How to Get a Small Business Credit Card For A New Business

May 29, 2015

When you have a small business, credit is just as important as if you are an individual. Usually, new businesses don’t have the capital to fund all of their ventures and expenses. Therefore they turn to banks and other credit services to provide credit cards for expenses. Since business owners are discouraged from using their personal credit cards for business expenses, small businesses are encouraged to obtain their own line of credit.

Getting a business credit card may seem like a bad idea, but it actually can help you if it is handled well. It can simplify business operations, provide bonus awards, and keep track of your business expenses. The following are a few ways for small businesses to get their own credit cards.

In order to obtain the best credit card for your business, check your personal credit score. Creditors may look at your score to determine if you’ll be able to pay back your company’s debts. If your personal credit is shot, banks are less likely to think you’ll be capable of keeping a business’ credit pristine. Generally, individuals with personal credit scores of over 700 will be approved for company credit cards.

Another good way to obtain a credit card is to register your business with the state. You’ll have to do this anyway, but becoming officially recognized by the state will give your business more credibility. Once you’ve registered your business, you can begin the process of filling out the credit card application. This includes basic information like the owner’s name, business address, employer identification number, etc. As time goes by, your business will hopefully build a positive financial history and gain access to additional lines of credit that will allow it to make bigger purchases that will move the business forward.

Once you’ve obtained the business credit card, limit the people who have access to it. This is to avoid instances of fraud and to keep employees from mixing business and personal transactions. Putting personal transactions on company cards could get you into trouble with the IRS.

Getting a small business credit card for your company can help new owners in a number of ways. It will help manage funds, give the company credibility, and may even allow for more lines of credit that will give the company more flexibility in purchases that will help it grow. High risk merchants often have a difficult time securing credit cards. High risk merchant account managers like, can offer them small business loans to give their companies a boost forward.

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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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