Most newbie merchants struggle with credit card processing applications because they do not understand the process behind it. Complex terminologies often overwhelm first-time applicants, which is normal, but haphazardly sending applications at random will not land quality payment processing services.
Preparing the necessary documents and paperwork ahead of time increases your chances of qualifying for payment processing services. Bolster your application with all the data they need. Different processors have varying requirements, but they will typically ask for your name, credit score, tenure, cash flow, chargeback rates, business nature, and products/goods offered.
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Payment processors take on a significant risk when they process card payments. Many crooks attack under the guise of refunds. Direct and third-party processors typically avoid SMBs with high chargeback rates for this reason. Also, with the increasing cases of credit card fraud, processors have no choice but to tighten their screening process.
Don’t feel discouraged if your first few applications get rejected. Commercial processors have strict requirements that many modern-day businesses cannot meet—you’re not alone.
Keep looking for a payment processing plan that suits your needs. With the rise of third-party payment processors, you will not run out of options. Even the most high-risk businesses selling CBD products or offering financial services can secure a POS system.
Is it possible for SMBs with bad credit to qualify for payment processing services? Of course — and Processing Card can help! Read our quick solution for bad credit small business owners who want to process card payments.
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
