses is staggeringly high, and although you may be confident of your own success, the banks will tend to look at you as nothing but a statistic.

Don’t worry, we can help! We guarantee the best overall deal for start up merchants. No contracts or cancellation fees.

Do You Really Need a Merchant Account?

If you want to take payments via credit cards and debit cards without having to incur significant fees, then the short answer to that question is yes. Having your own merchant account may not be necessary at the very beginning, but if you have plans to grow quickly (and most start ups do), you’ll start to feel the sting of payment processing fees cutting into your profit margins rather quickly if you don’t have your own standalone merchant account.

So if you have big ambitions for your business, it’s important to try to set up a merchant account as soon as possible. The problem is, many providers will see you as a risk and try to lump unnecessary costs on you just to open your account and start processing transactions. There, however, a better way.

 How to Get a Start Up Merchant Account

In order to get a new business merchant account, your best option is to go through a service that caters especially to start ups and other high risk businesses that traditional merchant account providers tend to steer clear of. This will help you avoid getting locked into a bad deal without a major lender (the large banks who will offer you merchant accounts as a start up will tend to do so on very unfavorable terms for you – meaning lots of fees to cover their perceived higher risk in giving you an account).

Merchant Account Brokering for Start Ups

At eMerchantBroker we specialize in setting up high risk businesses with providers of high risk merchant accounts. Because we’ve been in the industry for years, we know exactly which institutions are best suited to start ups – which have the best fee structures, which ones have the clients with the best business success rates, and so on. We can help you cut down the time it takes to find the right provider and get your account up and running so you can start focusing on what really matters to a start up: getting those sales!

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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