February 25, 2009
What can I do to establish a merchant account for my new business if my current credit is poor?
mom2hac asked:
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!
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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Comments on What can I do to establish a merchant account for my new business if my current credit is poor?
believe it or not has a decent system. if you want to “move up” a bit is better…you pay an upfront $49 fee, but the service is good.
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.
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.