Unfortunately, financial mistakes can follow anyone for a long time and prevent them from making business decisions even a decade or more later. One of these mistakes is letting a credit score drop to the point that investors don’t feel safe lending money. Bad credit can affect many aspects of a small business–not the least of which is its ability to get an online merchant account.
If you’re wondering how to get a merchant account with bad credit, it’s essential to know why these accounts are important in the first place and what you can do to improve your chances of getting one.
What is an online merchant account?
An online merchant account is an account you open with a payment processor to process your customers’ transactions on your online store. In order to accept any forms of payment online, you need an online merchant account.
Consider that during the coronavirus quarantine, far fewer people are conducting business through face-to-face interactions. These consumers are relying almost exclusively on online payment processing to get their products and services. This means that if you don’t have an online merchant account, it is crucial to start considering that, in order to stay relevant in the 2020s, an online merchant account is a necessary addition to your business model.
How to get a merchant account with bad credit
The necessity of having an online merchant account during the lockdown and after means that those with a shaky financial history are at risk for falling even further behind the times. This is especially true for those with a bankruptcy on their record within the last ten years, which may raise an underwriter’s eyebrow when they’re considering them for approval of an online merchant account.
If you’re wondering how to get a merchant account with bad credit, you have several options available to you. One option is to agree to pay higher rates. Another option is to agree to onerous restrictions on your account. And, of course, the best option it to find a merchant account provider (such as Charge.com) that provides merchant accounts even to merchants with bad credit (or no credit), while still offering exceptionally low rates.
If you’re wondering how to get a merchant account with bad credit, you’re probably concerned that a lack of online features is holding back your small business, especially during quarantine when customers have deemphasized face to face transactions.
You have options in terms of finding a merchant account provider that will work with you and your business even if you have a bad credit score. Be sure to shop around to different online merchant account vendors to find the best rates for you.
Contact Charge.com at (888) 924-2743 to review your options for merchant services.