Instamerchant has announced that they will no longer refuse merchant account applicants based on their credit history. The only stipulation is that they cannot process over one million dollars annually to start. In the credit card services industry, it has been a requirement to have a favorable credit history in order to qualify for a merchant account. This has made it difficult for business owners to obtain a merchant account for bad credit businesses.
A merchant account is the type of account that enables a business to accept payment cards, such as credit, debit and gift cards, either in their stores or online. Instamerchant has now lifted all of the credit restrictions that have kept some of these businesses from getting a merchant account in the past. There is a limitation on the volumes they can process, however, but just for a certain period of time.
This change in the credit history requirements comes at a great time for certain businesses that would otherwise have a hard time acquiring a merchant account. It’s not often that retailers ever have problems with getting an account, but businesses such as mail and telephone order establishments do not build credit easily, and are often turned down when they apply for a merchant account. This is the type of business that will most benefit from this change.
David Standage is the owner of Instamerchant. He stated that he really enjoyed serving this niche of those who would have normally been declined. He is glad to give them another chance, not only to promote their businesses, but also to repair and reestablish their credit.
Standage also explained that a business is more likely to be turned down because they are classified as a high-risk establishment than they would be for having less than stellar credit. This includes businesses such as gambling websites, credit repair companies and pornographic sites. These types of businesses would not qualify for a merchant account from Instamerchant.
Instamerchant is a full service provider for credit card processing solutions. These solutions assist businesses to get set up to accept credit, debit and gift cards. This card acceptance can happen at the point of sale, whether at the store, online or at a mobile site. Instamerchant offers a bundled Internet account for ecommerce websites that includes a browser-based virtual payment gateway. One of the things that is very appealing to potential customers is that there are no setup fees or application charges.
To learn more about how you can qualify for a merchant account and start accepting credit cards right away, visit us online or give us a call.