Aug 29, 2014

Merchant Solutions For Adult Merchants With Bad Credit

bad-credit-loansHaving facilities that allow your customers to pay for goods and services is vital. However, if you run a high risk business and you have bad credit what are the chances of getting a merchant account? It is still possible to obtain a merchant account provider in these circumstances, it will mean turning to high-risk providers, but there are plenty of options open to you as a business.

Companies that provide a service to an exclusive adult only market, itself poses as a high-risk business and is typical for many merchant providers to refuse an application based on the risk involved.

Couple this type of business with a bad credit rating and it might seem an impossible feat, however, you do have options. Finding a high-risk adult merchant account with a company that specializes in this field is important. One option to consider is to repair your own credit rating before embarking on a business venture to ensure you get the best deals possible.

It is also possible to obtain a merchant provider that will take the risk of a person with a bad credit, too. It depends on the company you own and if the merchant account provider needs information about the business owner’s credit history. A limited company doesn’t require the credit file of the owner to allow an application to progress. However, if the business has a bad credit file then it will require a high-risk merchant account to consider the application.

Many adult only business opportunities fall under the category of high-risk, from dating websites, sex toys to adult only content sites. If you have a great chargeback rate, then obtaining a high-risk merchant account is straightforward.

Even if you are looking to secure a high-risk adult merchant account, it is still possible to find a great deal with competitive rates and secure payment gateways.

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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 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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