Finding the Best Merchant Account for a Start Up Business

 

credit card processing for new business

 

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.

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Start Up Business Merchant Account

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!