How to Get a Merchant Account Approved for Your Penny Auction Website

Apr 29, 2014

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, providing 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 the 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 ensure that you are closer to getting approved for your penny auction merchant account in the future.


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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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