*Article contributed by Tony Craig.
You will always be told by some people that it is important to get a merchant account. As a business owner, you cannot help but become fascinated with it. You may even realize why you need it immediately. The problem is, there is no assurance that you will get this type of account just because you want to.
Some business owners who have tried to get their very own merchant accounts have stated that it can be very intimidating especially if they have not done enough research about it. Take note that those who would provide you with a merchant account also knows that there is some risk involved in allowing you to get one.
These are some of their reasons why they may decline some business owners:
Why Some Businesses are Declined to Get Merchant Accounts
- You have an unfavorable credit history. Some business owners assume that their credit history will not matter but it will always be one of the things that will be checked. When they check and see that you have bad credit, you may not be approved to get clover merchant services.
- There are some tax liens that are connected to you or to your business. This will always be considered as a bad thing by those who may provide you with merchant accounts. It is best to resolve this issue first before you apply.
- Make sure that you have the type of business that can be considered safe by a lot of companies that may offer you merchant accounts. If they consider your business to be high-risk, they will be less likely to offer you the account that you want. High-risk businesses will also have higher processing fees that will make the profit for companies offering merchant accounts to be smaller.
- The processing volumes do not match. It is okay to dream big and assume that you will get more orders in the future but during the time when you want to get the services of clover pos, it is best that you will be honest with the type of volume that you are expected to get.
- If you have had a merchant account before and it was terminated, you are less likely to be accepted.
Always try to fix whatever you can so that you can get the merchant account that your business requires right now.
*Article contributed by Tony Craig.