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Posted on May 18, 2020May 18, 2020 by admin

How To Get Merchant Services With Poor Credit

Poor Credit Merchant Services

Having poor credit is not rare for business owners. This is because they sometimes have to sacrifice their credit score in order to start up their company or save their business from a few slow months. Unfortunately, having bad credit can be a big problem for businesses that must accept credit cards to stay competitive.

This is because getting merchant services with a poor credit history is challenging as most banks and payment processors don’t issue the account to such business owners.

That being said, it is still possible to get a merchant account and there are some things that you can do to achieve this. Following are some tips that will help you in this regard:



Apply For Merchant Services At A Bank

If you have other positive accounts with your bank, then it is recommended that you ask your bank if it offers merchant services. Your bank may offer you a merchant service despite your bad credit score. Furthermore, you can expect to have your merchant account opened with lower fees and startup costs if you have other positive accounts with the bank.



Adding A Co-signer On Your Application

Another great way to get a merchant account with bad credit is to have someone with a good credit score act as a co-signer on your application for opening a merchant account. By doing this, you will allow the processor to consider the personal credit of the co-signer on the merchant account application, hence leading to guaranteed approval.



Rolling Reserve Account May Be An Answer

Allowing processors to impose rolling reserves account on your account can also help you get merchant services with poor credit. And the best thing about it is that once a good processing record is established, both of these stipulations get removed. However, keep in mind that if tax liens or collections are an issue or your personal credit is exceptionally poor, then rolling reserves and ACH delays may not be an option.



Apply for a High-Risk Merchant Account

High risk payment processors are specifically made for businesses that cannot get approval from most other financial institutions. So, no matter whether you have a bad credit score or your business belongs to a high-risk sector, a high-risk merchant account provider will support you. These payment processors have generous customer policies so your chances of approval are great. However, keep in mind that since you have bad credit, you will be charged a higher fee for the service.



Consider an Overseas Merchant Account

Opening an overseas merchant account is another viable solution. A lot of businesses with poor credit tend to open overseas merchant account because overseas merchant processors generally don’t pull credit reports. However, there are a few downsides of opening an overseas merchant account e.g. higher discount rates and processing fees. Apart from this, you also have to take currency restrictions, processing laws, and taxes into account. So, this solution should be used as a last resort.



Closing Thoughts

In conclusion, there are a number of ways to get a merchant account with bad credit. It is recommended that you choose the solution that best suits your preferences.



About The Author

Mark Sands

Mark Sands, co-founder of High Risk Merchant Account LLC, an authoritative expert in the high risk merchant account space. Mark has decades of experience in the payment industry & enjoys writing on entrepreneurial related topics.

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High Risk Merchant Account LLC

High Risk Merchant Account, LLC
High Risk Merchant Account, LLC
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Casey Scott
Casey Scott
17:03 30 Oct 18
Mark Sands helped me out tremendously. I would recommend him 100%. Saved my business!
Richard Williams
Richard Williams
14:30 28 Oct 18
I had an excellent experience with Mark at HRMA LLC; Mark's persistence and patience meant a lot to me; and happy to say, our company has a new merchant processing account and we're underway again! : )
Jay Larke
Jay Larke
13:48 29 Sep 18
We enjoyed working with Angela at HRMA-LLC! Our staff appreciated the personalized touch and tremendous help while working with them. We would recommend anyone with high risk merchant account needs reach out to Angela and the staff at HRMA-LLC.
Chris Fernandez
Chris Fernandez
23:33 02 Apr 18
Great overall experience with HRMA-LLC. Staff was extremely knowledgable through every step of the process. I would highly recommend them to anyone requiring merchant account services for their business. Thanks for all your help Tom!
James Collins
James Collins
09:47 11 Mar 15
High Risk Merchant Account LLC provides easy merchant account approval for high risk business.
Damon George
Damon George
20:34 27 Aug 14
I have contacted with them online and I have got quick response. Overall had a great experience.
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