I have already applied at a few different web terminals and keep getting denied. Yet my new company is doing well and needs to accept credit cards, then I can improve my creditworthiness! Catch -22!
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What can I do to establish a merchant account for my new business if my current credit is poor?!?
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3 Responses to “What can I do to establish a merchant account for my new business if my current credit is poor?!?”
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Rather than inquire online, go to some local banks in the area you live in. They may no lend you as much as you want, but I would bet with a good business plan, good sales and business history you could get some of the capital. There are also some private investment companies that may charge a higher rate but would provide you with what you want. I know several private investors that with a good plan and strategy will lend money. Let me know if I can help. I would love to if I can. No guarantees though.
believe it or not http://www.paypal.com has a decent system. if you want to "move up" a bit http://www.2checkout.com is better…you pay an upfront $49 fee, but the service is good.
There are a few things you can do to still get a merchant account. First, keep shopping around. Some processors are just picky. If that fails, find a "king for a day". Apply under a different owner (if you have multiple owners to your business) or see if a friend is willing to co-sign for you. Even if you have a low credit score, there are processors that will still accept you, but might apply whats called a "rolling reserve", and this will only be temporary.
That being said, I am a merchant account agent and am willing to take a look at your application and submit it to various processors to get it approved. Just hit the "Free Quote" button at ballisticmerchantservices.com and we can go from there.