A reliable payment processing account is one of the most important things to consider when establishing a successful business. Merchants often overlook this. Perhaps faced with inadequate information, business owners may be confused by the steps it takes to open a merchant account.
From a professional perspective, below are the top 3 deadly sins that companies make before applying for payment processing accounts:
- Inconsistent Paperwork
Show your business in the best light. Highlight your business’ strengths. Before submitting the application, verify that important paperwork are accurate and consistent. Be ready with an action plan and outline the steps being taken to fix the problem should anissue arise.
For example, it is a common problem to have chargebacks for some high risk merchants.
The sooner the issue is recognized and accepted, the better. Highlight in the action plan to fix it. Be honest and smart, it would help keep the approval process moving.
- Inadequate Credit Rating
According to Wikipedia:
Poor credit rating indicates a credit rating agency’s opinion that the company or government has a high risk of defaulting, based on the agency’s analysis of the entity’s history and analysis of long term economic prospects.
There are a staggering number of applications that are denied because credit scores are too low or the business is deemed to be high risk to qualify for approval.
Thankfully, there is a workaround if your business is having issues with credit. There are processors that review your business model and see what it is beyond yourcredit score. It greatly helps to have a stable and lucrative business plan, sales projections and marketing plan in place.
- Sloppy Virtual Business Card(Website)
Need help applying for an account? Call us today.
CDKPay provides merchant processing for industries that have difficulty finding affordable merchant accounts.