Your Business Plan Regardless of Bad Credit

Jun 20, 2018

Do you have an amazing idea for a small business based on a promising market opportunity? Can’t you get started because of poor credit? How can you get the necessary funds? How can you open a merchant account bad credit?

No worries. Just read below and you’ll know how you can get the best for your business needs, even if you have a bad credit score.

When You Have Bad Credit

Is your credit in such a bad shape that you don’t think you have chances of getting approved for business funding or a merchant account? The larger the business, the more financing will be required to grow. If you have a credit history that’s far from being good, you can still start a new business and accept credit cards. For this:

  • Formulate a Business Plan

A thoroughly-thought plan is necessary for any type of business. It should be based on the type of business desired, product/service you offer, marketing to new customers, and management. You can turn to a financial counselor, who specializes in business startups, and get help concerning the development of your business plan.

Also, the counselor will tell you what financial resources you can get access to, meaning business loans. Moreover, he/she can also guide you through the process of a business name selection. This refers also to an employee identification number, state filing of paperwork, and licensing.

  • Check Your Credit

Get the copies of your credit reports and your credit scores. Take the time to review and see whether the report is indeed accurate. Make sure to correct mistakes due to the credit bureau guidelines to amend that information.

Experian, one of the three major credit reporting bureaus, reports that consumers’ credit scores mostly range from 600 to 750. Scores between 700 and more speak of good credit management. If you have a score that’s less than 600, you’ll be required to pay more for a loan if you’re, of course, eligible for it.

  • Take Measures to Fix Your Credit

In case you currently have debt on credit cards, you’d better make a plan to get pay it off. If you’re making your monthly repayments, your credit score won’t get worse. However, if you apply for something new and get rejected, as well as if you’re late on your repayment dates, your credit will become worse.

  • Review Your Assets

Do you have a business plan on hand and a clear image of the amount you’ll need to launch your business? Well, start reviewing your assets to figure out what you can tap to start your business. You can use your bank accounts, or retirement plans, as well as home equity, if necessary, to fund your small business. There’re lenders who will offer a lower interest rate on loans if you use your home as collateral.

However, you can also get business funding without collateral. Alternative online lenders are the very source that can get you funds without a collateral. Only, you should find the right one to turn to since there’s a proliferation of alternative online lenders in the industry nowadays. With a true professional in the field, you can get approved for funding with ease.

The same is also true of merchant accounts. With a reputable payment processor that specializes in the high risk sector, getting approved for a merchant account bad credit won’t be an issue.

Consider turning to, the nation’s #1 high risk processor. With EMB, an award-winning payment processor and alternative online lender, you can enjoy the lowest rates and the best terms in the industry. is rated A+ by the BBB and A by Card Payment Options.

eMerchantBroker specializes in the high risk field and has years of experience working with bad credit merchants. EMB has helped thousands of high risk merchants get the best deal for their business, including a merchant account with bad credit. talks to every merchant so to provide the right merchant services tailored to his/her own business needs.

This type of lenders and processors is especially appealing to small businesses without a stellar financial history. The thing is that alternative online lenders and processors have less stringent approval requirements. You can fill in an online application and receive approval decisions in a matter of hours. Funding or approval for a merchant account can be provided sooner than you could imagine.

Let us help you get a high risk merchant account today!

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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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