No Credit/Bad Credit? Is your bad credit haunting you?

Sep 27, 2013

scared-out-of-wits

Bad credit is nothing to mess with. It usually occurs when things go wrong in your life. A job ended without warning, or those that owe you could not pay. Needless to say, time and time again, you were unable to pay your bills. Things happen and you ruined your credit and took the sacrifice.

Now you are ready to try again. You’ve taken the plunge and you cleaned up what was out there on your credit report. But the horrible part is, those late payments and overdrafts and possibly a bankruptcy, will hang out on your report for up to ten years. The credit will begin to clean up in seven years, but the bankruptcy will continue to haunt you for ten years.

Trying to start over

With your aspirations of beginning again, this will be a detriment, but it’s not the end of your career. Your merchant account with bad credit can be obtained, but with some extra baggage. You likely will pay a fee for your high risk account, whether your business is in the high risk pool or not. Since you did the slow payments and had issues, now you will pay a little extra to start new. Your fees will be slightly higher than those of other similar accounts. Don’t dismay, at least they approved your account.

Of course you will

Begin searching the web for a merchant account that will meet the needs of your business. Then fill out their information on their page. Be honest with them, they will be checking.

Some of these high risk merchant services have banks that are overseas and they don’t have to play by the same rules that the land lover banking institutions do. So this eases up some of your credit woes. Meaning, they might be a little more lenient than what you expected. But, with the high risk account that you will have to have, your fees may be a little more. So be prepared, as they will be asking for a reserve amount that will be put into a sort of, Escrow account. This will happen for the next three to six months.

You will have to keep your payments on time and all of your bills paid. As long as your credit continues to be sparkly clean, they will continue to work with you.

When the bills are paid

After the trial period is over, your money sitting in that setback area will be returned to you in full. Make sure that it says that in your contract. Read all the fine print and follow the rules.

Is your nose clean

You’ve had a hard road to travel and now your six months is over. You accomplished a lot and got things rolling again. Congratulations on your new business and your merchant account. You followed the rules and found a merchant account with bad credit, and grew it into something wonderful. Isn’t that a wonderful feeling? You didn’t let things get you down and you fulfilled a goal. Nice work on your accomplishment and your 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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