Why Your Credit Rating Shouldn’t Matter When Applying for a Merchant Account

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ewdwqWhen running an online business, accepting payment via credit card is usually standard. No matter which type of business you run online, in order for customers to safely purchase goods and services from you, you will need to be set up in order to accept credit card payments. In order to process these credit card payments made to your company, it is vital that you have a merchant credit card processing service. Since you’ll be able to find countless different processing services out there, making the right decision for your business is crucial.

Getting Accepted

When setting up your business’ website to accept credit card payments, one of the first things that you will need to consider is finding a merchant processing service which accepts your application. It’s important to note that processing companies do not always accept every single application, therefore having an idea of the criteria that you’ll need to fit in order to be accepted can help you to avoid this issue when applying. Certain providers will run extensive credit checks, and others will accept or decline applications depending on the type of business which you run. Others, such as UltimateMerchantProviders, take on ‘high risk’ customers.

Is Credit Score Important?

Having a good credit rating can certainly help to get you accepted by a merchant processing service faster, but be aware that this factor is not often the only thing looked at on applications. In fact, it’s not uncommon for processing services to turn applications down based on the nature of the business or other factors, regardless of the company or owner’s immaculate credit report. Because of this, credit rating does not matter as much as many believe it does when applying for a merchant account. Instead, making sure that you research beforehand and choose a merchant processing service which fits all of your requirements and vice versa will put you in with a better chance.

Very Bad Credit Solutions

If you have very bad credit, for example if you have been declared bankrupt in the past or taken to court over borrowed money, it can be a little more difficult to open a merchant account and be accepted by a processing service. However, with the vast amount of credit card merchant services available to business owners with both good and bad credit, it is becoming increasingly easier for those with a very poor credit rating to start accepting credit cards on their business website. This is mainly thanks to high risk merchant providers, who tend to take on clients that pose a higher risk due to credit rating or other factors. Along with that, business owners with poor credit should also note that they do not need to have their own merchant account to process credit card payments, instead allowing the provider to handle this for you – something that tends to work better for those with poor and bad credit ratings.

Accepting credit card payments is crucial to any modern business, and there are plenty of options available.

Published by Kidal Delonix (763 Posts)

Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.

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