Get Approved for a Merchant Account with These Tips
September 17, 2015 by admin
Filed under Business Services, Merchant Accounts
If you’re one of the many businesses contemplating an online component to your efforts, you might be surprised to find that merchant account providers consider you part of the high risk pool of applicants. A string of fly-by-night businesses has taught the industry to be more considerate throughout the underwriting process, which has made it harder for some businesses to accept electronic transactions. However, this does not apply across the board and there are tricks you can do to create favorable odds for approval.
Time is On Your Side
The first tip applies to those who are looking to create an online component for an existing brick and mortar store. The longer you have been in business, the more a merchant account provider perceives that you’re serious and possess an understanding of how to run your business.
Good Credit Always Helps
Obtain your annual credit report and dispute any charges that seem unfamiliar in any way. These charges are often simple mistakes, but they can hurt your credit if you’re not vigilant. You can also write to Equifax, Experian and Trans Union to ask for removal of particular items from your report if the matter has already been closed.
Show a Willingness to Pay More
At the end of the day, if securing the merchant account means successfully scaling your business then you have to weigh the pros with the cons. It’s very likely that your business in the high-risk pool will pay more in fees for the same basic services others in the low-risk pool get for less. Paying higher rates will help you get the account and get you started. Once you’ve shown some history, you can re-negotiate for lower rates.
Bio: Firoz Patel is the innovative and resourceful CEO of AlertPay Inc., founded in 2005. Firoz Patel currently oversees the development of the Payza platform, and resides in the Montreal area of Quebec.
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