5 Ways to Make Sure You Get Approved for a Merchant Account
Personal Credit History – Your personal credit history plays a large part in your application. If you have a good history, it will lead you to get a merchant account easily.
Tax Issues – Make sure that you have resolved all your tax issues, submitted your annual declarations, and that there are no tax liens on your account or property.
High-Risk Business Types – Most acquiring banks maintain a list of industries that they generally will not service due to their traditionally high-risk nature in order to protect their interests. Merchant Stronghold always play a very important role and partnered only with the top tier banks that accept applications easily.
Processing Volumes Should Remain Within the ‘Norm’ – Your expected volumes are based on past processing and expected growth in the near future. To improve the odds for getting approved, show processing amounts within the “norm” for your industry.
Avoid being on the TMF (Terminated Merchant File) List – Always Avoid to come under TMF because it may lead to downfall of your business.
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