Bad credit merchant accounts UK
Our expert guide
How to get a merchant account with bad credit
Looking for a Merchant Account with bad credit? Here’s what you need to know. Firstly, it’s important to understand what if any adverse credit either you or your company has. Establishing the dates of the missed payments, late payments or level of previous debt is important, alongside details of settlement (if any.)
As with all companies, different merchant account providers will view elements of adverse credit in their own way, subject to guide lines and criteria set, this helps us decide where your company will be best placed. We work with a network of acquiring banks who specialise in this type of application. We can help in the following areas;
- Merchant account – poor credit rating
- Merchant account with bad personal credit
- Instant merchant account no credit checks
- High risk merchant accounts with bad credit
Frequently asked questions…
Is a Credit Score needed to obtain a Merchant Account?
It tends to be standard practice to credit score not only the company, but its Directors and Financial Associates. When applying for a merchant account with bad credit, it’s worth bearing in mind that this will search the latest six years. Having said this there are some companies who offer no credit check merchant accounts – these tend to be have limits to them such as maximum daily values and the majority of the time the rates tend to be a little higher.
The above also loosely applies to business finance as well. See our page on bad credit business loans for more information.
SPEAK WITH AN EXPERT HEREWhat should I expect from Adverse Credit Merchant Services?
It’s important to point out that there is an element of risk to the merchant account provider when supplying their services to anyone with adverse credit history, the cost of obtaining the account itself and day to day running increases for them – therefore the rates to you increase. This is becoming a more competitive sector, although some rates are eye wateringly high, others aren’t as bad as you would expect!
How do I obtain an instant approval merchant account (no credit check)?
It is possible to get an instant approval (24-48 hours) account depending on the severity of the adverse credit history. We have a hand full of providers that offer this service, however if you are applying for a merchant account with bad credit the likelihood is that your application will be looked at a little more closely.
DO NOT ASSUME that due to historic adverse credit you will automatically have to suffer higher rates and set up fees. Adverse credit merchant service providers look at applications on a case by case basis – we deal with clients that fall into this category on a daily basis, assessing criteria and making sure that you get the very best deal available to you.
Libby James
Merchant Services Expert
Libby James Co-founded Merchant Advice Service alongside David Bird in 2016. Her finance background, coupled with retail and customer service experience, gave Libby the drive to bring transparency and non-biased advice to the world of merchant services. Having come from the heavily regulated mortgage and insurance industry, Libby found it puzzling that other financial sectors lacked regulation and transparency leaving customers confused and unable to make informed decisions when it came to accepting card payments. This was soon to become Libby’s obsession!
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