Dave Thomas recently wrote this article about how companies that have bad credit can get credit card processing services- also know as high risk merchant services. His are the best parts of his advice below:
1. Have an answer for your credit score. It is important before you search for a merchant account provider that you detail your credit history and have answers to explain your credit history.
2. Find a good high risk merchant service provider – Research 4 to 6 companeis that have a history being able to get businesses and people with poor credit card history approved. Really, if you find 3 that is probably enough to make an informed decision on your custom merchant service quote.
3. “Know the merchant fees and services – Just like you should review any business agreement you consider going into, make sure with each merchant account provider that you assess their fees, look for any hidden charges, terms of contract, etc.” Use a tool like the merchant services rates calculator so you know how much you are paying and how much you are saving by using one merchant provider vs. another one.
