Most people are familiar with credit scores, and why they’re important. One aspect that’s often overlooked, however, is how critical they are for the small business in need of a loan. Very few startups are lucky enough to be able to thrive and grow off a little investment from a venture firm or equity investor. The majority must rely on debt to expand or to fund their working capital.
While it’s true that lenders weigh credit scores differently, every one of them – including alternative lenders – will consider your credit score for evaluation purposes. Depending on the lender, your credit score could be the primary reason you were turned down. Small business owners, unlike large corporations, are also evaluated on their years in business, annual revenues and collateral.
And what about the business owner already struggling with bad credit? After all, not every business venture is successful. The bad credit it leaves you with can drastically affect your future endeavors. Trying to launch a startup with bad credit can feel next to impossible.
Bad Credit Merchant Account
With so many variables out of your control, business ventures don’t always work out. If you have lingering bad credit from a prior venture or you’ve filed for bankruptcy, there are still options available to you. The source just may not be what you initially expected.
Banks will turn you away, it’s true. But a high-risk specialist – like eMerchantBroker – has years of experience in working with merchants that are struggling with bad credit. Their services are specifically tailored to meet your needs. They are willing to help you, regardless of your FICO score, tax liens, bankruptcies or previous processing history. You can even receive help in being removed from the TMF list, the “black list” for Visa and MasterCard accepting merchants.
In fact, a bad credit merchant account or a business cash advance with EMB allows merchants to actually build their personal and business credit. You can be approved for a bad credit merchant account in as little as 24 hours. The application process is known for being simple, fast and hassle-free.
Another great benefit is the team of experienced staff that are there to help you with the ins-and-outs of your business type. Merchants can take advantage of a large network of agents, support staff and EMB’s strategic partnerships. The wide range of merchant services includes not only a merchant account, but also chargeback prevention programs, iCheck (EMB’s immediate payments from check-based transactions) and business funding options.
Don’t let the past hold you back from future business endeavors. For more information on how a bad credit merchant account can help you get back on your feet, contact our team today.