Category: Merchant Accounts
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Startups are risky. Here’s how you can maximize your chances of getting a merchant account for one.
Startups are inherently high risk, which means getting a merchant account as a new small business owner is going to be a challenge. It can seem like a perpetual cycle. You need payment processing history and past business experience to get approved for a merchant account. But how can you get the experience without being approved? Don’t fret—there’s a way to break this cycle. And there’s…
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Ensure Your High-risk Merchant Account Application Gets Approved with These Top Industry Tips
High-risk merchant accounts imply the level of risk an acquiring bank must take on if your application is accepted. As you can gather from the name, most banks are not exactly handing out stamps of approval to every application that comes their way. They want minimal risk because to financial institutions, risk means the likelihood of money lost.…
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Yes, You Can Get a Merchant Account with Bad Credit—here’s how.
Unless you’re thriving off cash transactions, you need a merchant account to make it as a business in 2021. It flips the switch for processing credit cards, the increasingly preferred method of payment for customers. So, you know credit is important or at least useful, but can you get a merchant account with bad credit? And does your personal credit score affect your approval…
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What Is an MID and Why You Need One
The acronym “MID” stands for Merchant ID, Merchant Identification Number, or even Merchant Number. It sounds pretty straightforward and simple, but the MID plays a major role in the flow of funds. Not every merchant has an MID and merchants who do have one might not know it. Knowing your Merchant ID and understanding how it’s used can help you in the…
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Applying for a high-risk merchant account in the USA? Here’s what you need to know.
Any financial application has its challenges to overcome and applying for a high-risk merchant account in the USA is no exception. Staying on top of those challenges by anticipating them can minimize the time spent during the application’s processing and maximize your approval odds. You’ve taken the right first step with having an interest in…
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