Why Some Businesses Have a Hard Time Getting Merchant Accounts Approved

Getting a merchant account is often a lengthy and complicated process, for banks or merchant processors take time to assume risks associated with your business before providing merchant processing facilities. So, if you know what makes it tough for businesses to get approval, you can do enough homework and be well prepared when it’s your turn!

Reasons why some businesses have hard time getting their merchant account application approved:

     Bad credit history proves to be the biggest hurdle in getting the approval in most cases. So, you should ask the person with a good credit history to co-sign your application if you have multiple eligible people who can sign. 

Both business and personal tax liens do affect the process of approval. You can resolve liens before applying for a merchant account.

        Having a business that falls into the category of bad credit

   

        A business type not able to match promised processing volumes  Presence on the MATCH list