A bad credit merchant account gives companies the opportunity to obtain payment processing even when their credit score is not ideal. If you are a new business or have a low personal credit score, you may have difficulty finding a merchant account. Nonetheless, high risk payment processors have custom solutions for bad credit merchants.
To get a merchant account with bad credit you’ll want to find a company that has a lower threshold for onboarding accounts. Likely, these will be high risk merchant account providers that can review your situation and help you get the credit card processing you need for your business. Follow these steps if you have a low credit score and want a sustainable solution:
Every payment processor has their own rules when it comes to the credit score they allow. Often, they look at the same general standards banks use when deciding on how much to make a loan for. These range from poor credit at 300-579 to fair at 580-669 and good at 670-739.
If you’re not sure what your credit score is or if you have bad credit, then be sure to talk to a high risk merchant account team. They will walk you through each step of the process to see if your specific situation can be boarded. Depending on how long your company has been processing, how much revenue you earn, and the industry you’re in, there will be different ways the merchant account team can get it approved.