Chip and Pin Machine with adverse credit

Our un-biased guide to finding a chip and pin machine when you’ve been declined elsewhere due to bad credit

Finding alternative chip and pin providers, when suffering from bad credit

Searching for a chip and pin machine can be hard work, never mind if you add adverse credit into the mix. Anything from missed payments, CCJ’s, IVA’s and bankruptcy can affect your merchant account application, causing some banks to decline or terminate your business. It can seem unfair, especially when previous debt has been settled but still appears on your record.

Finding alternative chip and pin providers, when suffering from bad credit

Searching for a chip and pin machine can be hard work, never mind if you add adverse credit into the mix. Anything from missed payments, CCJ’s, IVA’s and bankruptcy can affect your merchant account application, causing some banks to decline or terminate your business. It can seem unfair, especially when previous debt has been settled but still appears on your record.

Declined card machine applications due to adverse credit

When applying for a merchant account to accept face to face payments via a card terminal, there are two elements involved; businesses typically hire the card machine and then apply to an acquiring bank to process the credit card payments. Having adverse or bad credit can impact both elements of an account application.

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High risk chip and pin machine accounts, with bad credit

Every acquiring bank has a varying risk appetite, therefore some will accept your application and others might view the company as too high risk. When underwriting the account application, the following factors will be taken into consideration;

  • Industry type
  • Trading history
  • Existing card turnover
  • Chargeback rates
  • Any previous issues (including credit history)
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Card machine options for business owners with adverse credit history

When searching for a chip and pin machine, it can prove hard to find account providers who will accept previous bad credit. The majority of high street and mainstream acquiring banks will not approve Directors with an adverse credit history, so this could mean that you end up with a provider you haven’t heard of before.

Applications process for credit card machines, when you have adverse credit

If you know you have an adverse credit history, it’s worthwhile disclosing the information before applying for a merchant account. Using a broker can make the process easier – they will approach the acquiring banks that they know have a risk appetite for similar businesses. Typically, they will submit a pre-application form before deciding where the application should be placed.

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Cost of processing credit card payments when you have an adverse credit history

There will be merchant banks who accept you with bad credit history, but we’re left with the question of cost. The acquiring banks normally charge slightly more per transaction when processing chip and pin payments after adverse credit has occurred. This won’t be eyewatering rates, but you should expect to pay a little more than high street and mainstream providers.

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When can I apply for a chip and pin machine account after bad credit

Each merchant account provider has different criteria, so therefore timescales vary. This also applies to the industry type and the overall risk of the account. We have successfully placed businesses who have discharged bankruptcy the day before their application. It always helps the underwriting process if you can provide information surrounding why the adverse credit happened, if it has been cleared etc.

Merchant Advice Service – how we help

Merchant Advice Service are a free of charge non-biased platform, helping you make informed decisions when it comes to card payments, business bank account and finance. We work alongside lots of partnering banks and brokers to assist your business after adverse or bad credit. Together we can get your application approved following; bankruptcy, IVA’s, CCJ’s and defaults.

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