Frequently Asked Questions
Does Credit Affect Getting a Merchant Account?
Your credit rating can affect your ability to get a Merchant Account. When you apply for a merchant account, underwriters will look at a host of things, including your credit score. A bad credit score could stop you from getting a merchant account if your business type is slightly risky. For the most part if you have a retail location and reasonable ticket sizes, your credit rating should not be a factor, unless you are currently in the process of bankruptcy.
Certain merchant services providers will accept more risk than others, so you may need to shop around. One alternative used by some merchant account providers, is to bring in a co-signer on the application. The co-signer does not need to be a principal in the business, but will assume any liabilities caused by a default on the account. Defaults could defined as not covering chargeback’s, penalties, fees, etc. If you are have poor credit and wish to accept credit cards, you may want to consider credit repair to bring your scores higher. This would also allow you to qualify for better rates on business credit, as well.
If you have poor credit, please contact us to discuss your needs.
Facts about PayPal & Square
What About PayPal and Square? See the attached document for important information and comparisons.
How Does the QuickBooks® Integration Work?
What is PCI DSS?
PCI DSS stands for Payment Card Industry Data Security Standard. It is a set of policies and procedures intended to optimize the security of credit, debit and cash card transactions and protect cardholders against misuse of their personal information. In short, it is a common set of industry tools and measurements to help ensure the safe handling of sensitive information. The policies outline methods for preventing, detecting and reacting to security incidents.
The PCI DSS was created jointly in 2004 by four major credit-card companies: Visa, MasterCard, Discover and American Express.