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| *Loan,banking and credit>>>business credit |
I have bad credit, but want to accept credit cards in my small business? |
I asked a similar question before, and contacted an account executive at Transfirst with my question. He did not see a problem, sent me the application which I filled out and sent back, and was subsequently told that I "was accepted" to accept credit cards trough for Dial Pay. Three weeks I'm still waiting for my merchant id to be emailed to me. Every time I call I get another excuse. At this point in time, why doesn't he just own up and tell me that I was actually turned down? In general, you will be rejected for a merchant account if your credit score is below 620. Merchant Processing companies are financially responsible for all of your fees to MC and Visa, fund availability for refunds and chargebacks as well as your ability to deliver products. Because of this liability, processors are usually very diligent in doing background checks. I can't imagine why someone wouldn't just tell you that you have been turned down - it happens everyday. Very odd. Your credit score, background info, expected annual sales, expected average sale and type of business would play a big part in discovering what your best options are. Please feel free to contact me if you would like to trace down a solution. I do not see how having bad credit has anything to do with accepting credit cards at your business. I do not think that this is related to not getting and ID. you can opt for Paypal. They are the best in the business and you don't accrue any upfront fees for merchant account payments. They charge a percent from you payments. So it is easy to setup and you can start e-commerce almost instantly. |
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