There’s no credit-card acceptance from your customers without a merchant account. What if your credit isn’t good? Well, this will create problems for you, but not everything is lost. You can still apply to a respectable provider to get a bad credit merchant account to grow your business. Let’s see how you can obtain one even if your credit is away from being good.
When Applying for a Poor Credit Merchant Account
First of all, be aware that you need to pay a fee to your merchant processor for credit card transactions. Approval criteria differ from provider to provider.
Here’s what to pay special attention to:
- The discount rate you’ll be charged for credit card processing is based on your credit
- Lower discount rate suggests keeping more money for each transaction
- Having a bankruptcy on your credit report means getting a rejection from many merchant processors
- Opening a merchant account overseas of the options for those with bad credit
- Traditional banks and financial institutions shy away from bad credit merchants
- Alternative providers don’t have a problem working with bad credit merchants; however, you should find a reputable provider in your field.
Getting a Bad Credit Merchant Account With Ease
Experian says that scores ranging from 300 to 600 won’t give you easy access to good lending opportunities. The FICO Scores are between 300 and 850. A very poor credit score is between 300 and 579, and a fair credit score is between 580 and 669.
If you think obtaining a merchant account with bad credit is daunting, you’re not right. There’re respectable alternative providers like FirstAmericanMerchant.com that’re willing to work with your type of business. FAM is an award-winning alternative online lender and processor that specializes in high risk merchant accounts and high risk business funding.
With FirstAmericanMerchant.com, you can get your approval within 24-48 hours. Once approved, FAM can set up exceptional chargeback management tools, a payment gateway, and unique fraud filters. FAM will approve you for credit card processing regardless of your credit history.
No one says bad credit is good. However, it can never be a problem if you work with the right merchant processing specialist. There’re reliable credit card processing companies for business owners with poor credit.Get Started Now