Some small business owners got into serious financial problems due to the poor economic conditions several years ago. They may have had problems paying their financial obligations on time, missed payments, or even had to default on certain obligations simply because they could not afford the payments.
As a result, these financial issues have long-term consequences, which the business could still be experiencing today, even though the economy seems to be well on track to recovery.
Issues Facing Credit Repair Merchants Getting Processing
One such problem has to do with the credit scores and histories of small businesses. In some cases, not only do financial institutions look at the credit report of the business, but also the business’s owners. If you have poor credit, a low score, and other factors that are not favorable, it could make it difficult to establish and obtain new credit accounts.
In addition, your credit history also influences whether a bank or financial institution will provide merchant account services for your small business. Your credit is just one factor reviewed and, if it is bad, you are often denied a merchant account with that particular bank. In some cases, you may even have had a merchant account and received notice the provider was going to close it or discontinue certain types of card processing due to your bad credit.
The last thing your small business needs as it is recovering from the economic crisis is not being able to accept credit and debit card payments from your customers. Fortunately, there are credit card processing merchant accounts for businesses that have poor credit and which are taking steps to repair their credit.
The first step to ensuring your business will be able to accept debit and credit payments is to find a credit repair merchant account provider, like us, here at Leap Payments. We understand businesses struggled through the economic crisis and many hurt their previous impeccable credit ratings. Furthermore, we offer credit repair merchant accounts for new business owners and startups who may have poor personal credit histories and who are also recovering from personal financial problems.
What You Need to Know About A Credit Repair Merchant Account
There are several key things that will be reviewed when applying for a credit repair merchant account. Among these is the potential of the business to generate steady income while, at the same time, to have a reasonable amount of chargebacks within an acceptable ratio level, which is based on the total amount of anticipated credit and debit sales.
When underwriting the merchant account, this factor is also used to help determine the business’s processing volume limit cap on high-risk accounts. Once the business proves and establishes itself with several months of successful processing, then the business can request a higher processing volume limit. To apply for a credit repair merchant account with the best solutions to fit your business’s needs, call Leap Payments at (800) 993-6300 today!
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