If you run a business and deal in cash or checks only, then this is fine if it works well for your business. However, if you want to expand your business and grow your customer base then you will need to increase your customer payment options, which will allow your customers the choice for how they choose to pay for the goods and services that you provide, with either cash or credit and debit cards.
The merchant company you choose will have their own conditions they will require you to meet, before they will accept you as a potential client. The factors they check are if you are a high-risk business or you are high risk because of a problem with your credit history.
If you have bad credit and worry this will affect your choices then it is important that you choose a high-risk merchant provider, they are more likely to accept a high-risk business.
There are bad credit merchant accounts with instant approval available; you just have to find the right merchant provider for you. If you are able to repair your credit file before applying it is possible to get a merchant provider to give you a better discount rate. The discount rate is the amount you must pay each time your customer’s swipe their card, regardless of the amount charged.
Getting a great discount rate is possible; you could even ask if it is possible to reduce it after a few months trading.
The difficulty lies if your bad credit history involves a bankruptcy order; this can stay on a file for 10 years and while it is not impossible to find a merchant provider who might take on and provide you with a merchant account, they are going to charge you a high discount price.
Therefore, if you are looking to grow and expand your business from a cash only to accepting debit and credit card, it could take your business to the next level.
You can get a Bad Credit Merchant Account with Instant Approval from First American Merchant Today!