Honesty is the best policy. If you’ve had problems in the past with chargebacks and/or bad credit is an issue, being honest about it can make a positive impression. The first step is to let them know that you are willing to step up to the plate and address those uncomfortable issues and remove any concerns that they may have about you.
Even after this effort, are you still having trouble with being declined? Don’t despair. There are many different processors and some are more lenient and willing to work with you than others. It all depends on what they consider you as. Part of your problem with being declined may be that you are considered “high risk”.
Fortunately, some processors specialize in very high risk accounts. Be cautious. Thoroughly do your research before choosing a high risk processor. Because high risk processors are sometimes located offshore, they may charge significantly higher fees.
A merchant cash advance is different from a commercial business loan in that it is a sales transaction; therefore, there is no need to report them on credit reports. In addition, there is no collateral required, unlike a business loan. One of the biggest benefits of a merchant cash advance is that it is based on your business’ performance, not on your personal credit, time in business, or your financials.
Bad credit, strict credit requirements, complicated contracts and extensive documentation can make it difficult if not impossible to receive such funding. With 1st American Merchant Funding, you can not only receive a small business cash advance regardless of having bad credit, but they also specialize in high risk accounts.
With 1st American Merchant Funding, credit scores below 500 are approved and you can expect your funds to be available within 72 hours from application. Don’t let bad credit stand in your way, find the processor who can not only work with you but also offer you an advance without the high fees.
For a small business cash advance regardless of bad credit contact us today!
