In order to accept and process credit card payments from customers, every business needs to open a merchant account. Whether you’re a new or seasoned business owner, there are a few facts about merchant accounts that are not obvious. Here’s a look at some hidden but important facts about merchant accounts and credit card online processing.
You don’t have to open a new bank account. Many companies believe that you need to open a new bank account to apply for a merchant account. But the fact is that you can open a merchant account without opening a new bank account. Many merchant account providers allow companies to open merchant accounts with existing bank accounts. How? The money you collect from processing credit and debit cards are deposited into the bank account of your choice. What’s more, the bank account you choose doesn’t have to be a business account. You can have your funds deposited into a personal checking account if you wish.
You can still be approved with poor credit. In the past, a bad credit rating meant that it was nearly impossible for a business to get approved for a merchant account. But times have changed. In fact, there are many merchant account providers that handle high risk merchant accounts, or companies with bad credit and even prior bankruptcies. Find a company that has a high approval rate. Even if you have been turned down by other merchant account providers or banks, you can still get approved for a merchant account if you have poor credit.
Charge.com Payment Solutions, Inc. has sponsored this guest blog post. Visit the website to open a merchant account or learn about mobile credit card processing.