Have you been rejected by a credit card processor? Do you need to get your bad credit merchant account approved quickly? What to do to get instant approval for a bad credit merchant account? This article will tell you about bad credit merchant accounts and how you can get approved instantly.
Need a Bad Credit Merchant Account?
To accept credit cards from your customers, you’ll need to open a merchant account. Credit card processors charge a fee to accept payment transactions and connect transactions with your business checking account.
Hardly any business would avoid getting things up and running as quickly as possible. So, it’s no surprise that the promise of an instant merchant account approval is an appealing one.
Each processor approves business owners for a merchant account based on different criteria. When you apply for a merchant account, your credit is usually checked. As a rule, traditional banks and processors aren’t usually willing to work with bad credit merchants. Bad credit businesses already have poor credit and low FICO scores.
If you have bad credit, you’re a high risk merchant. Why is your business generally classified as high risk? Here are the main reasons:
- You have been tabbed as a terminated merchant or (TMF) by banks in the past
- Your industry deals with high chargeback rates
- You have a bad credit history
- Your online business has to do with large transactions
- The industry you’re in has a bad reputation
- You are an international merchant or your business is in countries with high chargeback risks
As for chargebacks, these are the most common reason to be labeled as high risk. To ensure the rates are low, it’s important to figure out a business’ chargeback ratio. How can you calculate your chargeback ratio? The number of transactions should be divided by the number of monthly transactions.
If you’re a bad credit business owner you’d better be well prepared for an underwriter’s review.
EMB’s Instant Approval for a Bad Credit Merchant Account
Have you decided to turn to a merchant account provider that offers an instant approval for a bad credit merchant account? Be cautious. You can’t trust everyone. Look for a reputable credit card processing company that can guarantee instant approval for your merchant with bad credit.
In fact, some merchant account approvals take weeks. However, based on the below-mentioned components, instant approval for your merchant account can be quite possible indeed. The components are:
- High credit score
- Funds in the bank
- Fully functional website
- Your industry
- Your bank
- Valid identification
- Complete list of documents
Since traditional banks and financial institutions prefer to stay away from high risk businesses, you should turn to a respectable high risk merchant processor like eMerchantBroker.com. EMB is voted the nation’s #1 high risk credit card processing company and has an A+ rating with the BBB. In addition, EMB carries an A rating with Card Payment Options and has helped thousands of hard-to-approve merchants get the best deal for their businesses.
eMerchantBroker is ready to work with you, a high risk but a legitimate business owner. All you need is to fill out EMB’s quick, online application and get approval within 24 to 48 hours.
eMerchantBroker doesn’t decline accounts for bad credit. EMB understands that there’s more involved with a merchant account approval than just credit. EMB offers online merchant applications with instant approvals.
With eMerchantBroker.com, you can get personalized payment solutions that allow bad credit merchants to succeed. After you get approval, EMB can get you chargeback management tools, as well as a payment gateway, and fraud prevention solutions. Getting instant approval for your bad credit merchant account is without any challenges with EMB.
What Is Required to Submit?
What should you provide when applying for a bad credit merchant account?
- 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%
With eMerchantBroker, you can enjoy:
- No application fees
- Competitive rates
- No VISA/MasterCard required
- Multiple secure payment gateway options (including EMB’s own)
- Low rates and fees
To get approved for a merchant account in 24 hours, just call 1-800-621-4893.
Merchant accounts are necessary for businesses if they want to accept credit/debit card payments from customers. Thanks to a reliable processor that offers instant approval for merchant accounts, you can start growing your business easily.