My divorce ruined my credit, how can I get a merchant account?

Nov 14, 2013

With the divorce rate at 50%, it’s not a surprise that you have come across some issues. We all have them, and there’s only one way to fix them; One step at a time.

You’ve come to notice that you could increase your income with debit and credit card processing through a merchant account. You know you have bad credit and you cringe from the embarrassment every time you think of it, but really there is only one trip to make here.

Start by filling out the application

Once you have found the bad credit merchant account you are looking for, you need to follow a few simple steps to clean up your act. Everyone realizes that it takes two to tango, and that means it took two to mess up the credit.

• Begin with your credit report. Find all the mishaps and contact those that you owe.

• Make payment arrangements.

• Begin making payments but only amounts that you can afford to make.

• Don’t overextend yourself. It will only make things worse and you already have worse.

Since you

Since you are working through a bad credit stretch, you may be asked to deal with a trial period. Not everyone has to do this, but likely you will. So, as you are now accepting credit and debit cards, 1% to 9% of each daily transaction will be put into a Reserve account. That amount is destined to sit there. For either three to six months, with a traditional Reserve, or if they give you a month-to-month Reserve….. you get it next month.

Either way, you probably will have some things to budget for. You don’t want to have a shortfall when you need the extra income, to begin with. Isn’t that why you wanted the merchant account to begin with?

As time goes by

As you clean up your credit and things are finally beginning to hum along prolifically, talk to your merchant account servicer. See if they are willing to negotiate with you and lower any of the rates that you are paying. Find out if you can be downgraded to high risk or maybe even all the way to a low-risk account. Things can look up and they can get better.

The divorce wasn’t easy and walking through bad credit isn’t either. Just know, that nothing is forever and you always have options. Just know, that no matter what is going on in your own life, make it a point to continue working on your credit. You know that the better your credit is, the more options in life you will have.

Take a deep breath

So, start at the beginning and take the baby steps that you need to, to correct things. Start with your credit report and work your way through it step by step. Call and make payment arrangements and begin the repairs that have gone awry. Good luck and don’t forget to follow through to finish what you started.


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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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