Denied for a merchant account because of bad credit?
This is not an uncommon occurrence. Banks and processors place high value on credit scores. If the owner of a business has a low credit score, they are considered a high risk merchant. However, this is not the end of the road for a business owner with bad credit. Limitless is vastly experienced in these difficult cases, and can help match merchants who have bad personal credit with the right processors for a high risk merchant account.
The personal credit of a small business owner affects their chances of getting approved for a merchant account because the owner is seen as the representative of the company. If the merchant has a low credit score, processors will see it as a high risk and not want to approve them for a merchant account. Conventional merchant accounts have lower charges for customers, but they do not have protections to prevent and cover significant losses for the processors/banks. That is why traditional merchant account processors often will not approve a merchant that they consider a high risk. Merchants with bad credit should apply for a high risk merchant account instead.
Limitless specializes in getting merchants with bad credit scores approved for high risk merchant accounts. We can help match you with the best processor for your industry and unique situation. Do not waste time continually applying for one processor after another when we can help match you with the right processor to begin with. If you’re looking for how to get a merchant account with bad credit, we are committed to getting our customers approved and processing as quick as possible.
If you are a merchant with poor personal credit, call us at (516) 384-6655 or use the easy apply now form on this page to get started!