So you have come to the decision that you would like to start up a penny auction website. Now that you have made this decision you will need to set up your penny auction merchant account as one of the first steps in order to start taking payments from your new potential customers. There are some companies that will help you to set up your website with the necessary tools that you will need in order to get your penny website auction up and running.
These tools include things like setting up your auction site, making sure that things are working correctly on the technical end of your site, provide your site with daily backup and even how you can market your new penny auction website. However, one thing they won’t provide you with is a penny auction merchant account.
When it comes to approval for your penny auction merchant account you may feel slightly intimidated by the process and this is especially true if it is your first time using an online marketplace. Because merchant processors have to assume risk when it comes to providing merchant accounts they have an approval process. These risks include things like chargebacks.
First you will want to check to make sure you have a positive credit rating. If you have bankruptcy, late payments or late liens on your credit report then you will want to make sure that you have them removed before starting to apply for your penny auction merchant account. It will also help you to be honest about any merchant accounts, bankruptcies or liens that you have had in the past. It will also help you if you agree to pay higher fees or are willing to be accommodating to any special account requirements the merchant account has.
Make yourself familiar with any fees as well so that you are aware of what you are agreeing to pay before you finalize your penny auction merchant account. By following these tips you can help insure that you are closer to getting approved for your penny auction merchant account in the future.