When applying for a merchant account, you will be asked to provide your Social Security Number. Just like applying at a local branch of a bank, the SSN is needed to pull up background information and history.
Some merchants are unaware of the need for a SSN in applying and want to know why such personal information is required. We get it. It’s awesome you’re being cautious. Allow us to answer the question of “Why the heck do you need…
, in Credit Card Processing Online Payment
Welcome to the future. We just turned Twitter into a tool for you to sell to your followers.
We’ve created a system that allows customers to respond to their favorite brands, charities, celebrities, and more on Twitter. By tweeting hashtags, users are able to make a transaction within Twitter – without ever going through the hassle of being sent to a shopping cart on a separate webpage.
Similar companies have seen the power of Twitter, and especially hashtags. Companies like Chirpify…
About 30% of the calls we receive are with new merchants that have one common question:
“Will my credit score affect the application for a merchant account?”
It’s a tricky question. In short: yes. Your credit history is reviewed by the underwriting team. This is because opening up a merchant account is a line of credit. The provider is taking some risk for you so they need to make sure all of their bases are covered.
If you have previous processing history…
So you’re ready to open a merchant account for your business and you’re being labeled as “high risk.” Why? What does this even mean? You know your business is legit. So why the push back?
First, what type of businesses are labeled as high risk?
Here are a few examples:
Vape / eCig
Sexual Oriented / Pornographic Websites
Etc. Etc. Etc.
The list goes on. The fact that you are labeled as high risk makes for a few additional steps in…
Fraudsters have really made things more difficult for everyone when it comes to getting a merchant account. In the past, these shady folks have set up shell merchant accounts that are made to look completely above board, but they are actually selling counterfeits or running credit card payments without ever sending the “customer” any goods. Credit card companies assume a lot of risk when taking on new businesses and obviously want to avoid these kinds of set ups. After…