Bad Credit Merchant Account
A low credit score can make your life more complicated in many ways, including problems with opening a merchant account. There may be difficulties forcing us to go beyond our budget and cover unexpected expenses, which affects our credit scores. So, is it really possible to open a merchant account if you have a low credit score?
Why poor credit history may become a problem?
When applying for a merchant account with a domestic financial institution, you provide many different details about your businesses as well as your personal financial situation. The thing is that banks need to estimate the risks associated with opening a merchant account for you. During this process, they take lots of things into account. There might be difficult reasons why your credit score became low. Anyway, for banks, you do not look like a merchant who is able to manage his/her financial difficulties or avoid making risky decisions.
If you do not have enough funds on your merchant account or on your business’s bank account, the bank will have to cover your debts, such as chargebacks. That is why dealing with people with a low credit score is something that domestic financial institutions prefer to avoid. Another option that you may be offered is by paying too high fees for the services. All-in-all, you might have an excellent reputation, a long-running business, low-risk business, etc. Still, you won’t have another option rather than looking for an alternative to open a merchant account.
How can you open a merchant account with bad credit?
The low credit score should not be the reason that keeps you away from running your business. Still, you have an opportunity to open a merchant account even with bad credit. To do so, you need to consider some things.
First of all, it is important to think of how to increase your credit score. It will take you some time, but, eventually, you will be able to enjoy better financial deals. One of the options to pay the loans back without delays.
It is also possible to operate a business and get payments without opening a merchant account, for instance, if you use PayPal. Nevertheless, this solution is only suitable for small businesses or can be considered as a short-term option. The reason is a range of disadvantages that will affect the reputation of your business.
You definitely want to open a merchant account as soon as possible, especially, if you have prepared everything to launch your business. That is why you need to find a reliable merchant account provider. Yes, they exist and PaySpacelv is one of them.
Is it really beneficial to get a merchant account with bad credit?
We at PaySpacelv offer our services for different merchants, including those with a low credit score. Getting such a merchant account is usually more expensive than opting for a standard merchant account for low-risk businesses. Anyway, there are lots of benefits that you will be able to take advantage of, including the following:
- Reliable and secure payment solutions that allow accepting credit cards payments as well as a range of alternative payment methods;
- Several integration options;
- Operating in over 150 countries and accepting more than 80 currencies.
Moreover, we have a range of services allowing you to increase your business productiveness. For instance, one of the reasons why businesses experience financial problems is a high number of chargebacks or fraudulent actions. Thanks to PaySpacelv, you will be protected against scammers and you will be able to decrease the number of chargeback to a minimum.
How to open a merchant account with bad credit?
We cooperate with a range of reliable partners from all over the world, including offshore zones, which allows us to find the best solutions for merchants with bad credit history. In fact, getting an offshore account is something that many businesses even with excellent credit scores also often opt for. The reason is obvious – it allows them to reach customers residing in different countries and enjoy more favorable tax rates. It is also much easier to get an offshore merchant account thanks to less strict legislation applied in such economic zones, giving more freedom and opportunities for businesses to launch and expand.
Before you decide to open a merchant account with us, you definitely want to know more information about our services, such as how much it will cost you, how soon you will be able to get payments, etc. To give you answers to all of your questions, we need to know more information about your businesses.
There are several contact options that you can use in order to reach our customer support representatives, including phone, email, and an online contact form. You can also order a call back service if you wish. After we find out the necessary information about your business, we will offer you the best solution at a reasonable price.