High Risk Bad Credit Merchant Account?
Merchant accounts for those who have a credit score of 580 or less and apply for payment processing through a bank are referred to as bad credit merchant accounts. This implies that submitting an application on your own, without the assistance of a professional in the sector, significantly reduces your chances of being accepted. Essentially, a bad credit merchant account is a merchant account for a business owner who has low or bad credit, as measured by their FICO score, for a variety of reasons. When deciding whether or not to accept a business for a low-risk merchant account, banks, creditors, and underwriters all take your credit score into account to a significant extent. When a company owner has weak or terrible credit, the merchant is regarded to be in need of a high-risk credit card processor, according to industry standards. A bad credit merchant account with a reputable high risk payment processing provider such as Connected.co will be required if the business plans to take debit or credit cards from customers.
What Is The TMF List?
The Terminated Merchant File, also known as the TMF list or the MATCH list (Member Alert To Control High Risk), is a type of 'detention' for merchants that is similar to a 'detention facility'. It is the most severe punishment for excessive chargebacks, non-payment, or fraud, among other things. To be removed off the TMF list is not simple, and it might take up to five years to complete the process.
Open A Bad Credit Merchant Account
Generally, a firm that requires a negative credit merchant account is considered to be of high risk. That being said, having a high-risk firm, regardless of the reasons for doing so, can make it incredibly difficult to locate a dependable credit card processor.
You require the services of a seasoned payment processing business such as Connected.co. We specialize in the creation of high-risk merchant accounts, ecommerce, and online businesses that are only engaged in the business of accepting credit cards online.
Payment Processing For Bad Credit Businesses
When your FICO score is poor or you have a bankruptcy on your credit history, you are immediately classified as a high-risk candidate. This is due to the fact that your credit report is such an important aspect in determining whether or not a bank would cooperate with you. There are more than 90 mil people in the USA who have poor credit ratings at this time. As a result, there can only be one interpretation. There are legitimate options for obtaining a merchant account while having poor credit.
Your bank's credit card processor will treat your negative credit merchant account in the same way as a short-term loan would. This implies that any problems that arise as a result of payments being returned or cancelled will rest entirely on your shoulders as the business owner.
Merchant Accounts with Connected.co
With a large network of high-risk banks both domestically and internationally, Connected.co is constantly expanding its client base and increasing its revenue stream. We have extensive experience in the placement of merchant accounts. We will take use of these ties and our expertise to secure a merchant account for your company in situations where others have failed. Simply put, if your company is lawful, we can help you become authorized! High-risk merchants can also apply for a merchant account with Connected.co, which makes the process simple. We offer a state-of-the-art computerized application procedure that makes applying for a position a simple and painless process. We just ask for the very minimum of information necessary by the banks, and nothing more and nothing less. Our application method is cloud-based, which allows us to record your information digitally and send it to a number of different financial institutions. The result is greater selection, faster approvals, and less fuss!
JW Epply has been a senior executive for over 10 years, during which time he has met and exceeded growth and revenue goals in exceedingly difficult verticals. Epply is recognized as an efficient, dynamic leader with a strong background in sales and sales process, management, and organizational strategy. He holds a Bachelor’s Degree in Organizational Management from the University of Wyoming, and is an accredited Certified Payments Professional (CPP) from the Electronic Transactions Association (ETA).