40 percent of businesses seeking a loan from a traditional lender, like a bank, are denied funding. Even companies with good credit can be denied if they are considered “high risk.” This means that high risk business with bad credit have very little chance to acquire traditional loans. Unfortunately, most business owners don’t understand how being classified as high risk can affect their ability to process customer payments and make money. Now there are a few online payment processors and lenders that specialize in giving high risk merchant accounts with instant approval.
If your business is related to the following industries it is considered high risk:
- Electronics
- Credit Repair
- Telecommunications
- Bad Credit Assistance
- eBooks
- Warranty
- Nutraceutical
- Technical Support
- Travel
- Gaming
- Airlines
Since high risk companies have a difficult time acquiring loans from credible lenders, they often turn to illegitimate or risky avenues for funding, or deal in only cash. Either of these solutions can be dangerous for their business and customers. To receive the best account management, high risk businesses must find credible third party payment processors and lenders who can navigate the waters of profitable high risk industries.
The biggest obstacle that high risk businesses face is access to fast and credible capital to fund their organizations. Online merchants like First American Merchant (FAM), can give small companies the ability to buy essential inventory, upgrade systems, hire employees, and increase marketing efforts.
The experienced merchants of FAM will get bad credit merchant accounts instant approval for small loans. They understand that certain industries have their ups and downs, and deserve the opportunity to offer their customers services like online shopping and check processing. FAM has helped thousands of high risk businesses start profitable merchant accounts, regardless of former bankruptcies, tax liens, or FICO scores.
If your business has been classified as high risk or suffers from bad credit, you need a lender that will provide quick services and instant cash approval in less than 72 hours.
Contact First American Merchant (FAM) for alternative business financing and working capital.
Call us at 1-888-785-6811 or click on the button below to start your application today.
