Applying for a high risk merchant account is easier said than done. Here are a few tips to help you find the best merchant service to suit your business:
Fix your finances
Risk is a huge issue for merchant processors, says TopTenReviews. The signer on the account should have a good personal credit history. If you have a bad one with a history of credit card debt and unpaid loans, then your application for a merchant account will more than likely be denied. Instead, people who sign for the business should have good credit histories to help ensure a favorable outcome.
If you still have personal or business tax liens, these could get in the way of getting that merchant account approved. Make sure to put these issues to rest before you start applying for an account.
Skip the bank
Banks are more than likely to turn down your account application if your business falls under the prohibited type. However, with plenty of merchant services out there, you won’t have a problem finding the right one. Do your homework and look for high risk merchant account providers with solid years of experience in the field, a trained staff and a reputation for being trustworthy.
Don’t get on the MATCH list
This works like a blacklist of merchant processors. If you’re on that list, that’s going to put all your future applications for a merchant account to an end. You’ll want to resolve any merchant accounts under your name so you don’t leave outstanding fees or bills behind.
Before you even think about applying for a merchant account, take a long look at your finances. Assess your financial stability and credit standing. Be sure you aren’t leaving any outstanding debts behind. Once you’ve tied up these loose ends and are certain that you are in the clear, that’s the best time to apply.