Have you been denied or decline recently by your merchant account processor? Contact us and we can help. Taking credit cards is vital for any e-commerce or retail establishment these days. Without the ability to process your customers credit cards you may not be up to run your company at all. You went through the whole process you applied, you assembled all your documentation together, you have a legal legitimate business, your agent or broker told you, “sure we can get you approved no problem”. Then you hear the news, you have been denied by your merchant bank. Like the perfect date you think everything went well and it’s a match only to be heartbroken feeling rejected!
Why did this happen and what of the solutions for your business? First of all there is no need to panic despite the feeling of knowing you were declined or rejected by your bank it is not a lost cause. In most cases whether or not you are approved depends on how much risk your credit card processor is willing to take. Credit card processors have risk pools and try to minimize any potential losses. Many credit card processing companies take merchants and then even drop them weeks or months later and hold onto their funds. We have seen this happen more or frequently as many merchants come to us having first been processing with a large bank like Chase payment Tech, Intuit, Bank of America, first data, first the merchant was approved, then later canceled despite having low charge-backs. Banks also maintain prohibited lists and simply do not want take some type of merchants that may have high charge-back ratios, or industries that are known to be potential problems. Or they might have moral issues and just do not want to participate in some type of industries that may result in legal implications later for processing the company’s transactions. Or if you have credit issues, a bankruptcy, you will have difficulty getting visa and MasterCard processing from most banks. Fortunately, you landed on the right website, we at our company can handle virtually any type of business including those that are high-risk, applicants who have credit issues, travel businesses, tobacco industry, adult industries, escorts and adult dating companies, pharmaceuticals, nutraceuticals, e-cigarette’s cigar shops, adult bookstores, liquor stores, credit repair collection agencies, and more.
Common Reasons to Be Declined by Merchant Banks:
- Your credit history is poor, the processor ran a credit report and your score was weak. (We can assist you with this)
- You are currently in bankruptcy. A bankruptcy that is not discharged, this will be very difficult to place with any merchant bank.
- You are selling very illegal products. No merchant bank will process transactions like this. You are out of luck.
What to do next Because you just went through the process of applying for credit car processing you likely have all your paperwork ready. Your business is probably set up is either new or established and applying for merchant account through us will be a quicker process as you know what to expect already. If you are an Internet merchant or a retail establishment the process will be similar. Your rates will be determined by your type of business, is it in person card signature swiped, is it an e-commerce business or a telephone mail order business, and if you’re currently processing credit cards now. Typically speaking rates for retail establishment are the best as you can verify the identity of the person and you get their signature. These rates are typically in the less than 2% range. For e-commerce website business those rates are usually in the 2 to 3% range. In some cases they may be higher or you may need an offshore solution.