America is on the mend, even with the recent government shutdown, we will struggle our way back to a healthy and stable infrastructure. Our knowledge of the economic crash is fresh on our minds. Those that lost their homes are healing and ready to be homeowners again. Businesses that closed have people with dreams that never went away, and are wanting to start over again.
Banks and lending institutions retreated after the crash, and money to get things done became almost impossible. If your credit score is under 700, opportunities for borrowing will not be impossible, but difficult. If you have spent the last three to four years raising your credit score by over 100 points, then they will look forward to working with you.
Bad credit merchant account
If you have had bad credit in the past, it’s time to get that further in the past, so you can move forward with your business. To get a merchant account with bad credit, you just need to begin straightening your credit out.
• Begin by finding out what is on your credit report.
• Start calling those to whom you owe money. If you can pay them off, do so. Make arrangements for payments that you can afford. That will begin a positive report on payments to those accounts.
• Follow through with them, and ask that they begin reporting a positive payment method as soon as possible.
• Then begin negotiations with your merchant servicer and work out a deal for your account.
Your moving on
You may be put on a trial period for a little longer than most accounts. That’s ok, for when it’s all over; you will be stronger for it. Be prepared for a portion of your credit card purchases to be set aside while you are on your trial period. In the end, your money will be returned to you in full. It will sit in a reserve account, until such time as it gets placed in an account, designated by you.
It may be some extra work
With that little extra work, you can build your business again. It won’t be easy for a while, and with those extra baby steps and healing of your credit, you can raise your head up high again. A new business is just around the corner.
A bad credit merchant account won’t stay in that category for long. You can negotiate and be diligent about taking care of what you have. It was horrible when the economy crashed. A lot of people and businesses suffered, but we are strong and brave! Our country will survive and so will you. Take the steps to recovery and don’t give in to a few failures. You will have places to look and frustrations to deal with.
Hold tight to your dream and don’t let it go. Know in your heart it is worth all the worry and struggle. It’s yours to have again. Keep going and good luck.