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Getting A Merchant Account With Bad Credit is a vital part of any modern business that is considered high risk. Customers expect the option to buy products online, and you need a reliable payment gateway to offer them safe online transactions.
However, bad credit can make it tough to find a merchant account provider who can fit your needs. Read the tips below to get started with a bad credit merchant account instant approval.
Your credit score is a number that represents how reliable you are when it comes to paying your bills. It’s calculated using information about your credit history, including bills you’ve paid, the debt you’ve taken on, and how long you’ve been using credit. Lending companies will use this score to determine how reliable you are, and what kind of terms to offer you for loans, credit cards, and more.
Since this score reflects how you’ve made payments in the past, bad credit makes it harder to find a merchant account provider.
A score under 580 is considered poor by credit bureaus, and having a poor score means you’ll need to seek out a bad credit merchant account. This categorization makes it harder to get approved by a traditional bank.
A business owner with a poor credit score is usually categorized as a high-risk merchant. Some businesses may be considered high-risk merchants because of the type of business they have, such as the adult industry, vapes and e-cigs, or multi-level marketing.
If you’re in this situation, you may struggle to get approved for a traditional merchant account. Providers that offer processing services for high-risk merchants are a better fit for those with bad credit.
A credit review is a part of any merchant account application. However, you can do yourself a favor by seeking out bad credit merchant account providers that will take other factors into account.
When you apply for this kind of high-risk merchant account, you won’t be rejected just for your bad credit.
High Risk Pay’s underwriters will review your credit card processing history, website quality, and bank statements in addition to your credit score.
You can increase your chances of approval by having money in your business bank account and paying off debts before applying.
A merchant account is a vital part of running any business. The ability to accept credit cards will open your business up to many more customers, and provide the opportunity for online payment processing that can expand your customer base.
Our payment solutions can help you strengthen your company and draw in more customers.
Getting a merchant account with bad credit might seem impossible, especially if you’ve already been rejected by other payment processing companies. If you still need a way to accept credit cards, try applying for bad merchant accounts.
If you’re worried about your personal credit affecting your chances to open a merchant account, consider trying a provider that will offer you instant approval for your bad credit account.
High Risk Pay offers bad credit merchant account instant approval. You can get access to our merchant services as soon as you’re approved, which takes between 24 hours and 48 hours.
You won’t have to wait for days as a traditional payment processor decides whether to give your application the stamp of approval. Instead, you can start processing credit cards as soon as you get account approval.
Your personal credit history doesn’t necessarily have to affect your business. If you’re ready to start a company but are facing challenges because of your low personal credit, there are options that allow you to build up your business credit.
Business credit is based on your payment history as a business, along with how long you’ve been established as a company.
If you want to keep your business and personal credit separate, start by getting an Employer Identification Number (EIN). You can use this number when you’re applying for loans related to your business.
The number can also be used to sign up for business credit cards. If your bad personal credit might keep you from getting approved, you can try for a secured business credit card instead.
You can also apply for a small working capital loan to build up your history. Business credit is heavily weighted toward payment history, so this will be very helpful in the long term.
You can build up your company’s credit even if your personal credit doesn’t look great. Building up your personal credit is always a good idea, but it can take longer since your credit history is likely longer.
Your EIN isn’t connected to your personal credit at all, and you can use it to build up your business credit and get better opportunities.
You can also check-in with credit bureaus like Equifax and Experian Business to see how your company is doing and to check for any errors. Banks will look to these companies to determine the kinds of loans and interest rates to offer your company.
Before you build up your credit, you’re still eligible for bad credit merchant accounts—these accounts will make sure you can still charge credit cards and keep up with modern demands.
A high-risk merchant account is designed to cater to people that other account providers might consider high risk.
High-risk businesses may sell controversial items or services like medical marijuana, process large volumes of transactions, or be owned by someone with bad personal credit.
Our payment processing services come with a chargeback prevention program. Chargebacks can be a nuisance to any company, especially small businesses.
Prevention is key to keeping your merchant accounts in good standing. We can help you reach more customers, no matter what your credit score is.
If you’re ready to open a high-risk merchant account and get started on your application, contact us at High Risk Pay today.