credit card processing

[kdrifter440]

8 or 9 years ago I had good credit and had credit card processing for a business I had that ended up failing.

These days my credit is in the toilet from bad phonebook debts.

I would like to get credit card processing for a new business do they still base merchant accounts on the
owners credit?

If they won't give me a merchant account will they give a new LLC one?

[idealcost]

Hello,

I am in the credit card processing industry so I can answer this very easily. I run into a lot of clients who say they have bad credit, but it is much better than they think. Processors will always, especially now, run a credit check on you personally even though you are running cards through your company. If you compile that with a new LLC that has no processing history the risk/underwriting departments don't really like that. There are some processors that are much more lax on their requirements though it may depend on what kind of business you have. Please feel free to send me a message with any other questions.

[IanFreeman]

just use paypal and take all payments online much easier

[ciaossu]

just use paypal and take all payments online much easier

That doesn't work for every business model and in some cases, it's better to go with a merchant processing account when you're doing business online.

[IanFreeman]

true, but it is good for getting started and also means buyer are more confident their money is safe due to the buyers guarantee.

also there is services like clickbank which do affiliates and sales but are less useful for high value products

[ciaossu]

true, but it is good for getting started and also means buyer are more confident their money is safe due to the buyers guarantee.

also there is services like clickbank which do affiliates and sales but are less useful for high value products

While I agree PayPal has a recognizable name, merchant processing have protection on the consumer side as well through their credit card and chargebacks if all else fails. And in years of doing business both as a buyer and seller with PayPal and dealing with merchant processing, hands down you have higher protection with your credit card company than you do with PayPal any day of the week. It really isn't any less safe in terms of utilizing a merchant processing account for both consumers and businesses.

As for clickbank, it's an affiliate network that specializes more in info products. Not sure what this has to do with the OP considering their business might not even be related.

[tobuso]

You should have no problem. Underwriters look at business type first. Really we will do anything that is not currently in a BK.

8 or 9 years ago I had good credit and had credit card processing for a business I had that ended up failing.

These days my credit is in the toilet from bad phonebook debts.

I would like to get credit card processing for a new business do they still base merchant accounts on the
owners credit?

If they won't give me a merchant account will they give a new LLC one?

[rookietrader]

just use paypal and take all payments online much easier

Paypal is a bad idea. They can freeze and close your account with no rhyme or reason. It happened to me. Paypal will also hold your funds for up to 180 days which is terrible for any business!